Jason Sandefur

Tinnerman Palnut Engineered Products Inc. bought two manufacturing facilities from Textron Fastening Systems for an undisclosed amount, the company announced. The facilities in Logansport, IN, and Flemingsburg, KY, make precision engineered stampings and assemblies for automotive and industrial markets. Brunswick, OH-based Tinnerman Palnut said the acquisitions would boost growth while strengthening the company’s product lines. The purchase is effective November 4, 2005.
“These facilities are an excellent fit for our existing businesses, and will provide us with significant future growth opportunities,” stated CEO James Finley. “We see significant synergies between our existing product lines and those of the newly acquired facilities, and we look forward to the early development of new growth plans based on our combined capabilities.”
Finley said the new facilities will accelerate Tinnerman Palnut’s efforts to expand its development of larger stampings used in structural applications.
The news comes less than a month after Textron announced it would seek “strategic alternatives” for TFS in the wake of lackluster fastener profits. In mid-October TFS reported the impending closure of its new $35 million fastener plant in Greenville, MS. Web: tinnermanpalnut.com �2005 FastenerNews.com