AMERICAN NEWS Acument finalizes German subsidiary deal
Acument Global Technologies completed the sale of its German operations to two companies: India-based Ruia Group and Magna International’s Cosma unit in Ontario, Canada.
country.” He added: “The insolvency process ended (in February 2011) with the sale of Acument Germany’s operations.” “This sale further reinforces our company’s strategic focus on
the core transportation markets in North and South America,” Weir stated. Ruia Group acquired Acument GmbH & Co KG, an automotive fasteners manufacturer, which included facilities in Neuss, Beckingen, Neuwied and Schorzberg, as well as a logistic center in Koln. Group president Pawan Ruia said his company’s investment is 4 million euros. He expects turnover to top 200 million euros in 2011. These operations are now combined to form Ruia Global Fasteners AG, a business unit of Ruia Group that will be led by
Haggerty heads Stelfast commercial division
Don Haggerty is the new president of the commercial division of Stelfast Inc., owner Simmi Sakhuja announced.
ince 2005 Haggerty had been the east vice president of Porteous Fastener Co. Previously he was CEO of Heads & Threads International, becoming executive vice president when New York-based Alleghany
Corporation acquired Reynolds in 2000. Alleghany sold HTI in a management buyout in 2004. Founded in 1972 as Eses Limited by Surinder Sakhuja to manufacture industrial gears and screw machine products the company developed into a manufacturer and master distributor of fasteners and became Stelfast in 1976. Stelfast has branches in Illinois, New Jersey, Georgia,
Texas, Ontario, Quebec and Alberta and is headquartered in Strongsville, Ohio.
Fastenal CEO pay jumps six-fold in 2010
After taking a big pay cut in 2009, Fastenal Co. CEO Will Oberton, saw his pay increase more than sixfold in 2010, according to company documents filed with the SEC.
US$3.15 million - most of it in the form of bonuses based on incentive plans. His base salary was US$482,500 in 2010. Fastenal reported 2010 sales grew 17.6% to US$2.27 billion (1.6 billion
euros), while net earnings jumped 44% to US$265.4 million (190 million euros). Oberton, 52, joined Fastenal in 1980 as a part-time warehouse worker,
according to the company’s website. He was named president of the company in July 2001 and has served as CEO since December 2002.
Fastener + Fixing Magazine • Issue 68 March 2011
hen Oberton was paid US$485,000 in 2009, he was widely considered to be one of the most underpaid CEOs in the U.S. The previous year he was paid US$1.7 million. Last year the Winona-based company compensated Oberton more than
ommunications director Timothy Weir told FIN: “Acument initiated the insolvency process for our former Germany business in August 2009 in response to the impact of the global recession on our operations in the
former Acument Europe GM Robin Kendrick. With the acquisition, Ruia has formed an “Auto Ancillary & Sealing System” unit that includes earlier acquisitions Schlegel Automotive Europe Ltd and Henniges, as well as Ruia Global Fasteners AG. Cosma, an automotive chassis system supplier, acquired the
former Acument Dürbheim facility in December 2010. Acument GmbH, which produces such high precision fasteners
as long shafted bolts, hexagonal screws, nuts and forged parts, was reckoned to hold a 15% market share in Europe’s fastener segment. Before insolvency, the company reportedly posted a turnover of 800 million euros. While Acument no longer manufactures fasteners in Germany,
the Troy, MI-based company will continue to ship fasteners from its North and South American facilities directly to automotive customers’ plants and logistics centers in Germany.
Elgin Fastener Group expands through acquisition
Elgin Fastener Group acquired Kansas City, MO-based Silo Fasteners. Established in 1990, Silo Fasteners provides fasteners for highway construction, concrete form, and general distribution.
FG will relocate the Silo Fasteners machinery and selected production personnel to its Ohio Rod Products facility in Versailles, IN. EFG said the acquisition, effective 7th
February, provides entry to new markets,
as well as expansion of it’s current participation in the construction market. Elgin Fastener Group has four ISO certified domestic specialty
fastener manufacturers – Ohio Rod Products, Leland Powell Fasteners, Chandler Products, Precision Screw & Bolt; plus Best Metal Finishing and the engineering and international procurement division Elgin Fasteners International.
Hyo Dong cold header installed at Slidematic
Cinco Industries installed the first Hyo Dong Model HBF-5181 cold header from South Korea imported into U.S. at Slidematic Precision Components in Rockford, IL.
inco president Ray Sullivan noted the 88,000lbs model has CNC capabilities and 99 jobs can be stored in memory. It can cut off up to 18mm diameter wire. Slidematic is
a cold heading manufacturer of fasteners from .030 to 1.625 diameters with lengths up to 13 inches. Cinco Industries, based in Elgin, IL, markets new and used fastener machinery.