Global Fastener News

Doncasters Completes FastenTech Acquisition

Jason Sandefur

UK-based Doncasters Group completed its acquisition of fastener maker FastenTech Inc. from parent company Citigroup Venture Capital for $492 million. The acquisition helps Doncasters to become a global supplier of tolerance critical precision engineering components primarily in the industrial gas turbine and aerospace sectors.
“Our strategy is to expand our North American presence and the acquisition of FastenTech, Inc. is crucial to this,” commented Doncasters CEO Eric Lewis.
“There are strong opportunities in our chosen markets and we plan to integrate the complementary strengths of the two businesses to support growth in market share,” Lewis continued. “This is likely to mean further investment – prior to the acquisition we were already planning US$150 million of capital expenditure.”
Minneapolis-based FastenTech makes fasteners and precision components for the power generation, aerospace, military and civil engineering sectors, with 1,800 employees. FastenTech reported net sales grew 4% to $96.1 million during the first quarter of fiscal 2007 ended Dec. 31, 2006. Operating income increased 6% to $9.6 million, and net profit grew 64% to $2.3 million. Web: fastentech.com
Doncasters supplies precision components and assemblies to the aerospace, power generation, specialty automotive and medical orthopedic industries and has 4,800 employees across the U.S., Europe and Mexico. Web: doncasters.com �2007 FastenerNews.com