1/3/2012 12:18:00 AM
NEWS BRIEFS
Fastener Technology Doubles Facility Size in Solar Market Pursuit
Courtesy Acron Beacon Journal
Fastener supplier Fastener Technology Inc. moved from a leased building on Waterloo Road in Akron, OH, to 1550 Industrial Parkway, the former home of a 7UP plant, the Akron Beacon Journal reports.
The company purchased the building in August for a reported $875,000, and is now renovating the facility, according to Fastener Technology owner Pam Davis. The company has already moved and is preparing its offices and warehouse.
The company will have room to grow in the 68,000-square-foot facility from the old 28,000-square-foot space, the former Waterloo Home Supply Building, said Davis, who was looking to invest in a building instead of leasing.
“Davis, who said she started the company in 1999 in her house with $200, grew up in Akron, then spent 11 years out of the area and out of the country before moving back,” wrote Journal reporter Betty Lin-Fisher. “Her father, Ken Haslage, owned Form-a-Thread, a fastener company in Akron, before he retired and sold the business.”
Fastener Technology has 14 employees with plans to hire eight to 10 more and open warehouses in Los Angeles and Ontario, Canada, in the first quarter of 2012. Davis, who reported 2011 sales of $7 million anticipates having 50 employees by year’s end.
The company sells to a variety of industries, including the U.S. military and auto parts suppliers.
“The company also exports to other countries,” Lin-Fisher wrote. “With the new warehouse in Canada in 2012, it will be manufacturing specifically for export to Canada. Manufacturing and the company’s headquarters will remain in Akron.”
A growing segment of Fastener Technology’s business is providing bolts to the solar industry.
Davis told the Journal her company is installing its own solar power system to reduce electricity costs by 90% and provide virtually all of the electricity needed for the building, as well as earn the company energy credits.
Davis reportedly estimated spending $100,000 in renovations to the building, $350,000 for a new roof and another $100,000 on the solar panels.
Fastener supplier Fastener Technology Inc. moved from a leased building on Waterloo Road in Akron, OH, to 1550 Industrial Parkway, the former home of a 7UP plant, the Akron Beacon Journal reports.
The company purchased the building in August for a reported $875,000, and is now renovating the facility, according to Fastener Technology owner Pam Davis. The company has already moved and is preparing its offices and warehouse in the 68,000-square-foot facility.
“Davis, who said she started the company in 1999 in her house with $200, grew up in Akron, then spent 11 years out of the area and out of the country before moving back,” wrote Journal reporter Betty Lin-Fisher. “Her father, Ken Haslage, owned Form-a-Thread, a fastener company in Akron, before he retired and sold the business.”
Fastener Technology has 14 employees with plans to hire eight to 10 more and open warehouses in Los Angeles and Ontario, Canada, in the first quarter of 2012. Davis, who reported 2011 sales of $7 million anticipates having 50 employees by year’s end.
The company sells to a variety of industries, including the U.S. military and auto parts suppliers.
“The company also exports to other countries,” Lin-Fisher wrote. “With the new warehouse in Canada in 2012, it will be manufacturing specifically for export to Canada. Manufacturing and the company’s headquarters will remain in Akron.”
A growing segment of Fastener Technology’s business is providing bolts to the solar industry.
Davis told the Journal her company is installing its own solar power system to reduce electricity costs by 90% and provide virtually all of the electricity needed for the building, as well as earn the company energy credits.
Davis reportedly estimated spending $100,000 in renovations to the building, $350,000 for a new roof and another $100,000 on the solar panels. ©2011 GlobalFastenerNews.com
Related Stories:
Share: