Global Fastener News

Nylex Crippled By Debt

Jason Sandefur

Ajax Fasteners parent company Nylex of Melbourne, Australia, has been placed in receivership, “crippled by losses and debt after the global financial crisis broke its back,” the Age reports. Demand for Nylex’s automotive products has been hit by the slump in car sales.

Nylex owes more than AUS 100 million to creditors.

“There is no immediate threat to the company’s 700 workers because Nylex will trade on as the receiver, McGrathNicol, looks for buyers,” writes Philip Hopkins of the Age.

Ajax Fasteners was founded in 1891 in Melbourne to manufacture nails. Two decades later the company began production of washers, rivets, boat nails and corrugated fasteners.

Officials at McGrathNicol, who praised Nylex’s value despite the debt, expect the company to emerge from receivership in “months, not years.” “We are looking to restructure the business,” stated McGrathNicol’s Johan Vorster. “We have already had expressions of interest. Other people see the value in the group.”

Nylex reported a loss of AUS 21.3 million in 2008 after a AUS 10.9 million profit the previous year. Web: nylex.com.au ****************************************************************

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FASTENERS – BASIC TRAINING

Michael Reed

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In a one day program, we deal with the six segments as shown on our web site: Standards, Standard Designs, Threads, Materials, Manufacturing, and Heat Treatment.

At the end of these segments we cover how a bolted joint works, the stretching phases, an understanding of torque and tension complete with demonstrations. We then open up the session to questions specific to your company”s needs.

If you”re having fastener problems we”ll tackle any application issue. And, best of all, WE COME TO YOU. Call John Grey at 440.243.8549. Any class size is fine with us. fastenerconsulting.com