ITW Acquires Pin Manufacturer Hobbs
ITW Acquires Pin Manufacturer Hobbs
John Wolz
Illinois Tool Works Inc. acquired privately owned Hobbs Fasteners Inc. of Worcester, MA.\
Hobbs, founded in 1942, manufactures spring pins, cotter pins and dowel pins for commercial and industrial applications.
“With the financial and organizational support of our new parent, Hobbs will be better able to compete in a highly-competitive marketplace which continues to undergo consolidation,” president Stephen Wilhelmy said.
Glenview, IL-based ITW manufactures engineered components and industrial systems and has annual sales exceeding $9.3 billion, 500 decentralized operations in 40 countries and 52,800 employees.
Hobbs becomes an operating unite of ITW Bee Leitzke, an ITW division based in Hustisford, WI.
Richard Hagan, president of New York-based Pinnacle Capital, represented the Hobbs shareholders.
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