Global Fastener News

January 23, 1995 FIN – Harvard Industries Inc. sold the Elastic Stop Nut Division operations in Pocahontas, Arkansas to MacLean-ESNA L.P., a newly-formed partnership affiliated with the MacLean-Fogg Company.

Tampa, Florida-based Harvard is negotiating with two other potential buyers for the sale of ESNA’s aerospace fastener business located in Union, New Jersey. Harvard also plans to sell its wholly-owned Canadian ESNA fastener distribution and sales subsidiary based in Montreal, Quebec.

Privately-held MacLean-Fogg is a leading Midwest producer of locking fasteners and specialty nuts, headquartered in Mundelein, Illinois.

Terms of the sale were not disclosed. The Pocahontas business, with 150 employees, manufactures specialty nylon-locking fasteners used primarily by automotive, marine (mostly for U.S. Navy ships and submarines) and farm equipment manufacturers.

Harvard CEO Vincent Naimoli said the sale “underscores our strategic commitment to Harvard’s core automotive operations and will further strengthen our already substantial cash flow position.”

Naimoli said the Pocahontas and potential aerospace sales would give Harvard greater financial flexibility.

Harvard disclosed last year plans to divest all ESNA operations in order to concentrate its strategic focus on the company’s core automotive parts and components manufacturing business. ESNA is currently carried on Harvard’s books as a discontinued operation.

Harvard manufactures parts, accessories and components for automobile OEMs. The company’s automotive division represents 96.1% of sales in fiscal 1994 Harvard revenues totaled $614.9 million.  ©1995/2010 Fastener Industry News.