Global Fastener News

TZ Buys Intevia from Acument Global Technologies

Jason Sandefur

Chicago-based TZ Ltd. reacquired exclusive rights to commercialize the intelligent fastening system known as Intevia that it designed and licensed to the former Textron Fastening Systems, now Acument Global Technologies.
TZ will pay $19.25 million to Acument with the issue of 19.3 million shares at $1, giving Acument a 10% stake in the Intevia business unit.
The deal marks the second stand-alone company Acument has agreed to sell in the past month. Precision Castparts Corp. will pay $300 million to acquire Cherry Aerospace LLC from Acument.
The Intevia agreement provides TZ with all of Acument’s Intevia assets, including established customer base, Application Intellectual Property (IP), brand name, sales collateral and inventory of demonstration fastening kits.
Intevia’s remotely controlled nuts and bolts, supported by its 560-member team, are already being used in car engines and for securing seats to the floor of planes.
TZ president Chris Kelliher said Intevia fastening systems could streamline design by eliminating the need for a tool pathway in automobiles.
“Using this technologically you can theoretically make cars shorter because you don’t have to worry about leaving space so a mechanic can get to bolts in the engines,” Kelliher told the Australian Associated Press.
He estimated the market for intelligent fasteners could grow to $250 million within two to five years.
TZ has appointed former Acument business development chief David Feber as its new CEO and is seeking a NASDAQ listing in the US. Web: tzlimited.com �2007 FastenerNews.com