2007 FIN – Taiwanese Consortium Buys Brighton-Best; Rosentein Retires
FASTENER HISTORY
2007 FIN – Taiwanese Consortium Buys Brighton-Best; Rosentein Retires
November 28, 2007 FIN – Brighton-Best Socket Screw Mfg. and a Taiwanese consortium headed by Robert Shieh, president of Ta Chen International, jointly announced the acquisition of Brighton-Best.
The newly formed company will be known as Brighton-Best International Inc.
Ta-Chen Stainless Pipe Co. led the consortium, which includes Chow-Send Co. Ltd., an investor in the fastener industry; China Development Industrial Bank of Taiwan; Mega International Commercial Bank; Cathay Capital Mgt. Inc., a Taiwan insurance company; Gains Investment Corp. (China Steel Co.); Industrial Bank of Taiwan; and the CID Group, a Taiwan venture capital firm.
Brighton-Best president and owner Perry Rosenstein will retire.
Brighton-Best International will continue to be led by COO Steve Gruenhut, executive vice president George Oshkello and Gordon Anderson, vice president of sales.
At a press conference in Las Vegas, Rosenstein confirmed that all 300 Brighton-Best employees would retain their jobs.
“That to me is very important, ” Rosenstein stated. “Screws have no character. They can be bought and sold anywhere in the world. The real asset is people. ”
Under the deal, employees will share in the sale under the Employee Stock Ownership Plan.
Rosenstein, who termed the acquisition “a marriage of equals, said the future plan of the new company would be to increase diversity of fastener products it now distributes, along with investment of new capital for international growth.”
Shieh has been interested in buying Brighton-Best for several years. Ta Chen and Brighton-Best had negotiated a deal in 2006, which did not close.
The long sale process involves the laws of seven different countries, different currencies and banking rules and multiple state laws even within the U.S., Rosenstein noted.
“Finally we have a deal, ” noted Shieh. He added that Brighton-Best is a “very good foundation of a company, with very good people too.”
Shieh wants to use Ta Chen resources to grow Brighton-Best.
Rosenstein observed that “if you don’t grow you die.”
Global growth for Brighton-Best gives Taiwan fastener manufacturing “a new life and guarantees their future,” Rosenstein declared.
Oshkello told FastenerNews.com that he is looking forward to expanding, “particularly in Europe.”
Brighton-Best History
Brighton-Best traces its history to a Cincinnati storefront factory, which opened in 1925 as Brighton Screw Co.
Stanley Sevell and Rosenstein founded Best Socket Screw Co. in New York City in 1965. They formed the privately owned Brighton-Best Socket Screw in 1968 when they acquired Brighton Screw Co. and merged the names.
Brighton-Best grew to a major supplier of inch and metric hexagon alloy socket screws to 6,000 distributors.
Brighton-Best once did actual manufacturing of socket screws in Connecticut. But when interest rates spiked to 18% and tariffs were lowered from 18% to 10% that took away our protective edge, Rosenstein recalled in an interview with FastenerNews.com.
Brighton-Best turned to Japan for socket screws and subsequently has imported from Italy, Korea, Spain and Taiwan.
Brighton-Best now has 34 distribution centers in 15 U.S. states, five Canadian provinces, South America, Australia, New Zealand and the UK. Brighton-Best is headquartered in the Atlanta suburb of Buford, GA.
Ta Chen s principle activities are manufacturing and processing stainless steel pipes, sheets, valves and other steel products.
Ta Chen also trades related products including fasteners.
Ta Chen has operations in North America and Asia and exports to the U.S., Europe, Asia, Australia and other countries.
Listed on the Taiwan stock exchange, Ta Chen reported 2005 sales of NTD14.1 billion (US$429.7m) and has 2,196 employees. Ta Chen has U.S. facilities in Los Angeles, Chicago, Houston, Atlanta, New Jersey and Tampa.
Rosenstein Started as Teacher
“I leave with the satisfaction that I have done my job, ” Perry Rosenstein summarized his four decades leading Brighton-Best.
“I have no doubt in my mind that this company will continue to prosper. There is a very good foundation for the company and very good people too.
Rosenstein started his post-college career as a school teacher. The experience of learning to be a teacher was excellent training for his career in fasteners, Rosenstein found.
His first fastener job was with Globe Bolt & Screw Co. He then joined Stevens Socket Screw Co. which was later bought out by MSL Industries and Stevens became a part of Heads & Threads. Rosenstein then became a vice president of Heads & Threads.
What is next for Rosenstein? He anticipates spending even more attention to his foundations. Rosenstein said he has donated hundreds of thousands of dollars in grants to support the arts in New York, New Jersey and Ohio.
“We support the arts – especially those by people with beliefs, color or gender which are out of the mainstream.”
Another Rosenstein favorite foundation, Teaneck Creek Conservancy, has turned garbage dumps into parks or wetlands where birds return to nest. “We are bringing nature back to New Jersey, Rosenstein smiled.
It is all a part of giving back from his successful career and in fighting global warming and pollution. ©2007 FastenerNews.com
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