Fasteners Archives

Wynnchurch Capital, a Chicago-based private equity firm, has purchased fastening tool and fastener manufacturer SENCORP’s assets. Wynnchurch has formed a new portfolio company, Senco Brands Inc.

The acquisition includes the brands SENCO and TyRex, as well as the SenSource global sourcing operation, and SENCORP’s domestic and foreign businesses.

The sale was approved on July 2, 2009, by U.S. Bankruptcy Court.

SENCO brand is for use in wood construction; SENCO products are sold through distribution outlets in more than 40 countries. TyRex brand features tools and collated fasteners for use in concrete and steel fastening applications found in the construction of high-rise structures, hospitals, schools and roads and bridges. …

July 17, 2009

Companies

Fastenal Sales Fall 21.4% in 2Q

The Fastenal Company, Winona, MN, reported second quarter sales of $474.9 million, down 21.4% from sales in second quarter 2008. Profit decreased 42.8% to $43.5 million from second quarter 2008.

For the six months ended June 30, 2009, sales were $964.2 million, down 17.6% from the same period a year ago. Profit declined 36.1% to $92.2 million.

In the first six months, Fastenal opened 42 new stores (compared with 112 new stores in the prior-year period).

Since Dec. 31, 2008, Fastenal has decreased its work force by 1,164, or 8.5%.

The industrial production and non-residential construction businesses were the hardest hit segments. The manufacturing segment – historically 45% to 50% – contracted approximately 28% in the second quarter versus the prior year, primarily in the …

July 14, 2009

Building Materials/Construction

Fastenal Sales Fall 13.6% in First Quarter

The Fastenal Company, Winona, MN, reported sales for the first quarter ended March 31, 2009, were $489.3 million, a decline of 13.6% from sales of $566.2 million in the first quarter 2008. Profits fell to $48.6 million, a decrease of 28.5%.

In the first quarter 2009, Fastenal opened 33 new stores (compared with 53 new stores in the prior-year period).

In stores opened greater than five years, sales fell 21.5% in March from March 2008. Sales fell 14.3% in February, and 12.4% in January.

Since Dec. 31, 2008, Fastenal has decreased its work force by 6.6%. According to the release, Fastenal "remains practical optimists and we always try to balance long-term opportunities for growth with the necessary short-term reactions to our current …

April 13, 2009

Companies

Barnes Distribution Increases Steel Fasteners Line by 50%

Barnes Distribution, North America, a business of Barnes Group Inc. is expanding its stainless steel fasteners product line by nearly 50 percent, adding more than 1,200 new items to its stocked inventory.

The MRO supplies distributor offers more than 750,000 products, including 2,000 in-line stainless steel fasteners, to its customers ranging from food processors to chemical plants to pharmaceutical markets.

New stainless steel items added to the product line include hex head cap screws, socket head cap screws, socket set screws, lock washers and machine screws in standard, fractional and metric sizes. The product expansion also introduces pre-packaged product assortments.

The enhancement to the stainless steel fastener line further expands Barnes’ …

March 30, 2009

Fasteners

Bossard 2008 Sales Dip 5.8%

Swiss fasteners distributor Bossard Group reported sales for 2008 fell 5.8% to CHF 566 million (US$497.5 million). In local currency, the drop was 1.1%.

Preliminary figures show that profit results will outperform the results for 2007, despite the global economic …

January 26, 2009

Building Materials/Construction

Fastenal Starts to See a Slowdown in the Fourth Quarter

Fastenal Company, Winona, MN, reported sales for the year ended Dec. 31, 2008, were $2.34 billion, an increase of 13.5 percent from the prior year. Profit was up to $279.7 million, an increase of 20.2 percent.

While its annual numbers were strong, the distributor said in its earnings call that the fourth quarter slowed significantly.

In October, sales growth was at 11.9 percent; November was at 6.8 percent, and December saw no sales growth. CEO Willard Oberton said that December was the first time in Fastenal’s 42-year history that the distributor saw no growth year-over-year.

Looking forward into 2009, things are very slow, Oberton said. “It’s difficult out there. Right now, looking at our January sales numbers, we …

January 25, 2009

Fasteners

Precision Castparts 3Q Sales Down 3.2%

Precision Castparts Corp., Portland, OR, reported sales for the third quarter were $1.6 billion, a decline of 3.2% over the prior year period. Profit was $239.1 million, down 3%.

