Crosby, 2 Basners to Retire After NYF & B/E Transition

John Wolz

New York Fasteners Corp. CEO Roger Crosby announced he will transition to retirement after B/E Aerospace Inc. acquires NYF.
The sons of the founder, Andrew Basner, vice president for information systems, and Simon Basner, vice president for quality and process, also will stay for the transition and then retire.

Crosby, president for 13 years, plans to stay to “help with the transition,” but noted that “there is only one company president” so he will move on. “For now I’m going to retire and travel around the world.”

However, most of the NYF staff will stay. With the rapid growth at NYF, B/E “is not looking to lay people off,” Crosby said. “They are looking to hire.”
Crosby termed the $68 million acquisition as a “great marriage. Their fastener division is expert in procurement. We are experts at selling.”

NYF distributes aerospace fasteners and hardware, with more than 70% of its sales derived from the military sector. NYF had revenues of $56 million for its most recent fiscal year ended June 30, 2006. The acquisition will push B/E’s annual military sales above $100 million.

Crosby told FastenerNews.com that the aerospace fastener business has been growing at 20% per year and NYF sales are up 65% in the past six months and 80% in the past month. With that kind of growth NYF needs cash to expand and B/E has the money to grow the company, Crosby explained.

B/E plans to merge NYF’s hardware distribution and vendor-managed inventory business with its own distribution operations in Miami, FL.

NYF, founded in 1956 by Larry Basner, distributes aerospace, military, telecom and industrial fasteners. NYF has branches in Connecticut and Maryland and is headquartered at 599 Valley Health Plaza, Paramus, NJ 07652. Tel: 800 631-1993 Fax 800 786-4561. Crosby can be contacted at e-mail: roger.crosby@nyf.com
�2006 FastenerNews.com