Textron Sells Grand Blanc Stake to Shinsho
Textron Sells Grand Blanc Stake to Shinsho
John Wolz
Textron Fastening Systems sold its stake in a wire processing joint venture to Shinsho American Corp.
Textron owned 60% of Holly, MI-based Grand Blanc Processing LLC. The company was formed in 1995 and its 2001 sales were about $7.5 million. Grand Blanc anneals, draws, cleans and coats raw wire to prepare it for use in fastener production.
Terms of the sale were not announced.
The venture primarily supplied Textron Fastening plants and suppliers to Japanese transplant automotive operations in North America
Textron Fastening sold the venture “after identifying wire processing as a non-core business activity that no longer provided a competitive advantage to the company�s
Textron has now sold off its North American wire processing, including sales last year of Warren Processing Division and the shutdown of its Steel Processing Division. �2002 FastenerNews.com
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