Cardinal Fastener Files Chapter 11 and Suspends Operations
FEATURE
Rob Simes, managing director of Johannesburg, South Africa-based UPL Socket Screws (Pty) Ltd., a master fastener distributor
Cardinal Fastener & Specialty Co. filed for bankruptcy on June 30, days after CEO John Grabner’s company said imports were hurting American manufacturers involved in wind energy.
CrainsCleveland.com reported Cardinal filed for Chapter 11 protection from creditors on June 30 in U.S. Bankruptcy Court in Cleveland. The filing shows Cardinal had been borrowing heavily.
In a June 28 Cleveland Plain Dealer article, vice president Jeff Grabner noted that Cardinal grew from 35 employees in 2007 to 65 last year, but recently cut back to 50.
• Under a headline, “Ohio’s Struggling Manufacturing Sector Finds Clean Energy Clientele,” SolveClimateNews this spring described Cardinal as “a poster child for Ohio’s manufacturing revival, with a new wind energy division that now makes up almost half its revenues.”
Cardinal nearly doubled its revenues in four years with wind energy fasteners.
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Editor’s Note: For the story of then president-elect Barack Obama’s visit to Cardinal Fastener, click on the Fastener History section and scroll to 2009 FIN – Wind Turbine Fasteners Create Draw for Industry’s First Presidential Plant Tour. ©2011 GlobalFastenerNews.com
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