1988 FIN – NIFAST Acquires N-I Group
January 27, 1988 FIN – NIFAST Corp. has acquired the operations and assets of the N-I Fastener Group Inc.
Nifast president C. Aratani told FIN that the ownership change will not affect the operation of the group of fastener distributors.
The N-I group was previously owned by Nissho Iwai American, based in New York, New York, with each owning 50%.
Under the new ownership, Nissho Iwai Corp. owns 15%. Under the new ownership, NIK Metals, based in Japan, owns 85% of the group.
The former N-I Fastener Group, now owned by Nifast, includes six operations – all distributing a full line of fasteners. The group includes Indiana Bolt & Nut, with operations in Indianapolis and Evansville, Indiana; Raleigh Screw & Bolt, Raleigh, North Carolina; Suncoast Fastener & Supply, Sarasota, Florida; and Heart of America, in Kansas City, Kansas. Those operations market fasteners to OEMs.
Hardware Services International, with facilities in Chicago and Bensenville, Illinois, is an importer and warehouse operation. Its Metal Products Department, in Bensenville and Chicago, is a distributor of wire and steel products.
Aratani explained that only the ownership has changed. Nifast is headquartered at the former N-I Fastener Group location, which is 951 W. Thorndale Ave., Bensenville, IL 60008. Tel: 312 766-7060. ©1988/2014 Fastener Industry News
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