Global Fastener News

June 11, 1993 FIN – TransTechnology Corporation and TRW on June 7 announced that TransTechnology Corporation has agreed to acquire the TRW Fastener Division’s Palnut operations for about $20 million plus the assumption of certain liabilities. The sale, subject to the completion of due diligence and financing arrangements, is expected to be completed next month.

Palnut manufactures single and multi-thread metal fasteners for the automotive and industrial products industries. Revenues in 1992 exceeded $27 million. Located at Mountainside, N.J. Palnut employs 175 people, all of whom will be offered employment by TransTechnology.

“This acquisition exemplifies our strategy of increasing our presence in the industrial products market by broadening our existing fastener product lines,” said Michael J. Berthelot, chairman and CEO of TransTechnology. “We are pleased to have the opportunity to work with the strong management team and dedicated employees of Palnut. Even though this acquisition will be accomplished with the use of debt, out debt-to-total capitalization ratio should remain within our goal of 35 percent. We expect this acquisition will make an immediate and significant contribution to our company.”

Joseph T. Gorman, TRW chairman and CEO, said this is one of the last major divestitures in TRW’s restructuring program, which was announced in December 1991 to strengthen the company’s core businesses, reduce costs and lower the company’s debt-to-total-capital ratio.

TransTechnology Corporation is a manufacturer of industrial and aerospace products with over 850 employees in its seven facilities in the U.S., England, Belgium and Australia. Revenues for fiscal year ending March 31, 1993 totaled $102 million.

TRW provides advanced technology products and services for the automotive, space and defense, and information markets. The company’s 1992 sales totaled $8.3 billion.

Historical Note: According to FIN’s records, TRW started in 1901 as Cleveland Cap Screw and was later renamed Thompson Products.

After World War II, Thompson acquired California based Ramo-Woolridge organized by two former Hughes aerospace engineers. Thompson-Ramo Woolridge eventually was shortened to TRW.

TRW acquired Boston-based United Carr in the late 60’s and later Palnut, a New Jersey based producer of shaped metal fasteners. A lot of divisional restructuring of the fastener groups took place involving United Carr, Palnut, Dot, and Cinch, ending up with the establishment of the Fastener Division.  ©1993/2010 Fastener Industry News