Global Fastener News

TFS Sells Rockford Plant To MNP Affiliate

Jason Sandefur

Textron Fastening Systems sold one of its fastener plants in Rockford, IL, to MNP Precision Parts, an affiliate of fastener manufacturer MNP Corp., for an undisclosed price.
TFS had originally slated its Rockford Operations – Samuelson Road facility, which employs 218, for closure as part of its consolidation to a new $35 million fastener plant in Greenville, MS. But in April 2005 the company decided to sell the unit instead. TFS has announced the closure of the Greenville plant and is in the process of being sold.
“The sale of Rockford Operations – Samuelson Road to MNPPP is a separate transaction from the efforts underway to sell TFS in its entirety during 2006,” TFS communications director Tim Weir told FastenerNews.com.
MNPPP has expressed its intention to stabilize the Samuelson road facility and improve its performance, Weir stated. Textron bought the business from Elco Tool in 1995.
“We’re selling it to a company that understands the fastener industry, the customers and the products,” Weir told the Rockford Register Star. “These are all pluses for the workers in Rockford and the plant’s customers.”
Despite the sale, Weir said TFS continues to maintain a “significant presence” in the local community, with approximately 450 employees working at three locations in the Rockford area.
“Within Rockford, we continue to operate our Rockford Operations Falcon Road plant, which employs about 40 people and is enjoying the highest demand in years for its construction fastener products.
“In addition, business remains strong at our Belvidere Operations facility in nearby Belvidere, Illinois, which employs about 240 people.”
TFS also has about 170 employees from the company’s technology, finance, sales, IT, and other shared service functional departments at offices in Rockford. Web: textronfasteningsystems.com �2006 FastenerNews.com