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2009 FIN – Automotive Slump Leads Ifastgroupe to Close Ingersoll Fasteners Division

May 11, 2009 FIN – Ifastgroupe Inc. announced it will close its Ingersoll Fasteners division in Ontario, Canada, affecting nearly 120 employees. Ingersoll represents approximately 10% of Ifastgroupe’s fastener manufacturing capacity.
Ingersoll will wind down operations over the next few months, leading to closing by the end of 2009.
Ingersoll began manufacturing fasteners in 1887 under the name Morrow Screw & Nut Co. Ltd. The company was acquired by Ivaco in the late 1960’s and moved to its present 235,000 sq ft southern Ontario plant in the 1970s.
Automotive and heavy truck OEMs, Tier 1 and Tier 2 customers bought 80% of Ingersoll production. The remaining fasteners went to construction, agriculture and logging industries.
An Ifastgroupe news release attributed the closure to “unfavourable economic factors currently affecting Ingersoll Fasteners’ core markets and North American industrial sectors which are predominantly tied to the automotive sector.”
Sales and distribution services, as well as some production, will be progressively redeployed towards other Ifastgroupe divisions “to consolidate open capacity and ensure continuity of supply to customers.”
Ifastgroupe president Darren Dalgleish noted that although the Ingersoll team “had made tremendous strides in improving its cost structure and productivity, the economic forces at play in the market proved overwhelming in regards to our efforts toward ensuring Ingersoll’s long term financial viability.”
“This is a sad day for Southern Ontario industry, as we witness the end of a manufacturing journey that began 122 years ago,” Dalgleish told FIN.
“While Ingersoll had survived two World Wars, one Great Depression and several economic recessions, unfortunately, the combined impact of the faltering economy, collapse of the North American automotive sector, and the increasingly aggressive presence of foreign competitors have delivered a fatal blow to our collective aspirations of making Ingersoll profitable again.” Dalgleish added.
“Ifastgroupe must take all necessary measures to ensure its continued prosperity, including the closing of our Ingersoll division,” he explained.
“Our transition plan includes the redeployment of some products, equipment and personnel to our other divisions, in an effort to provide our customers with a seamless transition during this period of adjustment.”
Ifastgroupe will provide assistance to the extent possible to its Ingersoll employees throughout their transition from their current employment situation to their future occupation.
Ifastgroupe has 17 facilities in North America, corporate offices in China, a network of trading partners in Asia and Europe, over 950 employees and a manufacturing footprint of more than 1.15 million sq ft covering all aspects of fastener production.
Marieville-based Ifastgroupe is owned by Heico LLC and is parent to Infasco, Ingersoll Fasteners, Infasco Nut, Galvano and Ifastgroupe Distribution. ©2009/2013 Fastener Industry News.
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