IN THE NEWS with Fastener News Desk the Week of January 9, 2023
Here’s what’s happening in and around the fastener industry this week…
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In November the MWFA Awarded $40,000 in Scholarships. Congratulations to This Year’s MWFA Scholarship Recipients. This list of recipients and new board members can be found featured at Fastener News Desk.
Fastener Acquisitions are off to a ‘FAST’ start in the first two weeks of 2023.
The Latest Deal Announcements came from:
Birmingham Fastener that acquired Pacific Coast Bolt. Birmingham Fastener announced the acquisition of Pacific Coast Bolt Corporation based in Santa Fe Springs, California. With over 80 years of combined fastener production, this acquisition strengthens Birmingham Fastener’s manufacturing diversity and expands their U.S. footprint coast-to-coast with branches from New York to California.
Pacific Coast Bolt manufactures and distributes a wide range of products to industries such as water, wastewater, chemical, refining, and construction. With this partnership, Birmingham Fastener and its sister companies can expand product and service offerings to their customers.
Brad Tinney, President of Birmingham Fastener said “This strategic initiative further complements Birmingham Fastener’s made-in-America value proposition to our customers, as Pacific Coast Bolt brings a wealth of manufacturing equipment and overall fastener knowledge. We are excited to expand westward and honored to heighten the level of customer service for all our partners across America.”
Tanner Bolt of Brooklyn, NY Has Been Acquired by GMS, Inc. GMS Enters the New York City Market with the Acquisition of Tanner Bolt and Nut. GMS is a leading North American specialty building products distributor. John C. Turner, Jr., President and Chief Executive Officer of GMS said
“We are excited to announce our first entries in the New York City market with the acquisition of Tanner Bolt and Nut, Inc. and the expansion of our relationship with USG to supply ceiling products from a new greenfield location in Brooklyn,”. “We are pleased to take this first step into such a significant market. With Tanner’s focus on tools and fasteners, these additions, along with the establishment of several new greenfield yard locations and AMES stores over the last several months represent our continued commitment to the execution of our strategic priorities of platform expansion and Complementary Product growth.”
Accomplished Executive, Marc Strandquist, has Joined the Martin Inc. Leadership Team
Martin Inc., one of the nation’s leading providers of custom-tailored solutions for maintenance, repair, operation, and production supplies, welcomes Marc Strandquist to the role of Executive Vice President, Fastening Solutions Division. In this role, Marc will develop and execute strategic plans, drive efficiency and profitability, create synergy across all Martin business units, while building and leading the fastening team to achieve business objectives.
Marc brings to Martin over 35 years’ experience in the C-class component industry as a global executive leader overseeing companies in Europe, South America and North America. He has 24 years’ experience holding executive-level positions where he drove value for parent organizations. He began his executive career with smaller companies with sales of $40 to $50 million dollars in sales before transitioning to Würth Industry North America with sales of $850M, then to Optimas Solutions with sales of $650M.
“I’m delighted to welcome Marc to the Martin team,” said Douglas Ruggles, Co-CEO. “Marc is a pragmatic, entrepreneurial, and collaborative business leader who has a proven track record of moving organizations in the right direction. I am confident he will help further advance Martin’s OEM component and fastening business and deliver on our purpose statement to help companies operate better.”
Economic activity in the manufacturing sector contracted in December for the second consecutive month following a 29-month period of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
“The December Manufacturing PMI® registered 48.4 percent compared to 49 percent recorded in November. Regarding the overall economy, this figure indicates contraction after 30 straight months of expansion. The Manufacturing PMI® figure is the lowest since May 2020, when it registered 43.5 percent. The New Orders Index remained in contraction territory at 45.2 percent, 2 percentage points lower than the 47.2 percent recorded in November.
The Fastener Training Institute has a two-part webinar series: METRIC FASTENERS
Dates: Thursday, January 19th and Thursday, February 2nd | Time: 11:00 – 12:30 P
Get details and register at FastenerTraining.org
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Until next week, be well, be safe and Keep it Fastenating
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