1997 FIN – Dan-Loc Goes Global With Flexitallic Acquisition
April 22, 1997 FIN – Houston, TX-based Dan-Loc Corporation announced it has acquired the worldwide operations of Flexitallic from T&N plc of Manchester, England.
Dan-Loc Corporation will change its name to The Flexitallic Group. However, Dan-Loc Bolt & Gasket Inc., which produces stud bolts and nuts, RTJ ring gaskets and flanges, will continue operations under the Dan-Loc name as part of the group.
CEO Russell Ginn said the new group “further strengthens our domestic market and creates synergies throughout the world petroleum suppliers community.”
Dan-Loc bought Flexitallic for $70 million.
Revenue for the Flexitallic Group exceeded $110 million in 1996.
Flexitallic combined with Dan-Loc gives the new group presence in 16 countries through direct ownership or manufacturing licensees and stocking distributor relationships in 23 other countries.
Flexitallic now includes more than 1 million sq ft of manufacturing space in six owned plants, 20 joint ventures and licensee locations and stocking distributor relationships in 23 other countries.
Licensee facilities are located in England, Australia, Canada, Czech Republic, Germany, Holland, India, Malaysia, Mexico, New Zealand, Norway, Saudi Arabia, Singapore, Thailand and Venezuela.
Flexitallic developed from Henry Bohmer’s 1912 invention of the spiral wound gasket in Camden, NJ. Flexitallic was acquired by T&N in 1970.
Dan-Loc was formed by an investor group led by Ginn and in 1995 purchased the assets of Daniel Industrial Inc., including a 210,000 sq ft plant in Houston and distribution centers in California and Canada.
The new group will supply industrial gaskets, spiral wound gaskets, semi-metallic gaskets, RTJ ring gaskets, sheet gaskets, dynamic and static packings, stud bolts and nuts and flanges.
Flexitallic, which now employs 900 people worldwide, announced it will retain key managers.
Michael Berry is president of Flexitallic for western hemisphere operations; Les Richardson, managing director for Flexitallic Ltd. for European operations; Niall Kavanagh, president of Flexitallic Investments Inc. for eastern hemisphere joint ventures and licensees; and Wayne Curington, president of all Dan-Loc operations.
Flexitallic Group owners include a fund managed by CCG Venture Partners of Houston, CGW Southeast Partners, an equity fund based in Atlanta; key management employees and Ginn.
T&N plc is a $3 billion UK publicly held company whose primary business is automotive component manufacturing and supply.
Flexitallic Group will be headquartered at 725 N. Drennan, Houston, TX 77001-0292. Tel: 713 221-2199
©1997/2010 Fastener Industry News
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