1993 FIN – RB&W Sells Screw Plants to Reliant
FASTENER HISTORY
1993 FIN – RB&W Sells Screw Plants to Reliant
August 27, 1993 FIN – RB&W Corporation, Mentor, Ohio, consummated the sale of its screw and bolt manufacturing plants in Rock Falls and Bedford Park (Chicago), Illinois to a subsidiary of Reliant Industries. Terms of the sale were not disclosed.
The subsidiary of Detroit, Michigan-based Reliant is a newly formed corporation with principal’s experience in the fastener and automotive industries.
The sale of the Rock Falls and Bedford Park plants removes RB&W from the screw manufacturing – the Cleveland plant, now for sale, was closed in 1990. RB&W’s only fastener manufacturing is now nut products at plants in Coraopolis, Pennsylvania; Kent, Ohio; and Toronto Ontario, Canada.
The principals of Reliant Industries Inc. are William “Ken” Buford III, Thomas E. Johnson, and a Detroit-based investment group.
Buford, 35, was most recently with Ford Motor Company’s North American headquarters in Dearborn, Michigan, where he was involved in quality, supply operations and manufacturing. Prior to Ford he was with Arthur Anderson & Co., where he was a manufacturing consultant and before that was with Chase Manhattan in its mergers and acquisition group. Buford, an African American, is located at the Chicago plant and is CEO of Reliant Industries, qualifying the company as a minority-owned enterprise.
Johnson was formerly vice president and general manager of RB&W’s Metal Forming Division and general manager of the Rock Falls operations, where he is now located. He is president and COO of Reliant Industries.
The two plants have annual sales totaling around $54 million and employ about 380 people. When they were part of RB&W, those two plants constituted about 35% of RB&W’s employment.
The Chicago plant, Reliant Bolt, produces mostly large diameter cap screws and the Rock Falls plant, Reliant Fastener, is involved in boltmaking and cold forming operations. ©1993/2012 Fastener Industry News
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