Current quarter sales were significantly impacted by the lengthy Boeing strike and flattening demand in the casting and forging aerospace businesses. PCC completed three acquisitions in the quarter.

For the first nine months ended Dec. 28, 2008, sales improved 4.8% to $5.2 billion, compared to the first nine months of fiscal year 2008. Profit for the period increased 10.7% to $784.2 million.

Investment Cast Products
Segment sales increased slightly to $541.5 million in the third quarter, versus $540.9 million for the same period the prior year. Contractual material …

January 19, 2009

Building Materials/Construction

Fastenal Sales Up 13.5% in 2008

Fastenal Company, Winona, MN, reported sales for the year ended Dec. 31, 2008, were $2.34 billion, an increase of 13.5% from the prior year. Profit was up to $279.7 million, an increase of 20.2%.

In 2008, Fastenal opened 161 new stores, an increase of 7.5%.

Although the distributor had overall growth, its same-store sales saw a slowdown in the last three months of the year.

In the fourth quarter, Fastenal reported sales of $544.9 million, up 5% over the prior-year period. Profit increased 11.3% to $62.5 million.

More details on Fastenal’s year-end results in the Fastenal report <a href=http://files.shareholder.com/downloads/fast/517194768x0x264922/1154e166-79f3-4bc7-afba-441192cfa5ea/FAST_News_2009_1_20_Earnings.pdf" ...

January 19, 2009

Companies

Anixter Organic Growth at 2% in 3Q

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire &cable, fasteners and other small parts, reported sales in the third quarter ended Sept. 26, 2008, were up 4% to $1.59 billion. Profit fell 5% to $61.7 million.

Organic growth in the third quarter was 2%.

While we experienced strength early in the third quarter, broader negative economic factors, especially in Europe, impacted sales activities late in the period,” said Robert Eck, president and CEO. “Despite these headwinds we still generated 2% organic growth, primarily driven by our initiatives to expand the company’s presence in the security solutions market and increase the geographic footprint of our electrical wire and cable business in …

October 21, 2008

Companies

Fastenal Sales Grow 17.1% in 3Q

The Fastenal Company, Winona, MN, reported sales for the quarter ended Sept. 30, 2008, were $625 million, an increase of 17.1% over the third quarter 2007.

Profit increased to $72.9 million in the third quarter, an increase of 17.3%.

The third quarter of 2008 included a $10 million legal settlement.

Sales for the nine months ended Sept. 30, 2008, were $1.79 billion, an increase of 16.4% over the same period in 2007. Profit increased 23.1% to $217.1 million.

During the first nine months of 2008, Fastenal opened 140 new stores, representing an increase of 6.5% since Dec. 31, 2007. There were 13,417 total employees as of Sept. 30, 2008, an increase of 11.7% from Dec. 31, 2007 and 12.7% from Sept. 30, 2007.

The full release on …

October 13, 2008

Fasteners

Bossard Group Sales Fall in Recent Period

Swiss fasteners distributor Bossard Group reported sales for the second four-month period of 2008 were down 3% overall. Profit increased 17%.

Sales fell in Europe and the U.S. in the second four-month period, and in Asia sales increased, though not as strongly as in the previous year.

In the U.S., Bossard reported that it is still benefiting from the positive business development of one major customer.” Most of its other customers have been hurt by the economic slowdown. Sales in U.S. dollars fell 4.6%.

Sales fell in Western Europe, but grew in Eastern Europe, though at a lower level. Overall in Europe, sales fell by 4.9%.

Bossard Group is in more than 70 locations worldwide.

<a href="/pdfs/bossard2nd.pdf" ...

October 7, 2008

Companies

Fastenal Agrees to Settlement in Wage-Hour Case

Industrial and construction supplies distributor Fastenal Company, Winona, MN, has agreed to settle a class action wage-hour lawsuit that claims Fastenal misclassified Fastenal employees as assistant managers and as a result those employees were denied overtime as required under the Fair Labor Standards Act and several state statutes.

Two former employees originally filed the suit against Fastenal on Oct. 18, 2007. Fastenal has agreed to pay $10 million in cash to cover claims by eligible class members, plaintiff attorneys’ fees and costs and payments to named plaintiffs. The settlement is still subject to court approval.

The distributor denies the allegations in the lawsuit, but says it has agreed to enter the settlement to avoid significant legal fees, the …

August 29, 2008

Companies

DXP Enterprises Acquires PFI for $65M

DXP Enterprises, Inc., Houston, TX, has acquired Massachusetts-based PFI, LLC, for $65 million. PFI distributes fasteners, rivets and hose clamps.

