1985 FIN – Emhart to Acquire Mite Corp.

March 06

00:00 2011

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1989 FIN Emhart Joins Black & Decker

July 10, 1989 FIN – Emhart Corp., now a part of Black & Decker, as a result of a $2.8 billion buyout, has begun closing down it’s corporate headquartered at 426 Colt Highway in Farmington (near Hartford) Connecticut.
On June 30th the first layoffs took place among the approximately 230 member corporate staff when 90 executives where terminated. Another 40 executives will be leaving at the end of this month, and the rest will be gone by late this year.

The corporate office building is up for sale.

About 35 of Emhart’s corporate staff have joined Peter Scott, Emhart’s chief executive officer, in a move to Black & Decker’s headquarters in Towson, Maryland. Scott is now chairman of Black & Decker and Nolan D. Archibald continues as chief executive officer.

By Dick Callahan, FIN Editor
April 30, 1985 FIN – Emhart Corp., Farmington, Connecticut, has agreed to purchase MITE Corp., Woodbridge Connecticut for $63.50 per share or about $125 million. MITE directors have unanimously approved the purchase.

Both Emhart and MITE have major involvements in the fastener field.

• Emhart, a multinational corporation employs about 29,000 people worldwide. In 1984, the company has sales of $1.8 billion and a net income of $90 million or $3.27 per share.

The company is involved in four principal business segments (through two operating subsidiaries, Emhart Industries Inc. and USM Corp.) designated as commercial components, footwear and industrial.

Commercial: This segment includes the manufacture of finishing hardware for residential, commercial and institutional use including locksets, high security locks, door closers, exit fixtures, central keying systems and electronic alarm systems as well as padlock locks for luggage, cabinets and desks and industrial latching devices. Principal manufacturing facilities are located in California, Connecticut, Mississippi, Oklahoma, Australia, Canada, and the Federal Republic of Germany, Italy and the Netherlands.

Trade names include” Emhart,” “Corbin,” “Russwin,” “Lane,” “VSB,” “Nemeg” and “Dow.”

Also part of this segment is Emhart’s manufacturer of refrigerated and non-refrigerated food display cases, walk-in refrigerators, condensing units and refrigeration items.

Manufacturing facilities are located in California, New Jersey and Canada. Trade names include “Emhart” and “Hill.”

Footwear: This segment includes the manufacture of shoe machinery both flat and welt lasted shoes. Principal machinery and parts manufacturing facilities are located in Massachusetts, Brazil, England, the Federal Republic of Germany and Taiwan. Trade names include “USM,” “BUSM”,” “EMHART,” and “DVSC.”

As part of this segment Emhart also manufactures a wide variety of materials needed for the manufacture of shoes, with the principal exception of leather materials. Included are a wide variety of elastomer fiber materials used as insoles.

Emhart also manufactures and sells to the shoe manufacturing industry unit soles, box toes, counters, shanks, eyelets, rings, tacks and nails, and shoe finishes.

Principal manufacturing facilities are located in Massachusetts, New Hampshire, England, the Federal Republic of Germany, France, Italy and Taiwan.

Trade names include “Emhart,” “USM,” “BUSM,” “Texon,” “PCI,” “Rhodes,” and “Cross.”

Industrial: This segment includes the manufacture of glass container making machinery, including batch chargers for supplying the glass making batch to the melting furnace, forehearths for conditioning the glass, feeder mechanism forming machines for the containers. electronic control systems, stackers, annealing lehrs and electronic inspection equipment.

Emhart also manufactures a variety of high temperature refractory products, including standard and special shapes and pots and crucibles for the glass industry.

Principal manufacturing facilities are located in Connecticut, Missouri, New York, Singapore and Sweden. Trade names include “Emhart”, “Hartford”, “Powers”, and “Sundsvalls.”

Also included in this segment is the manufacture of special machinery for mixing, milling and calendaring rubber and plastics as well as machine tools for grinding and turning metals and machines for extruding aluminum and other nonferrous metals, iron rolls, sugar processing machinery, wheel and axle shop machinery, gear manufacturing machinery, and packing machinery. Production facilities are located in Connecticut, Vermont, England, and Italy. Trade names include “Emhart,” “Farrel,” “Banbury”, “Diskpack”, “Farrel Bridge”, “Fellows”, “Hydrostroke”, and “ACMA”.

Also in this segment is the manufacture of machinery for sequencing and the inserting or mounting electronic components onto printed circuit boards. Manufacturing facilities are located in Massachusetts and England. Trade names include “Emhart”, “Dynapert”, “Dynapert-Percima”, and “Dynapert-HTC”.

Components: The segment includes the manufacture of an extensive line of blind rivets, riveting tools, threaded inserts, stud welding fastener systems, special metal and plastic fasteners for the automotive industry, plastic automotive components, self-tapping and drilling, and masonry concrete wall and door anchors in a wide variety of metals and other materials, types, and finishes. Principal manufacturing facilities are located in Connecticut, Kentucky, Michigan, Pennsylvania, England, The Federal Republic of Germany and France. Trade names include “Emhart”, “USM”, “POP”, “Molly”, “Parker-Kalon”, “P-K”, and “Warren”.

