Global Fastener News

Acument Announces TORX Awards

Jason Sandefur

Acument Global Technologies Inc. recognized seven of its licensed manufacturers with the TORX Drive System World Class Quality Award for commitment to manufacturing high quality, authentic TORX fasteners and drivers during calendar year 2006.
Fastener manufacturer Yamashina Corp. of Kyoto, Japan, and six drive tool producers received the award. Companies included Cooper Industries, Dayton, OH; Danaher Corp., Garland, TX; Master Manufacturing Co., Evansville, IN; Robert Schroeder GmbH & Co., Wuppertal, Germany; Snap-On Inc., Kenosha, WI; and Western Forge, Colorado Springs, CO.
“This year’s TORX World Class Quality Award winners represent our largest markets and exemplify an elite level of technical, manufacturing and service performance for licensed TORX manufacturers around the world,” said Marty Bieschke, director of intellectual property and licensing for Acument. “They represent the growing ranks of global fastening suppliers who have embraced Acument’s TORX Drive System as the ultimate in fastener installation engineering and performance.”
The TORX Drive System was introduced in the 1960s. Qualified licensed manufacturers have produced billions of TORX and the newer TORX PLUS drive systems for automotive, industrial, electronics, aerospace, and other markets. ****************************************************************

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Rockford Products “Out of Time and Money”

Jason Sandefur

Saying it has “run out of time and money,” auto fastener maker Rockford Products Corp. claimed in court papers that its customers are threatening to take their business elsewhere if a sale isn’t completed quickly.
While selling off its two smaller divisions, Rockford Products has been unable to ink a deal for its cold-formed products division, which manufactures ball studs, brackets and specially engineered bolts for the automotive industry, as well as for such larger customers as Federal-Mogul Corp. and Caterpillar Inc.
MacLean-Fogg had expressed an interest in the division, but backed away from negotiations without making an offer. Rockford said “that sudden and unexplained departure” left the company “in a precarious state.”
As for Rockford, “if nobody buys them they are dead,” one insider told FIN.
Rockford Products sold its retail fastener and auto parts line to Dorman Products affiliate RB Distribution for $3.4 million in August. And Field Fastener recently paid about $300,000 for its OEM distribution operation.
Having missed a lender-imposed deadline to complete the sale before its bankruptcy financing runs out, Rockford Products is now trying to stave off potential liquidation.
The company says it has a prospective buyer, which it declined to identify, lined up and hopes to finalize the purchase agreement within days. Barring that, Rockford Products claimed it could lose several “key customers,” which would force the company to “shutter the remaining plant, terminate all employees and liquidate all remaining assets.”
Rockford Products’ cold formed division employs about 400 workers.
Insiders say that in these cases automotive companies who have beaten you up on price will send in workout teams to see what can be done. They’ll also be looking at how to move the business to someone else.
Slow automotive products sales and rising pension costs forced Rockford Products to file for Chapter 11 bankruptcy protection on July 25. The company reportedly has more than $11 million outstanding with its top 20 unsecured creditors, and a total of 900 creditors are owed undisclosed sums.
Founded in 1929 as Rockford Screw Products, Rockford Products manufactures and distributes ball studs, cold formed fasteners and other specialty products. The company reported 2006 sales of $101 million. Web: rockfordproducts.com �2007 FastenerNews.com