Global Fastener News

ParkOhio acquired two companies to bolster its fastener business.

ParkOhio acquired Southern Fasteners & Supply, which will be included in ParkOhio’s Supply Technologies segment.

Winston-Salem, NC-based Southern Fasteners provides commercial fasteners and industrial supplies to MRO and OEM customers. The company lists operations in Montgomery, AL; Anaheim, CA; Orlando, FL; Pendergrass, GA; D’Iberville, MS; Greenville, SC; New Johnsonville, TN; Houston, TX; Richmond, VA; and Parkersburg, WV.  

Southern Fasteners has annual revenue of $25 million. Web: SouthernFasteners.com

“Southern Fasteners complements Supply Technologies’ growth initiatives centered around industrial supply and MRO products to our global OEM customer base,” ParkOhio stated.

In addition, ParkOhio finalized the acquisition of Charter Automotive (Changzhou) Co. Ltd., which will also be included in ParkOhio’s Supply Technologies segment. 

Changzhou, China-based Charter “is strategic to our fastener manufacturing business and will accelerate the global growth of its proprietary products to Electric Vehicle and other auto-related platforms,” ParkOhio noted. Charter has annual revenues of approximately $15 million.

ParkOhio completed the acquisitions during a strong second quarter performance. Revenue increased 22% to $429 million, boosted by strong results from its Supply Technologies and Engineered Products segments. Net income improved to $1 million from a $3.5 million loss in the second quarter of 2021.

Supply Technologies segment sales rose 13% to an all-time quarterly high of $175.8 million, breaking the previous record of $168.8 million established last quarter. Sales gains were driven by “strong customer demand in the majority of our end markets, with the biggest increases in heavy-duty truck, semiconductor, industrial and agricultural equipment and civilian aerospace.” Average daily sales increased 18%, with operating income up 24% to $12.7 million. 

Q2 operating margins improved to 7.2%, “as profit flow-through from the higher sales levels and the favorable impact of pricing initiatives more than offset higher supply chain costs and general inflation.”

Cleveland, OH-based Supply Technologies provides logistics services for 190,000 production components, including fasteners, to OEMs, other manufacturers and distributors. ILS also engineers and manufactures precision cold formed and cold extruded products, including locknuts, SPAC nuts and wheel hardware. The segment employs more than 1,500 at 55 logistics service centers in North America, Scotland, Hungary, Asia and India. Web: SupplyTechnologies.com

Park-Ohio entered the fastener business in 1995 by acquiring RB&W. Subsequent fastener acquisitions included Arden Industrial Products Inc., Arcon Fastener Corp., Delo Screw Products Co., Direct Fasteners, Gateway Industrial Supply and Columbia Nut & Bolt Corp. and Purchased Parts Group Inc. Web: PKOH.com