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FASTENER HISTORY
1986 FIN – Banner Big in Fasteners Too

May 15, 1986 FIN – Banner Industries Inc., Taylor, Michigan, was the subject of a highly upbeat piece in the April 28, 1986 issue of Barron’s entitled “Put Out the Pennants.” Banner is well known for things like lift trucks, small locomotives and tires (it’s the exclusive distributor for Bridgestone tires outside of Japan) but it’s also in the fastener business in a big way too, mostly as a supplier of aircraft fasteners.
Its Burbank Aircraft Supply group, acquired about a dozen years ago, distributes fasteners from more than 150 manufacturers (mostly for commercial planes) and distributes all fasteners for the L-1011, a line that Burbank acquired from Lockheed about three years ago. Another group, Adams Industries, provides fasteners and other hardware to plane manufacturers and electronic OEMs. According to the Barron’s piece, sales for the fiscal year ending this coming June 30 should approach $150 million (up from $128 million and fiscal 1985) and net income should wind up at between $1.55 – $1.60 per share on 4.7 million fully diluted shares, compared with fiscal 1985’s $1.08 per share on 4 million diluted shares. About 4.5% of corporate sales are in fasteners, nuts, bolts, and other basic hardware, mostly for fuel gages and engine mountings.
About 20% of volume is from aircraft tires, evenly divided between rethreads and new products. According to the Baron’s article, a family trust of Jeffrey Steiner, Banner’s chairman and chief executive officer, owns 24% of the company’s common stock following the purchase last October of the holdings of founder S.J. Krasney, who continues to serve as vice chairman and chief operating officer. Institutional holdings of the stock are now about 20% of the total.©1986/2009 Fastener Industry News.
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