6/10/2009
NEWS BRIEFS
Tycoons Opens Subsidiary for EU Fastener Market

Thailand-based Tycoons Worldwide Group is establishing a new subsidiary to expand into the European fastener market, the company announced.

The new company, Thai Victory Fastener Co. Ltd., will produce bolts and threaded rod, and is located at No.99 Moo 1, Nikompattana, Amphur Nikompattana, Rayong 21180 Thailand.

Tycoons current production capacity for wire rod is 360,000 tons per year, with fastener capacity of 36,000 tons annually at its plant in Rayong.

Tycoons made news in recent months when the U.S. Customs Border Protection Agency launched an investigation into the alleged import of Grade 5.2 cap screws incorrectly marked as Grade 5 cap screws (see FIN 3/2/09).

During 2008 Tycoons reportedly shipped numerous orders of bolts identified as SAE J429 Grade 5 that do not conform to Grade 5 chemical requirements.

While Grade 5 and Grade 5.2 have the same performance requirements, reports of the investigation prompted the Fastener Industry Education Group to issue a white paper calling for the immediate quarantine of mismarked Grade 5 cap screws from Thailand.

Related Links:

• Tycoons Group