Jones Leads Philidas Ltd.
February 23
00:00
2005
Jones Leads Philidas Ltd.
Jason Sandefur
Entrepreneur and engineer Roy Jones assumed control of UK-based Philidas Ltd., an automotive and industrial fastener manufacturer. Jones led a management buy-in of the company from Infast Group, which withdrew from manufacturing following the estimated $1.3 million sale.
Philidas produces about 110 million fasteners annually for such blue chip customers as Ford, BMW, Jaguar and Bosch. However, analysts say the facility has the capacity to manufacture as much as 250 million fasteners each year.
Philidas is an established brand in Europe and Asia, with 118 employees. The company reported sales of $15 million in 2004, with an operating loss of $1.5 million. �2005 FastenerNews.com
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