4/28/2015 10:49:00 AM
NEWS BRIEFS
Anixter Reports Flat Fastener Sales
Anixter International reported sales in its Fasteners segment were essentially flat at 249.4 million in the opening quarter of 2015, with operating income rising to $11.9 million.
Anixter auctioned its Fasteners segment in January, which led to a $380 million deal with American Industrial Partners. The deal, which was approved by Anixter’s board of directors, is expected to close during the second quarter of 2015.
AIP has also offered to acquire the portion of the Fasteners business in France that has historically supported Fasteners’ global business.
Weeks after the deal was announced, news broke that Anixter Fasteners is testing a new name. Reports indicate the new name of the business could be “Optimas OE Solutions.” Optimas is Latin for “of the best.” If approved, the name would change in August.
Anixter Fasteners is a global distributor and manufacturer of highly-engineered fasteners for customers in the heavy truck, power train, luxury automotive, agriculture, construction, recreational vehicles and other verticals. Anixter Fasteners serves customers in 15 countries, and the average relationship among its 10 largest customers exceeds 17 years. The business reported 2014 revenues of $938.5 million and operating profit of $39.1 million.
The Fasteners business includes 73 distribution centers, 12 quality labs and more than 1,900 employees worldwide.
Upon closing, Fasteners will continue to be led by its current management team, with Ian Clarke assuming the role of President and CEO of the new company. The company’s headquarters will remain in Glenview, Illinois.
Anixter began building its fastener business in 2002 by acquiring Pentacon for $111.4 million. After Pentacon, Anixter bought Walters Hexagon in 2003, DDI in 2004, Infast in 2005 and MFU in 2006.
In 2007 Anixter acquired UK-based aerospace fastener distributor Eurofast SAS for $27 million and fastener distributor Total Supply Solutions Ltd. for $8 million.
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