TZ Intelligent Fastener Deal Preserved in TFS Sale
TZ Intelligent Fastener Deal Preserved in TFS Sale
Jason Sandefur
Intelligent fastener designer TZ Ltd. gave new hope to investors by revealing that its $10 million licensing agreement with Textron Fastening Systems has been transferred to TFS buyer Platinum Equity. Private equity firm Platinum Equity unveiled its $630 million cash agreement on June 1 to acquire TFS.
According to the Australian Financial Review, TZL “had been under a cloud since last November” when Textron announced its plan to sell TFS. CEO Chris Kelliher said the pending sale had been a big distraction to management.
“(Platinum Equity) is a well-regarded, progressive company that has a great track record of adding value,” Kelliher told the Financial Review. “It also has a strong background in technology acquisition – Platinum understands technology and how to create enterprise value from exploiting technology.”
TFS unveiled its Intevia intelligent fastening system in April 2005 at the Aircraft Interiors Expo 2005 in Hamburg, Germany. Intevia fasteners feature embedded microchips controlled by radio frequency signals. Web: tzlimited.com �2006 FastenerNews.com
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