10/1/2010 3:36:00 PM
NEWS BRIEFS
PennEngineering Acquires Aerospace Fastener Maker QRP
QRP headquarters in Leland, North Carolina
PennEngineering expanded its aerospace holdings by acquiring Leland, NC-based QRP Inc., which manufactures quick release pins, lanyards, latches, and access fastener products. Terms of the transaction, completed on September 30, were not disclosed.
“This strategic acquisition expands our fastening product portfolio and we expect significant growth opportunities for both of our companies,” said Mark Petty, CEO of PennEngineering. “QRP’s wide range of quick release pin products and related specialty fasteners will provide us with new capabilities and expertise to extend our offerings in key customer markets.”
Founded more than 30 year ago, QRP supplies standard and custom-designed quick release pins for the aerospace, military, automotive, and marine industries, among others. The pins are manufactured in accordance with NASM23460 and NAS1332 and meet PAN, EFA, and AS requirements.
“This represents an exciting opportunity to grow in conjunction with PennEngineering,” said Tom Kievit, President of QRP, “and as a result there will be ongoing benefits for both of our companies in the future.”
Kievit noted that the current QRP management team remains in place and that QRP will continue to operate its business from the company’s current locations in North Carolina.
This latest news follows PennEngineering’s 2009 purchase of aerospace fastener manufacturer 3V Fasteners. That acquisition marked the entry of PennEngineering into the aerospace fastener marketplace.
PennEngineering has also introduced AS9100 quality systems in key facilities.
“All these initiatives serve to reinforce PennEngineering’s position in the Aerospace and Defense markets,” Petty added.
Founded in 1942, Danboro, PA-based PennEngineering manufactures a range of proprietary fasteners for aerospace, sheet-metal, electronics, automotive and industrial applications. Web: pemnet.com ©2010 GlobalFastenerNews.com
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Related Links:
• QRP
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