Global Fastener News

July 27, 2005 FIN – Integrated Logistics Solutions LLC has agreed to acquire the assets and assume trade payables of Purchased Parts Group Inc.
Shareholder Anthony Soave is assuring PPG suppliers they will be paid in full.
“The funds generated through that sales will be insufficient to pay Purchased Parts Group’s secured creditors in full,” fastener suppliers were notified by the Centrus Group Inc., agent for Purchased Parts.
ILS is a wholly-owned company of Park-Ohio Industries Inc. The acquisition is expected to be completed by July 15, 2005.
In a letter to suppliers, Robert Cohen of Centrus asked suppliers to contact Centrus “to discuss payment arrangements.”
Soave “values the commitment to excellence and dedication that your organizations share” and would “voluntarily contribute the funds necessary to settle the agreed claims in full,” Cohen wrote.
Memphis, TN-based Purchased Parts is an international distributor of production fasteners and other Class C components. Headed by Lee Mulkey, Purchased Parts operates more than 20 facilities in the U.S., Canada, Mexico, Europe and Asia, and employs about 400 people globally.
The acquisition follows years of restructuring by ILS. The company consolidated 28 supply chain logistics facilities and closed or sold 11 manufacturing plants from 2001 to 2003. In 2004 ILS sales grew 20% to $453.2 million, while income increased 17.3% to $29.2 million. Web: purchasedparts.com ©2005/2014 Fastener Industry News.
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June 29, 2005 FIN – Purchased Parts Group is reportedly being acquired by Integrated Logistics Solutions, a division of Park-Ohio Holdings Corp.
Suppliers to Purchased Parts say theyre being told that the deal is in progress. But officials at both companies declined to confirm or deny the reports.
Memphis, TN-based Purchased Parts is an international distributor of production fasteners and other Class C components. The company also supplies logistics services to its customers, including the automotive, HVAC, appliance, industrial machinery and consumer products industries.
Headed by Lee Mulkey, Purchased Parts operates more than 20 facilities in the U.S., Canada, Mexico, Europe and Asia, and employs about 400 people globally. Purchased Parts revenue dipped 2.6% to $74 million in 2004, despite new multi-million dollar fastener contracts for Ford, Honda and General Motors vehicles.
ILS provides logistics services for production components, including fasteners, to OEMs and distributors, including semiconductor equipment, industrial equipment, aerospace and defense, electrical controls, HVAC, heavy-duty truck, vehicle parts, appliances, and lawn and garden equipment.
The acquisition follows years of restructuring by ILS. The company consolidated 28 supply chain logistics facilities and closed or sold 11 manufacturing plants from 2001 to 2003.
In 2004 ILS sales grew 20% to $453.2 million, while income increased 17.3% to $29.2 million. ILS operates 32 facilities throughout the U.S., Asia, Canada, Puerto Rico, Mexico and Europe.
Parent company Park-Ohio entered the fastener business in 1995 by acquiring a historic name in the industry, RB&W. With the added acquisitions of Arden Industrial Products Inc., Arcon Fastener Corp. and Screw Machine Products manufacturer Delo Screw Products Co. in 1997, and Direct Fasteners of Ontario, Canada, and Gateway Industrial Supply in 1998, the industrial fastener logistics business became a majority of Park-Ohio revenue. ©2005/2014 Fastener Industry News.
For information on permission to reuse or reprint this article please e-mail: FIN@GlobalFastenerNews.com