1999 FIN – Park-Ohio, Questron, & Würth Announce Acquisitions
February 1, 1999 FIN – Park-Ohio announced the acquisition of St. Louis Screw & Bolt Co., Questron Technology Inc., signed an agreement to acquire AFCOM Inc. and the Würth Group completed it’s purchase of Action Bolt & Tool Co.
Park-Ohio paid an undisclosed amount of cash for privately held St. Louis company, headed by former Industrial Fasteners Institute chair Jim Schiele. The company was established in 1887, and manufactures and distributes hot forged and cold-formed steel bolts and related accessories for the construction and architectural industries.
Park-Ohio CEO Edward Crawford said St. Louis Screw “will broaden our manufacturing and integrated logistics solution capabilities in the structural fastener industry.
Cleveland, OH-based Park-Ohio provides logistics services for fasteners and related industrial components and manufactures products for industrial OEMs.
Questron signed an agreement to acquire Sanford, FL-based AFCOM for $5.8 million. A total of $5.5 million is to be paid cash, with the balance in shares of Questron stock. Up to an additional $1.5 million will be paid, based on future operating results.
Fastener distributor AFCOM, with annual revenues of $7 million, provides inventory logistics management programs to OEMs in the Southeast.
Questron CEO Dominic Polimeni said the deal “continues our strategy to grow through acquisitions that enable us to expand our inventory logistics management and value-added distribution services geographically and diversify the industries we serve.
AFCOM shareholder Dermott Rogers will continue with the company.
The acquisition is subject to due diligence, financing and other customary conditions.
Würth Group of Germany acquired Action bolt & Tool Co. of Lake Park, FL.
Action distributes fasteners and tools primarily in the construction industry and has branches in Orlando and Fort Meyers, FL.
Action Bolt is Germany-based Würth’s eighth North American acquisition. Würth now has a total of 57 locations.
Robert Muller will continue as president and Gary Muller as vice president.
Würth Group of Künzelsau, Germany, has sales exceeding $4 billion from its 183 companies in 70 countries and more that 25,000 employees. ©1999/2010 Fastener Industry News
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