8/10/2010
HEADLINES
Acument Sells Avdel And Electronics Fastener Business To Pan-Asian Equity Firm
Deal follows global restructuring to focus on core transportation businesses
Acument’s new fastener plant in Brazil
Acument Global Technologies parent company Platinum Equity completed the sale of Acument’s Avdel and Global Electronics & Commercial (GEC) business units to Asia Trading Co. Ltd.Terms were not disclosed.
London-based Avdel manufactures and markets blind fasteners, with operations, sales and distribution capabilities in Europe, the U.S. and Canada.
Singapore-based GEC manufactures and markets fastener solutions for the global electronics, industrial and commercial, construction and Asia automotive segments, with operations throughout Asia, the U.S. and Australia.
“The completion of the sale is an important strategic development for Acument,” communications director Tim Weir told GlobalFastenerNews.com. “It… puts us in a good position to invest in – and profitably grow – our remaining businesses.”
Platinum Equity acquired Textron Fastening Systems in 2006 and renamed it Acument Global Technologies.
Beginning in late 2008 Acument faced rapidly falling revenue caused by steep declines in global automotive production, forcing the company to restructure in order to stabilize the business.
In April Acument completed the sale of its French automotive business to Lisi and Agrati, as well as the French government’s “Fonds de Modernisation des Equipementiers Automobiles” (The Fund for the Modernisation of Automotive Suppliers – FMEA).
Acument emerges from its restructuring as a producer of engineered mechanical fastening products and services for the transportation market, including automotive, heavy truck and bus, off-highway equipment, military and aerospace.
Going forward, Acument will be made up of the North and South America business units, the Aerospace & Defense business unit, the Aprilia, Italy, facility (which was not included in the sale due to its traditional threaded fastener product emphasis) and Acument Germany, which continues to operate under Insolvency.
Acument has more than 2,600 employees at facilities in North America, South America and Europe. Web: acument.com ©2010 GlobalFastenerNews.com
Related Links:
Share: