Global Fastener News

Infast Exits Fastener Manufacturing

Jason Sandefur

Infast Group completed its exit from manufacturing operations by selling Infast Philidas Ltd., the company”s fastener factory in West Yorkshire, England, for an estimated $1.3 million.
Entrepreneur and engineer Roy Jones led the management buy-in and will assume control as managing director.
Infast expects to record a $13.1 million charge related to its manufacturing divestiture program, which was first announced in July 2004.
“Having exited from manufacturing, Infast is now positioned to focus fully on its value-added Inventory Management businesses, which are located in Europe and North America,” stated Infast Chairman Graham Titcombe. “Further, the property disposals relating to our exit from manufacturing are currently under way. The sale of these properties will generate significant additional cash flow in 2005. This will be used to reduce the company”s debt.”
Philidas produces about 110 million fasteners annually for such blue chip customers as Ford, BMW, Jaguar and Bosch. However, analysts say the facility has the capacity to manufacture as many as 250 million fasteners each year.
Philidas is an established brand in Europe and Asia, and has 118 employees. The company reported sales of $15 million in 2004, with an operating loss of $1.5 million.\ �2005 FastenerNews.com