The company has locations in Georgia, North Carolina, Illinois, Ohio, Texas, California, Massachusetts and Florida.

PFI’s sales for the year ended May 3, 2008, were $71.9 million.

DXP provides pumping solutions, integrated supply and MROP (maintenance, repair, operating and production) services and distributes pumps, bearings, power transmission, seals, hose, safety, fluid power, and electrical and industrial …

August 28, 2008

Companies

Anixter Buys QSN Industries and Quality Screw de Mexico

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire &cable, fasteners and other small parts, has acquired QSN Industries, Inc. and Quality Screw de Mexico SA.

QSN, Chicago, IL, is a distributor and manufacturer of fasteners for the OEM marketplace. QSN operates 13 facilities in Alabama, Arizona, Georgia, Illinois, Michigan, Ohio, South Carolina, Tennessee and Texas. Its sole manufacturing facility is in Wood Dale, IL.

Headquartered in Aguascalientes, Mexico, QSM is a distributor of fasteners with a total of five operational sites in Mexico.

Anixter will pay $80 million in cash and assume liabilities for both companies. Combined annualized sales for these businesses are expected to be over …

August 4, 2008

Fasteners

Private Equity Firm Buys Majority Interest in Bradco Supply

Private equity firm Advent International has agreed to buy a majority interest in roofing and building materials distributor Bradco Supply, Avenel, NJ. The Segal family will continue to own a minority stake in the business.

The transaction is expected to finalized in mid to late August.

According to the Bradco Web site, Bradco has more than $1.7 billion in annual sales with more than 154 locations in 30 states.

The company has grown rapidly in the past 10 years, growing from 64 locations in 1998 to the current 154. Bradco acquired Admiral Building Products earlier this year.

Ted Boylan will continue as CEO.
…

July 22, 2008

Companies

Anixter Sales Up 7% in 2Q

Anixter International Inc., Glenview, IL, a distributor of communication products, electrical and electronic wire &cable and a distributor of fasteners and other small parts to Original Equipment Manufacturers, reported sales for the second quarter ended June 27, 2008, increased 7% over the same quarter a year ago to $1.62 billion. Profit was $66.9 million, an increase of 4%.

Sales for the first six months were $3.09 billion, a 9% increase over 2007. Profits improved 5% to $124.6 million.

Through the next few quarters, we will remain focused on building on our strategic initiatives, which include growing our security and OEM Supply businesses, initiating a factory automation network sales effort, adding to our supply chain services offering, enlarging the …

July 22, 2008

Companies

Fastenal Sales Grow 16.3% in 2Q

The Fastenal Company, Winona, MN, reported sales for second quarter ended June 30, 2008, were $604.2 million, up 16.3% over the prior-year period. Profit was up 26.4%.

Sales for the first six months, were $1.17 billion, an increase of 16% from the first six months of 2007.Profit was up 26.2%.

During the first six months, Fastenal opened 112 new stores, an increase of 5.2% since Dec. 31, 2007.

More details here. …

July 11, 2008

Companies

Anixter Taps New CEO

Anixter International Inc., Glenview, IL, has appointed Robert J. Eck president and CEO effective with the retirement of Robert W. Grubbs on June 30, 2008. Grubbs has worked for Anixter for 30 years.

Sam Zell, chairman of Anixter, said: With Bob Eck’s 18-year Anixter career that has included diverse and increasing responsibilities, we expect a smooth transition and a continuation of the strategies that have contributed to the company’s …

May 19, 2008

Companies

Anixter Sales Grow 11% in 1Q

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire &cable and a distributor of fasteners and other small parts to Original Equipment Manufacturers, reported sales of $1.47 billion in the first quarter 2008, up 11%. Sales included $12.3 million from acquisitions.

Profit in the quarter was up 8% to $57.7 million, from $53.6 million the prior-year period.

More details here …

April 22, 2008

Building Materials/Construction

Fastenal Sales Grow 16% in 1Q

The Fastenal Company, Winona, MN, reported sales in the three-month period ended March 31, 2008, was $566.2 million, an increase of 15.8% over the first quarter last year. Profit was up 26%.

During the first quarter, Fastenal opend 53 new stores (compared with 73 in the same period a year ago). The 53 stores represent an increase of 2.5% since Dec. 31, 2007. …

April 11, 2008

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