1/10/2011
HEADLINES
ACQUISITION: PSM Acquires BAS Components
PSM International Holding Ltd. acquired the BAS Components from TT Electronics PLC.
BAS Components manufactures and distributes proprietary and non-proprietary fasteners and fastener systems worldwide. UK-based BAS has a sales office in Ohio.
BAS Components specializes in automated fastening solutions, supplying European, North American and Japanese automotive OEMss and sheet steel OEMs. Lead products include the Flangeform captive nut and stud system; System Zero high clamp load tamper resistant screws; and AVK blind rivet nuts and studs.
The BAS manufacturing facility is in Pembroke, South Wales, where it produces Flangeform in a series of integrated production cells as well as producing special parts on a National Machinery Parts Former. BAS also has a specialized applications engineering facility in Sevenoaks, Kent designing and assembling automated feed systems for its products. Web: bas-components.co.uk
PSM is an investment holding company including fastening suppliers to automotive, mobile phone and general industrial markets. EQT Greater China II acquired PSM from Melrose PLC in 2007. Web: psminternational.com
TT Electronics speccializes in sensor and electronic component technology.
The consideration for the sale of £4.4 million (US$6.7m). The consideration is subject to an adjustment based on value of total net assets delivered if less than £3.5 million (US$5.5m).
“Following the recent announcement of the sale of WT Henley, I am pleased to report further progress in our strategic objective to realize value from the businesses within our General Industrial division,” TT chief executive Geraint Anderson told Fastener + Fixing magazine.
“The disposal announced today represents the fifth sale completed during the current year. Taken together, these disposals have generated approximately £22m in cash during 2010 and further focus the Group on its core activities.” ©2010 GlobalFastenerNews.com and Fastener+Fixing
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