Textron Sells DIY Fastener Business to Fastenal

John Wolz

Textron Inc. announced it has sold its retail fastener distribution business to Fastenal Company.\
DIY (Do-It-Yourself) supplies fastening hardware, picture and mirror hanging hardware and accessories to the do-it-yourself retail market.
DIY is part of Textron Fastening Systems Commercial Solutions Group. Terms of the transaction were not disclosed.
Textron CEO Lewis Campbell explained that Textron �is reconfiguring its portfolio and divesting noncore assets as we transform into a network of powerful businesses and brands. DIY is the only retail consumer-focused business in the Textron Fastening Systems portfolio and as such required competencies that are not core to our Fastening Segment.�
Fastenal president Will Oberton said the DIY business is �an opportunity to provide products through another market channel. This is an opportunity to leverage our product depth and financial strength through a well-established and respected business.�
The acquisition includes retail fastener and related hardware business currently marketed under the name or brands of Textron Logistics Company, Elco Consumer Products and Elco Anchor Wire.
The DIY business has annual sales exceeding $40 million and 300 employees at facilities in Rockford, IL, and Nashville, TN.
The Rockford operation sells such prepackaged products as bolts, screws, washers, hex nuts and concrete anchors and will operate under the brand �Fas-N-It.� The Nashville operation sells wire, hooks, brads and nails and will operate under the brand name �Anchor Wire.�
The sale is expected to close by the end of the third quarter.
Textron is a $13 billion, global company with aircraft, automotive, industrial products, financial and fastening businesses. Textron has 70,000 employees and plants in 30 countries.
Winona, MN-based Fastenal distributes fasteners and related industrial products in North America. The company had sales of approximately $750 million in 2000. Web: textron.com and fastenal.com
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