Global Fastener News

John Wolz

Fairchild Makes Management Changes � Fairchild Fasteners announced three management changes.
Robert Edwards succeeds Lee Dack as COO of U.S. operations. Edwards also will be responsible for Recoil in Australia and Marson Corporation.
Dack is retiring after being COO since Fairchild acquired Kaynar Technologies Inc. in early 1999. Edwards was executive vice president of Fairchild Fasteners since 1998.
Robert Marchetti, senior vice president of worldwide sales and marketing, assumes responsibility for Fairchild Fasteners Direct organizations in Aichach, Germany; Chatsworth, CA; and Paris.
Robert Sharpe II assumes the role of chief strategic officer in addition to his current executive vice president duties.
Fairchild Corporation CEO Eric Stein said Dack �has been invaluable in overseeing the integration of Fairchild Fasteners and KTI. He now is ready to start his long-planned retirement, and we wish him well.�
Fairchild Fasteners is an operating unit of the Dulles, VA-based Fairchild Corporation. The corporation is a global manufacturer of precision fastening systems for construction and maintenance of commercial and military aircraft, and through the Banner Aerospace division distributes aerospace parts. Fairchild Fasteners has manufacturing, sales and design facilities in the U.S., Germany, France, Portugal, Hungary, Australia and the UK. Web: www.fairchildcorp.com

ITW Revenues Set Record � Illinois Tool Works Inc. reported record revenues for 1999 due to both business growth and acquisitions.
Revenue for 1999 increased 11% over the previous year to reach $9.3 billion. Operating income for 1999 increased 7% to $1.4 billion.
CEO James Farrell said ITW�s �base business growth rate was 4% in the fourth quarter and 3% for the full year.�
ITW completed 28 acquisitions during 1999, representing $900 million in revenues.
Glenview, IL-based ITW has 52,800 employees in 500 operations in 40 countries.