Global Fastener News

Acktion Sells Reynolds

John Wolz

Acktion Corp. announced it has agreed to sell Reynolds Fasteners to Alleghany Corporation�s Heads & Threads International LLC unit.
Terms were not disclosed. Acktion said the deal should close in March.
Acktion, formerly Acklands Limited, acquired Edison, NJ-based Reynolds in 1996. Acktion was once thought to be planning to expand in fasteners via fastener importer Reynolds and its industrial, automotive and safety products distribution segment. However, Acktion sold the industrial group to W.W. Grainger in late 1996 and the operating assets of Rose Auto Stores to Eastern Automotive Wholesale Ltd. in 1997.
That made Toronto, Ontario-based Acktion primarily a real estate investment company. The announcement of the sale noted that Reynolds �is the last of its non-core operations.� Acktion�s 1998 revenue was about $240 million. Reynolds, led by president Don Haggerty, reported 1997 sales totaled $96.1 million.
Alleghany Corporation acquired Sayreville, NJ-based Gardenbolt International, headed by Steve Schonholtz, in 1998 to add to its Northbrook, IL-based Heads & Threads, headed by Lee Bookman.
Last year Alleghany�s two fastener importing companies took on the name Heads & Threads International.
Alleghany had sales of about $800 million last year. New York-based Alleghany�s businesses include title insurance, investment management, reinsurance and industrial minerals.