22
Steiner: "Globe-trotting takeover artist" who
“transformed nuts & bolts into big-time deals."
Jeffrey J. Steiner, chairman and CEO of the focusing on the European energy market. In business as the right industry, as aging planes
Fairchild Corporation from 1985 through 1981 he returned to the U.S. and in 1985 were making more flights.
September 2008, died in November at age became CEO of Banner. A 1989 New York Times headline labelled
71. "The big time for Mr. Steiner came when he
Steiner as a "Globe-Trotting Takeover Artist,"
Steiner was CEO of both Banner Aerospace bought into Banner Industries as an invest-
who was "Transforming Nuts and Bolts Into
and aerospace fastener manufacturer Fairchild ment vehicle, after Banner's chairman had suf-
Big-Time Deals." Steiner was described in the
when the companies merged in 1998. Alcoa fered his third heart attack and was looking for
article as a "man who has used his
acquired Fairchild in 2002 and combined it someone to replace him," according a 1989
international perspective and a nose for
with Huck Fasteners to form Alcoa Fastening New York Times profile of Steiner. "Using his
opportunity to profit from three business
Systems. own money and bank borrowings, in 1985 Mr.
waves over the past two decades" and was "a
Steiner had assumed control of aerospace Steiner purchased a 20% stake in Banner for
member in good standing of a circle that
fastener distributor Banner Aerospace Inc. in $15 million and became its chief executive."
includes Mr. (Carl) Icahn, now chairman of
the mid-1980s. By the late 1990s, Fairchild's shareholding in
Trans World Airlines Inc., and Mr. (corporate
As a child during World War II, Steiner had Banner Aerospace had risen to 85% and
raider Nelson) Peltz, former head of Triangle
fled his native Austria with his Jewish father Steiner was CEO and chairman of both.
and Turkish mother and was raised in Istanbul. At Banner, Steiner acquired aircraft
Industries.
He received a degree in textile engineering equipment supplier Solair Inc. and Rexnord
"I've long had a goal of building a company
from Britain's Bradford Institute of Technology. Automation a manufacturer of aerospace
in a specific core business and becoming No. 1
Steiner planned to work in the U.S. for one fasteners, oil pipeline and refining equipment
or No. 2 in that, and now I'm close to
year, but as a young sales trainee at Texas and water pollution control systems.
achieving it,' Steiner told the Times.
Instruments he advanced quickly to become Acquisitions growth put Banner on Fortune
NYT reporter Leslie Wayne described Steiner
president of subsidiaries in France, Mexico and magazine's 25 fastest-growing companies list.
as a "dapper chain-smoker who dresses in the
Switzerland and was on the corporation's Over the years Banner acquisitions also
European tradition of sports jackets instead of
management committee by age 25. After 10 included fastener distributors Harco Inc. and
suits and whose New York office is decorated
years with Texas Instruments, Steiner founded P.B. Herndon Company. with Andy Warhol portraits of some of his
Cedec S.A. in Paris, an engineering firm Steiner viewed the aerospace fastener children."
ASTM publishes fastener standards
ASTM International published a new 2nd edition of ASTM Standards for Mechanical Fasteners & Related Processes in both a 1,200-page
book and CD versions.
Both versions provide all standards developed by the ASTM International Committee F16 on Fasteners and is compiled from 15 volumes of the
Annual Book of ASTM Standards. The publication includes fastener standards used in construction, automotive, military, railroad, shipbuilding, boiler
and pressure vessels. In addition to fasteners, the 150 standards cover their raw materials, inspection, testing procedures and quality assurance. The
US$249 book or CD publications also covers topics including hydrogen embrittlement and organic or inorganic coatings.
Web:
astm.org
Würth forms Chongging
DIN, ISO cross
automotive subsidiary
references added
FastenersClearingHouse.com added DIN and ISO
specification number cross-references for finding
Adolf Würth GmbH & Co. KG of Germany formed a wholly-owned subsidiary in
industrial fasteners online.
southwest China's Chongging municipality, according to the Chongging
The cross references make it easier to find parts by
Municipal Commission of Economy.
corresponding specification numbers. "Sometimes
Würth Chongging Co. Ltd. will import hardware tools from Germany for
there isn't an exact equivalent between the two
automotive and motorcycle markets.
specifications, but where there is its nice to be able
Founded in 1945, the Würth Group totals more than 420 companies in 86
to find all of the items that could help you even if
countries with 65,000 employees - including 31,000 sales representatives and three
you search using the other specification,” database
million customers. Würth's annual sales total 8.5 billion euros (US$11.9 billion). The
manager Brian Musker told
FastenerNews.com.
Würth Group is a global supplier of more than 100,000 fastening and assembly
Founded in 2006, FastenersClearingHouse is a
technology products including screws, screw accessories, dowels, chemical products,
search engine for the industrial and commercial
furniture and construction fittings, tools, machines, installation material, automotive
fastener industry to buy and sell surplus, hard to find,
hardware and storage and retrieval systems.
Web:
wurth.com
and odd lot fastener inventory online.
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