10/3/2011 12:54:00 AM
NEWS BRIEFS
Heads & Threads Re-Enters Industrial Fastener Market
Following a brief period of re-organization, Heads & Threads International has re-entered the industrial fastener market, announced executive VP Gordon Anderson.
Founded in 1953, HTI is known for bulk fasteners, stock for release and mill programs.
Bill Marthens is president of HTI, and Anderson — a 35-year fastener industry veteran — is executive VP of the company, which is now headquartered in Dallas, TX.
“Distributors are looking to suppliers for a broader range of products, services and overall value,” stated Marthens. “To meet this growing demand Heads & Threads has expanded its product offering to include a complete line of packaged fasteners, kitting services, blister packs, private labeling and custom packaging.”
HTI now operates with four distribution centers in Ohio, Virginia, New York and Texas.
Anderson told FIN that HTI will officially unveil its new business and executive team later this month at the upcoming National Industrial Fastener & Mill Supply Expo in Las Vegas.
HTI went into receivership early this year with $16 million in debt.
In May, Porteous Fastener Company acquired HTI’s inventory, warehouse racks and other equipment at auction for just under $12 million. Porteous Fastener closed HTI’s five branches and consolidated the inventory into its own facilities.
Porteous Fastener did not purchase the branding rights and intellectual properties of HTI, and is not involved in the emerging HTI business, which is under new ownership.
Porteous Fastener is a Southern California-based master distributor of industrial and construction fasteners. PFC has 17 locations in 12 states plus British Columbia.
Founded in 1953 by Norman Sackheim as Heads & Threads Co. in Chicago, HTI was acquired in 1974 by insurance giant Alleghany Corp. In 2004 Alleghany sold Heads & Threads International for $55 million in cash in a management buyout.
Before going into receivership, HTI was a master distributor and importer with a product list of 14,000 items. HTI had branches in Atlanta, Cleveland, Houston, Miami, Seattle Dallas, Los Angeles, New Jersey, Tampa and was headquartered in Carol Stream, IL. ©2011 GlobalFastenerNews.com
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