Rotor Clip Expands Hoffman Territory
Rotor Clip Expands Hoffman Territory
John Wolz
Rotor Clip Company Inc. director of sales Sara Mallo added Minnesota and the Dakotas to the territory for rep Michael Hoffman of Wing-Hamlin Company as rep for Minnesota and the Dakotas. Hoffman continues to represent Rotor Clip in Wisconsin.
Hoffman has 17 years of fastener rep experience and can be contacted at 763 689-0087 E-mail: ****************************************************************
Finnveden to Be Sold or Go Public as Two Separate Businesses
Jason Sandefur
Months after Swedish fastener firm Finnveden Holding AB was split into two business units, Bulten and Metal Structures, Sweden-based private equity group Nordic Capital AB says both units are sufficiently profitable to be sold or go public, Nordic News Digest reports.
“Just now we have moved to profit, following a strong result improvement in the first half of 2008,” Bulten chairman Roger Holtback stated.
Finnveden has now returned to the black following two years with an aggregate loss exceeding 500 million crowns (US$78.5 million), “mainly due to the investment in a new plant in Bielsko-Biala in Poland,” according to the News Digest. Finnveden has increased its annual revenue 11% to over 3 billion crowns (US$471.1m).
Bulten develops, produces and markets a range of metallic fasteners and services for the automotive industry. Bulten is a major supplier of fasteners to the European automotive industry.
Led by former Volvo Cars director Hans Gustavsson, Metal Structures develops and produces interior and exterior structures for car and truck applications in Europe. Customers include DaimlerChrysler, Volvo, Ford and Land Rover.
Nordic Capital purchased Finnveden in 2004 for 2 billion Swedish crown (US$314.1m).
In 2005 Finnveden turned its Bufab subsidiary into an independent company with its own management and board of directors. Following the separation, Finnveden was purely a supplier of fasteners, engine components and structural components to the automotive industry, while Bufab provided fasteners for general industry. Web: finnveden.com �2008 FastenerNews.com
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