TZ Limited Mulls Acquisition of Textron Fastening Systems
TZ Limited Mulls Acquisition of Textron Fastening Systems
Jason Sandefur
Intelligent fastener maker TZ Limited may try to buy Textron Fastening Systems, the Australian newspaper The Age reported. TZ has annual sales of $18.2 million, while TFS reports revenue of $1.8 billion.
TZ chairman Tony Leibowitz told The Age that his company, which has been exploring the possibility of acquiring TFS since September, would need shareholder help to finance the deal.
“It would have to come from both debt and equity,” Leibowitz stated.
Textron announced in early December that it had adopted an “active marketing process” to sell TFS as an intact business. TFS has had to close or sell several plants to combat plummeting profits from a beleaguered domestic auto industry.
TFS and TZ joined forces in 2005 to bring TZ’s Intevia intelligent fastening system to the U.S. Web: tzinc.com �2005 FastenerNews.com
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