UK’s Doncasters To Buy FastenTech
UK’s Doncasters To Buy FastenTech
Jason Sandefur
UK-based Doncasters has agreed to buy fastener maker FastenTech Inc. from parent company Citigroup Venture Capital for $492 million.
Minneapolis-based FastenTech makes fasteners and precision components for the power generation, aerospace, military and civil engineering sectors, with 1,800 employees.
FastenTech reported net sales grew 4% to $96.1 million during the first quarter of fiscal 2007 ended Dec. 31, 2006. Operating income increased 6% to $9.6 million , and net profit grew 64% to $2.3 million. At the end of 2006 FastenTech reported total debt of $283.4 million. Web: fastentech.com
Doncasters supplies precision components and assemblies to the aerospace, power generation, specialty automotive and medical orthopaedic industries, with 4,800 employees in the U.S., Europe and Mexico.
Doncaster’s core manufacturing processes include precision casting, forging, fabrication, machining and production of superalloys. Key products include airfoils, structures, casings, rings, exhausts and combustion components for gas turbine applications, aerostructures and components for airframe applications. Web: doncasters.com �2007 FastenerNews.com
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