TZ Ltd. To Buy Supplier
TZ Ltd. To Buy Supplier
Jason Sandefur
Intelligent fastener producer TZ Limited signed a memorandum of understanding to buy a company that makes the smart materials central to its fastener designs, the Australian newspaper The Age reported. The agreement gives TZ a 120-day exclusivity option to purchase the company, which was not identified.
If completed, the deal marks the second acquisition this year for Sydney, Australia-based TZ, which acquired Chicago-based Product Development Technologies for $12 million in early 2005. PDT has worked with TZ to produce a prototype of TZ’s intelligent fastener that can be remotely secured or unsecured by a wireless computer. PDT functions as TZ’s fulltime product development operation.
In December 2004 TZ signed a $10 million licensing agreement with Textron Fastening Systems to commercialize TZ’s Intelligent Fastening Technology. TZ chief Chris Kelliher told The Age that the move by TFS to write down its older fastener assets by more than $300 million reaffirmed its commitment to intelligent fasteners. Web: TZ.net �2005 FastenerNews.com
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