MEDIA SPOTLIGHT: NASCAR, Jet Crash, Acquisition Trends

Jason Sandefur

Editor�s Note: Articles in Media Spotlight are excerpts from publications or broadcasts that show the industry what the public is reading or hearing about fasteners and fastener companies.
Bolt Blamed for NASCAR Incident
NASCAR officials said a failed 3/8″ steel bolt on a Winston Cup race car caused the hood to fly into the stands, injuring a woman during the nationally televised Pepsi 400 in Daytona. The woman was released from the hospital the next day, according to the Charlotte Observer. The bolt was one of four fasteners connecting the hood to safety tethers made of a fiber called Vectran.
NASCAR spokesman Mike Zizzo told the Observer that race officials are trying to determine what caused the bolt to break. Zizzo claimed NASCAR is working to prevent bolt failure and may stipulate a different bolt size for the application.
“There remains a lot of work to be done on this,” Zizzo commented.
The incident occurred near the end of the race, when the hood detached and sailed over 13-foot-high fencing. Initially investigators focused on repairs made to the car after a seven-vehicle crash earlier in the race. Mechanics insist they correctly reattached and secured the tethers with the bolts. Officials concluded all safety protocols were observed and directed the investigation to the fasteners.
The incident marks the second time in recent memory that a hood has come off during a Winston Cup race. In 1997 a hood flew into the stands during the Daytona 500, injuring two fans. An Observer investigation found that at least 33 spectators have died in racetrack incidents since 1990.
Missing Fastener Causes Jet Crash
A missing cotter key caused a $40 million F-15E Strike Eagle jet to crash, the Associated Press reports. An Air Force investigation found that maintenance workers failed to replace the fastener that connects the controls to the jet�s rear stabilizers, causing the pilot to lose control of the aircraft at 17,600 feet while on a training exercise. Both pilots bailed out and suffered minor injuries. The jet was destroyed on impact.
Investigators say faulty sealants on the plane�s nose may have also contributed to the crash. However, the oversights did not indicate widespread maintenance failures, according to the Air Force report.
“If this problem had occurred in other jets, then those jets would probably have gone down by now. It has to be an isolated incident,” stated Air Force spokeswoman Caroline Wellman.
Deals Signal Lower-Tier Trend
Recent acquisitions announced by Precision Castparts and DRS Technologies may signal a trend towards consolidation of mid-tier U.S. companies. PCC bought SPS Technologies for $729 million, while DRS plans to purchase Integrated Defense Technologies for $550 million.
DRS, based in Parsippanny, NJ, has boosted revenues almost fourfold in the past five years, with revenue increasing 31% to $676 million in fiscal 2003. The latest acquisition is expected to push sales to the $965 million-$995 million range.
Analysts say that while DRS is buying IDT to increase its size, PCC acquired SPS for potential savings. PCC expects to achieve annual savings of $20 million to $25 million in 12 to 15 months, eventually increasing to savings of up to $35 million a year.
PCC�s last big acquisition came in 1999 when it bought forgings specialist Wyman-Gordon for $721 million. Since then PCC has reduced costs and maintained double-digit margins despite a weak economy. \ �2004 FastenerNews.com