10/25/2010
HEADLINES
ACQUISITION: Unytite Adds Wind Turbine Bolts Segment
A fastener manufacturer in Illinois is planning to build a 14,000 sq ft addition on its current facility in order to make bolts for wind turbines, the News Tribune reports.
Unytite Inc. in Peru, IL, secured $874,000 in a grant from the Illinois Department of Commerce and Economic Opportunity. Funds for the grant were provided by the federal economic stimulus program, or American Re-Investment Recovery Act.
Unytite said the new operation will add 20 more employees to its workforce of 87 and generate $6.5 million in sales by 2013.
Wind power is expected to grow generation by 16,000 megawatts per year to 2018, boosting demand for industrial fasteners, according to Unytite executive vice president O.J. Ozeki.
The wind energy industry is a good place to hitch a wagon, added operations manager Chuck Hundley. “This is one area where we thought there was a lot of potential for us.”
Unytite said the addition will be completed by Dec. 31, with production starting by the end of March and ramping up by May.
Unytite sales declined by $14 million in 2009, but expects revenue to regain $3.4 million of that this year .
Incorporated in 1986, Unytite operates a 168,000 sq ft facility that manufactures fasteners for the construction, heavy equipment, truck and trailer, automotive, petro-chemical, nuclear power and railroad industries. ©2010 GlobalFastenerNews.com
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