12/29/2009
NEWS BRIEFS
Fastenal’s Florness: No Holo-Krome Downsizing Expected
Fastenal’s decision to acquire socket head screw product manufacturer Holo-Krome “is in line with the distributor’s long-established philosophy of providing customers with all the fastening products they need,”Industrial Distribution reports.
Company officials were quick to tamp down concerns about Holo-Krome’s current distribution network and existing facilities.
Fastenal CFO Dan Florness told ID that Fastenal plans to grow the Holo-Krome business, so the acquisition won’t affect current distributors or force layoffs or facility consolidations.
“They have a great name in the industry, they’ve been around a long time, they have great products, they’re known for their quality and we think it’s a great business to service our customers’ needs,” Florness said.
Cory Jansen, executive vice president of internal operations, will oversee the Holo-Krome business.
Fastenal’s manufacturing division is comprised of five facilities and represents about 5% of overall business.
Holo-Krome, which was part of Danaher’s Tool Group, adds one facility and about 90 employees to Fastenal.
Founded in 1929, West Hartford, CT-based Holo-Krome began by manufacturing socket screws by the then-new technique of metal forming, or heading, rather than machining. Today Holo-Krome manufactures grade 12.9 socket screw products. ©2009 GlobalFastenerNews.com
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