Textron Fastening Announces Global Reorganization

John Wolz

Textron Fastening Systems announced a major reorganization and a new management team. The new structure replaces industry-focused divisions with four global business units: threaded fasteners, engineered products, blind fasteners and automation systems.\
Previously Textron Fastening was divided into three market groups: Automotive (56% of TFS revenue) commercial (38%) and Advanced solutions (6%).
There will be sales & marketing, finance, legal, human resources, Six Sigma, supply chain, technology, information technology, quality & customer satisfaction, and e-business.
The reorganization will likely take six months to implement.
�We intend to aggressively pursue new business where there are clear growth prospects in high-potential markets,� Textron Fastening CEO Jake Hirsch declared. �These include electronics and aerospace, where our products employ new materials, and automation technologies, which add value for our customers. Our goal is to achieve a healthy mix of profitable businesses while maintaining strong relationships and worldwide leadership in the automotive industry.�
Hirsch said that while Textron Fastening will �grow our strong customer relationships in the automotive industry,� he intends to �achieve a healthy mix of business.�
Hirsch said the reorganization �is our blueprint for growth, diversification and technological leadership.�
� The reorganization will include the sale of commodity product lines �that do not fit goals for growth and technological leadership,� Hirsch said. Textron Fastening recently sold its two Michigan-based wire-processing businesses.
� A major growth goal is in automotive. �Textron Fastening is developing new technologies in microscopic fasteners and in systems and assemblies for composites, aluminum and other lightweight materials,� Hirsch noted.
He expects as much as 25% of its future revenues from vendor-managed inventory and other value-added services.
�By creating one unified, global organization, we hope to eliminate the natural tendency of people to think in silos,� Hirsch said of the reorganization.
�We have refocused our sales & marketing function to build our brands and create a sales team that collaborates jointly and globally on business development.�
Textron Fastening will focus on adding value for customers, Hirsch noted. �If we�re not adding value for customers, we do not have a sustainable business, irrespective of the organization.� �2002 FastenerNews.com