Fastener Companies See Growth Opportunities
FEATURE
In early 2014, Alcoa CEO Klaus Kleinfeld called his company “very optimistic” about its fastener business. And it’s easy to see why.
Alcoa Fastening Systems sales grew 6.4% to a record $1.5 billion in 2013, as reported in the FIN Review of Fastener Stocks.
“Today, every Western commercial aircraft uses Alcoa fasteners and every Western commercial and military aircraft engine is built with Alcoa nickel super-alloy investment castings,” the company said in its annual report.
Alcoa is not the only company bullish about its fastener prospects this year.
Precision Castparts expects its fastener segment to perform well now that fastener shipments for Boeing’s 787 Dreamliner “are now at an average of eight shipsets per month, with additional upside opportunity expected as they close the gap with aircraft production schedules,” the company stated.
Chicago Rivet & Machine Co. reported fastener segment sales approached double-digit growth last year. With global automotive production hitting record levels, there’s good reason to think Chicago Rivet will top its 8.4% fastener segment growth rate this year.
ITW could be a top fastener performer as well in the coming months, propelled by strong automotive build rate increases.
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