7/7/2014 1:43:00 AM
HEADLINES
ACQUISITION: Acument Global Technologies Acquired by Fontana Gruppo
Italy-based Fontana Gruppo acquired Acument Global Technologies on June 19th for an undisclosed price.
“We are excited about the combination of these two companies which gives us significant presence to service our customers in all established automotive and industrial markets in the world,” stated Giuseppe Fontana, owner and chairman of Fontana Gruppo.
Acument Global Technologies — formerly Textron Fastening Systems — provides manufactured, highly engineered fasteners to customers in 35 countries, including the U.S. Mexico, and in South America. The company operates 11 manufacturing and distribution facilities in three countries, and employs more than 2,300 workers, according to its website.
Acument Global Technologies brands include Camcar, Ring Screw, Torx, Strux, and Mag-Form
By acquiring Acument, Fontana Gruppo expands its global presence with a combined annual turnover of $1.1 billion, with 4,200 employees and 22 manufacturing operations located in Europe, North America, Mexico and Brazil, and logistics centers on all continents.
A History of Acument Global Technologies
Troy, MI-based Textron Fastening Systems was acquired by Beverly Hills-based Platinum Equity on Aug. 11, 2006, in a deal worth a reported $673 million plus assumption of debt.
Within months TFS was rebranded as Acument Global Technologies, “reflecting its new beginning and strategic direction as a stand-alone company,” the company stated.
“Our new name and logo are clear, dynamic representations of a 21st century industrial company with the technology resources to bring value-added design and assembly solutions to our global customers,” declared TFS president Rick Clayton.
The newAcument incorporated “a bold, stylized letter ‘a’ in the color red that mimics the swirling path of a fastener being installed,” according to TFS.
Joseph Gray was named interim CEO at Textron Fastening Systems, replacing three-year top executive Clayton. Gray previously held management positions with Textron, including VP of Textron Fastening Systems.
In 2008 Acument replaced Gray with Richard “Rick” Dauch, 47, as president and CEO.
At the time Dauch told FIN Acument planned “an aggressive plan for market expansion within a rapidly changing global environment.”
When Dauch took over, Acument has 8,500 employees in 17 countries, and reported sales of about $1.8 billion.
Over the next couple of years Acument lost considerable market share, forcing the company to replace Dauch with Patrick Paige as CEO on February 1, 2011.
Paige joined Acument in July 2008 as VP and Chief Administrative Officer, during which time he lead the company’s Human Resources, Legal, Information Technology, Public Affairs and other corporate functions, as well as general management responsibility for the Acument Italia, srl unit in Aprilia, Italy. During this time, he also led the company’s UK-based Avdel global blind fastening business as its Vice President and General Manager, directing operation of its manufacturing and distribution resources in seven countries. He helped transition the business to new ownership in August 2010. ©2014 GlobalFastenerNews.com
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