John Wolz

Alcoa Inc. agreed to acquire the assets of Midwest Fastener Corporation, a privately held company with manufacturing locations in South Holland, IL, and Valparaiso, IN.\
The deal indicates Alcoa is interested in expanding in the fastener industry. Alcoa gained the Huck International fastener business with its acquisition of Cordant Technologies earlier this year.
The price for the automotive fastener manufacturer was not disclosed. The purchase will be free of debt and long-term liabilities and is conditioned on regulatory approvals, including expiration of applicable waiting periods and other customary conditions. The acquisition is expected to be completed before the end of January 2001.
South Holland-based Midwest Fastener, led by CEO Lee Loudermilk, has annual sales of approximately $55 million and 295 employees. Its product line is complementary with Alcoa�s growing automotive fastener business.
Midwest Fasteners will be part of Alcoa�s Huck Fastener business. Alcoa is the world�s leading producer of primary aluminum. Pittsburgh, PA-based Alcoa has over 300 operating locations in 36 countries.