Top Fastener Stories of 2011
FEATURE
Some big news hit the fastener industry in 2011. Here’s a FIN roundup of some of the top stories.
Nucor Fastener Presses Ahead with Tariff Case
A surprise decision by the U.S. Court of International Trade in September thrust the antidumping tariff case against fastener imports from China and Taiwan back into the headlines. CIT Judge Evan J. Wallach remanded the case back to the U.S. International Trade Commission to re-evaluate their preliminary findings of no injury to domestic fastener manufacturers.
Porteous Fastener Acquires HTI Assets
Two months after Heads &Threads International went into receivership with $16 million of debt, the importer’s assets were purchased by Porteous Fastener Company acquires assets of HTI. Then in October came word that a new Head & Threads with the same name but new investors was rebuilding an importing company.
See history of Heads & Threads in the March 1, 2011, FIN beginning with the importer’s founding in 1953 by Norman Sackheim in Chicago.
Würth Group Buys Cardinal Fastener
Media darling Cardinal Fastener was forced into Chapter 11 bankruptcy and temporarily suspended operations after its creditors cut access to capital. While president John Grabner had hoped to secure new investors, Cardinal Fastener was ultimately acquired by Würth Group North American for $3.9 million.
July 18, 2011 FIN: Cardinal Fastener & Specialty Co. files Chapter 11 bankruptcy, suspends operations
August 8, 2011 FIN: Cardinal resumes operations, eyes capital.
September 27, 2011 FIN: Würth Group North America offers $3.9 million stalking horse bid for Cardinal
November 21, 2011 FIN: Würth Buys Cardinal Fastener
FIN Fastener Stock Index Nears Double-Digit Gain
A year of big gains — and losses — comes to a close, with surprise winners and losers in the market.
How to Supply Fasteners to Boeing Co.
January 10, 2011 FIN: John Byrne, the Boeing Company fastener executive in charge of buying 635 million fasteners for commercial aircraft tells GlobalFastenerNews.com the key to Boeing suppliers earning profits is lean manufacturing. Labor and energy costs for fastener manufacturers may rise, but the overall “operations should be able to improve” and thus offset cost escalation through productivity and lean techniques, Byrne told FIN.
Goodbye Columbus
Multiple record lows in recent years end the once-dominate National Industrial Fastener Shows in Ohio. The show that peaked at 653 booths in 1998 ended with only 55 booths in 2011.
Jennifer Johns Friel Named IFI Chair
March 28, 2011 FIN: After 61 men, Jennifer Johns Friel of Mid West Fabricating in 2011 becomes the first woman chair of the Industrial Fasteners Institute.
FIN research found Linda Beaver in 1979-80 was the first woman to head a fastener association. See the article in the Fastener History section of GlobalFastenerHistory.com: “2010 FIN – The First Women to Head Fastener Associations”
Fastener Travels Abroad
August 8, 2011 FIN: South African fastener manufacturer, master distributor and distributor tell FIN during facility tours that price is key to selling fasteners in Africa.
Some big news hit the fastener industry in 2011. Here’s a FIN roundup of some of the top stories.
Nucor Fastener Presses Ahead with Tariff Case
A surprise decision by the U.S. Court of International Trade in September thrust the antidumping tariff case against fastener imports from China and Taiwan back into the headlines. CIT Judge Evan J. Wallach remanded the case back to the U.S. International Trade Commission to re-evaluate their preliminary findings of no injury to domestic fastener manufacturers.
Porteous Fastener Acquires HTI Assets
Two months after Heads & Threads International went into receivership with $16 million of debt, the importer’s assets were purchased by Porteous Fastener Company acquires assets of HTI. Then in October came word that a new Head & Threads would emerge with the same name but new investors.
Würth Group Buys Cardinal Fastener
Media darling Cardinal Fastener was forced into Chapter 11 bankruptcy and temporarily suspended operations after its creditors cut access to capital. While president John Grabner had hoped to secure new investors, Cardinal Fastener was ultimately acquired by Würth Group North American for $3.9 million.
FIN Fastener Stock Index Nears Double-Digit Gain
A year of big gains — and losses — comes to a close, with surprise winners and losers in the market.
How to Supply Fasteners to Boeing Co.
John Byrne, the Boeing Company fastener executive in charge of buying 635 million fasteners for commercial aircraft tells GlobalFastenerNews.com the key to Boeing suppliers earning profits is lean manufacturing. Labor and energy costs for fastener manufacturers may rise, but the overall “operations should be able to improve” and thus offset cost escalation through productivity and lean techniques, Byrne told FIN.
Multiple record lows in recent years end the once-dominate National Industrial Fastener Shows in Ohio. The show that peaked at 653 booths in 1998 ended with only 55 booths in 2011.
Jennifer Johns Friel Named IFI Chair
March 28, 2011 FIN: After 61 men, Jennifer Johns Friel of Mid West Fabricating in 2011 becomes the first woman chair of the Industrial Fasteners Institute.
FIN research found Linda Beaver in 1979-80 was the first woman to head a fastener association.
South African fastener manufacturer, master distributor and distributor tell FIN during facility tours that price is key to selling fasteners in Africa.
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