Jason Sandefur

Zimbabwe-based Zimplow Ltd. acquired CT Bolts Ltd. for about 168 billion Zimbabwe dollars (US$1.7 million), the publication All Africa reported. CT is a fastener distributor that also manufactures a range of more specialized fasteners.
“This acquisition is aimed at diversifying and growing domestic revenues, improving the product distribution network and improving overall profitability of the business”, Zimplow Chairman Oliver Chidawu stated.
CT’s manufacturing capacity has diminished due to raw material shortages, according to All Africa. The acquisition would reportedly ensure more raw material access through access to Zimplow’s foreign currency reserves. CT is also expected to broaden its export opportunities through Zimplow’s regional distribution network. �2006 FastenerNews.com