ITW reported Automotive OEM revenue, including fasteners, fell 54% to $361 million in the second quarter of 2020. Automotive OEM operating loss totaled $28 million, while operating margin plummeted to -7.8%.
NEWS BRIEFS
July 31
19:29
2020
The combined companies will be led by the DeVries family (Midwest Fastener) and Bass/Kaufman (Hy-Ko).
July 31
19:13
2020
He succeeds John Thramann, who is retiring after 50 years with ND.
July 30
18:12
2020
Stanley Black & Decker reported Engineered Fastening organic revenues fell 35% in the second quarter of 2020 “due to lower global automotive light vehicle and general industrial production.”
July 30
12:40
2020
Harding joined Century in 2003 to create the centralized purchasing division, and became Atlanta branch manager in 2011.
July 29
17:03
2020
Relocation expands space for inventory and streamlining internal operations.
July 29
15:10
2020
Improved sales in the repair and remodel market from consumer shift toward home renovations related to ongoing shelter-in-place orders.
July 28
21:22
2020
“The expertise and knowledge of Randy and Matt enables Optimas to embrace continuous growth and future innovation,” commented Marc Strandquist, president of the Americas.
July 27
13:26
2020
The Pacific-West Fastener Association, Southeastern Fastener Association and Southwestern Fastener Association were to meet in San Antonio.
July 23
14:43
2020
During the second quarter, the company recorded a $109 million pretax loss from the sale of the Fabory business, which it agreed in June to sell to Dutch capital firm Torqx Capital Partners for an undisclosed sum.
July 22
11:30
2020
“We have expanded into this 30,000 sq ft facility that will give us more room to better serve our customers,” the company stated.
July 21
11:10
2020
“Considering the current backdrop of a global pandemic, were are more than satisfied with this relatively stable development,” stated chairman Robert Friedmann.
July 16
20:03
2020
Partnership enables Birmingham Fastener to provide immediate turnaround of hex cap screws.
July 15
08:38
2020
Sales in North America declined 19.5%, while sales in Europe fell 15.1% and sales in Asia slipped 1.6%.
July 14
11:48
2020
In April 2020, fastener daily sales fell 22.5%, while in May the rate of decline moderated to a 15.3% decline and in June fell only 11.4%.
July 10
13:03
2020
Plans for safety include forehead thermometers, STAFDA-logoed face masks and spacing between booths for its 44th annual convention on November 8-10, 2020, in Anaheim.
July 08
12:25
2020
Robbie and Gina Gilchrist established the Gilchrist Foundation Fastener Scholarship in 2000 to give back to the fastener industry.
July 01
15:56
2020
The addition of NTF’s product lines strengthens Earnest Machine’s position in existing markets while enabling the company to expand into new markets.
July 01
14:57
2020
Bailey will be involved in creating product formulations, purchasing steel, production planning, advising on forging and heat-treating, expanding employee understanding of product functions, and assisting with quality controls.
July 01
14:00
2020
NCFA said the cancellation was due to industry feedback plus the concern of an autumn upswing of COVID-19.