Also part of this segment is the manufacture of an extensive line of industrial adhesives and related applicator systems, solvent and water based adhesives. Also manufactured are sealants, lubricating compounds, sound deadening materials, tile grouts, electric hot melt glue guns and glue and sealer sticks for use with the glue guns. Principal production facilities are located in Massachusetts, Michigan, Pennsylvania, Australia, England, the Federal Republic of Germany, France, South Africa and Sweden. Trade names include “Emhart”, “Bostik”, “Thermogrip”, “Upco”, “USM”, “Never-Seez”, “Blu-Tack”, and “Success”.

As part of this segment, Emhart also manufactures electromechanical and industrial timers and solid-state control systems, synchronous motors, electronic assemblies, wire wound controls, switches, automotive electronic and electromechanical controls, aluminum and tantalum electrolytic capacitors, motor run capacitors, audible signal devices and leak and spill devices.

Principal manufacturing facilities are located in Alabama, Indiana, Kentucky, New York, Tennessee, Brazil and Canada.

Trade names include “Emhart”, “Mallory”, “Sonalert”, and “Pollulert.”

Emhart also manufactures a line of fire alarm systems and plant or building monitoring systems and perimeter home alarm systems, door alarms smoke detectors and heat detectors for residential use.

Manufacturing facilities are located in Nebraska and the Federal Republic of Germany. Trade names include “Emhart”, “Notifier”, and “Esser.”

The top management team at Emhart includes T. Mitchell Ford, 63, chairman and chief executive officer; William C. Lictenfels 57, president and chief operating officer; Stephen J. Ruffi 57, vice chairman and chief administrative officer; Sherman B. Carpenter, 58 senior vice president; and Achim Knust 48 senior vice president- finance.

Emhart has been doing well in recent years. In 1984 net earnings set a record for the fifth consecutive year, increasing 7 percent to $90 million while revenue increased 6 percent to $1.8 billion. Earnings per share improved 7% to $3.27 up from $3.06 in 1983. Sales of fasteners in 1984 were $202.3 million, compared with $193.6 million in 1983 and $202.3 million in 1982. About 45% of these sales come from domestic sales. Operating income was $32.8 million in 1983 and $24.3 million in 1982.

MITE Corporation has two industry segments: 1) industrial components consisting of highly engineered fasteners and hardware products and 2) special products including time stamps and recorders, precision spindles document perforators and hydraulic control devices.

The industrial components segment currently accounts for more than 78% of MITE’s net sales and more than 86% of its operating income.

Unlike Emhart, MITE is a stay-at-home in both marketing and manufacturing areas. The company does not manufacture its products outside the U.S. and during 1984, sales outside the United States constituted less than 5% of the total sales.

Industrial Components Segment: MITE manufactures and sells a wide range of industrial components consisting of highly engineered fasteners and hardware products, most of which are sold under the trade names of “Gripco,” “Heli Coil.” “Amatom,” “Dodge” and “Kelox.”

• Gripco products consist principally of prevailing torque and flange nuts as well as other nuts including weld nuts and clinch nuts, weld screws, specialty cold headed products and hot forged components.

• Heli-Coil inserts are precision formed wire coil used as protective and strengthening liners for threaded holes prior to the insertion of screws, bolts, spark plugs and other threaded items.

• Amtom products consist principally of special and captive screws, stand-offs, spacers, handles and similar hardware and fastener items used by manufacturers of electronic equipment.

• Dodge brand solid brushings are principally expansion and miniature inserts, which contain a threaded hole and upon installation effectively become an integral part of the material in which they are located. These bushings are used mainly in plastic and to a lesser extent with materials like wood, fiberglass, chipboard, and the like. • Kelox screw threaded inserts and threaded studs are mechanically restrained by key rings secured to the material in which the inserts or studs are installed.

Special Products Segment: MITE manufactures and sells time recording devices under the Stromberg name. These products consist principally of time stamps, attendance and job time recorders and clock systems. The Whitnon Manufacturing Company, a wholly owned subsidiary of MITE, manufactures spindles and associated products. Spindles are high speed, rotating devices used as components in metalworking machinery. MITE manufactures through its Gar-Kenyon division shuttle and restrictor valves, pressure relief valves and flow controls. About 60% of the control valves produced by the division are used in the assembly of military aircrafts. MITE, under the A.B.E name manufactures a line of perforators used primarily to punch dates and other information through one or more sheets of paper.

MITE owns five manufacturing plants, three in Connecticut and two in Indiana. These contain in the aggregate approximately 567,000 sq ft. The company has about 1,000 employees.

The management team at MITE includes Robert J. Blinken, 55, chairman and chief executive officer; Leo J. Brancato, 61, president; William P. Ryan, 59, senior vice president; Richard R. Swanson, 60, senior vice president; and M.H. Blinken, 84, treasurer. Karl H. Epple, 52, vice president, has been president of the Heli-Coil Products Division since 1977.

For the latest fiscal year ended Feb. 28 MITE had sales of $85.9 million and a net income of $8.5 million or $4.47 per share. Both sales and earnings were records for the company.

The previous fiscal year MITE had sales of $71.6 million (up from $57 million for the fiscal 1983) and a net income of $6.1 million or $3.15 per share (compared with a net income of $2.7 million or $1.36 per share for fiscal 1983) ©19895/2011 Fastener Industry News

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