7/25/2016 10:44:00 AM
HEADLINES
ACQUISITIONS: ITW Completes $450m Auto Fastener Acquisition
ITW completed its acquisition of the global automotive Engineered Fasteners and Components (EF&C) business of ZF TRW, the Active and Passive Safety Division of ZF Friedrichshafen AG, for $450 million.
ITW reportedly intends to run EF&C as a standalone division within ITW’s automotive OEM segment.
EF&C operates with 13 locations with a global manufacturing and engineering footprint that serves its customers in Europe, Asia, and North America. The business has 3,500 employees located in 12 countries.
ITW entered the fastener business in 1923 using a patent on a twisted-tooth lockwasher to start Shakeproof Company when Detroit was converting from wood to metal car door hinges.
Today ITW manufactures highly engineered fasteners and industrial components and specialty products primarily for the auto, food and construction industries. Brand names include Buildex, Fastex, Ramset/Red Head and Shakeproof. Web: itw.com
FIN subscribers can read more about the last seven years of ITW’s fastener performance by clicking on the FIN Stock Review.
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