Report: Ivaco to Sell Ifastgroupe

Jason Sandefur

Ivaco Corp. is looking to sell its fastener subsidiary, Ifastgroupe LP.
�We are in the restructuring process looking at all facets of our three businesses,� Infasco vice president Mortie Chaikelson said of Ivaco�s steel, wire and fastener segments. �We are looking at all parts of the businesses in order to maximize what is profitable and reduce costs and expenses.�
�One path is keeping the businesses together as they exist,� Chaikelson told FastenerNews.com. �At the same time we are also looking at what value there might be for any of the groups or businesses within the groups.�
Ifastgroupe includes standard fastener manufacturer Infasco; Ingersoll Fasteners, which makes bolts for the automotive, agricultural, heavy equipment and petrochemical industries; specialty nut manufacturer Infasco Nut; Galvano, the company�s surface finishing division; Vermont Fastener Manufacturing, maker of high strength steel fasteners; IFC (Fasteners); and fastener supplier Distributor Sales. Ivaco produces 175,000 tons of fasteners per year.
Chaikelson said there are parties interested in acquiring Vermont Fastener.

The potential sale comes three months after Ivaco announcing a major restructuring that included discontinuing its U.S. manufacturing operations and consolidating its Canadian facilities in an effort to return its core business � steel � to financial health.
�Ifastgroupe�s businesses have continued unchanged during the restructuring,� Chaikelson emphasized. �The market has been very supportive. We feel Ifastgroupe has a good future and an important place in the fastener marketplace in both Canada and the United States.�
Infasco operates an 850,000 sq ft plant in Marieville, Quebec.

Montreal-based Ivaco is also exploring the sale of its wire rod and steel billet producer, Ivaco Rolling Mills, and its wire production business, SIVACO Wire Group.
Ivaco has been battling a weak North American economy that reduced demand for its products, coupled with damage from increased steel imports and a rise in the Canadian dollar against U.S. currency.

Ifastgroupe is headquartered in Marieville. Web: ifastgroupe.com �2003 FastenerNews.com