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‘IN THE NEWS’ with Fastener News Desk the Week of March 6, 2023

Watch now on FastenerTV at YouTube (12:20)

Here’s what’s happening in fastener industry the week of March 6, 2023. Lots of Acquisition activity…The following deals were announced.

Wrought Washer Mfg. announced that they have completed the acquisition of Diversified Tooling Innovations. Wrought Washer is a manufacturer of washers, bushings and spacers in Milwaukee, WI. The acquisition of Diversified Tooling expands and strengthens Wrought Washer’s CNC and tooling capabilities. Diversified Tooling will be operated separately as a wholly owned subsidiary of Wrought Washer.

EFC International Announced that they have acquired St. Louis-based Inventory Sales Company. Financial terms of the deal were not disclosed. ISC was founded in 1972 and is a distributor of Class-C parts with a primary focus on fasteners and strut accessories. The company has a highly reputable and well-established brand and is known for outstanding levels of service through its broad capabilities including vendor managed inventory programs, in-house fabrication, kitting, and a strong sales force. EFC is owned by Frontenac a Chicago based private equity firm.

SPIROL announced the acquisition of Ford Aerospace, based in the United Kingdom. Ford Aerospace was founded in 1910 by Robert Ford, and the family business has most recently been led by the founder’s great-grandson, Chris Ford. The company specializes in manufacturing high precision metal components and sub-assemblies for the aerospace, industrial, and high-technology sectors. SPIROL is a successful, family-owned company with a rich history also closely tied to aviation development. Founded in 1948 SPIROL has grown from a single manufacturing facility in the United States to a global enterprise with manufacturing or distribution locations on four continents and twelve countries across North America, South America, Europe and Asia. 

Colony Hardware a leading direct-to-jobsite distributor of construction materials and jobsite supplies, has announced the acquisition of New South Construction Supply a South Carolina-based value-added distributor of rebar, concrete, masonry, waterproofing products, and contractor supplies. With locations throughout North Carolina, South Carolina, Georgia and Florida, New South was founded in 1981 and is among the Southeast’s leading suppliers of construction supplies and building materials for commercial, residential, industrial, waterproofing, restoration, and road-and-bridge contractors. The acquisition represents Colony’s 12th acquisition since partnering with Audax Private Equity in November of 2018.

Economic activity in the manufacturing sector contracted in February for the fourth consecutive month following a 28-month period of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®. “The February Manufacturing PMI® registered 47.7 percent, 0.3 percentage point higher than the 47.4 percent recorded in January. Regarding the overall economy, this figure indicates a third month of contraction after a 30-month period of expansion. In the last two months, the Manufacturing PMI® has been at its lowest levels since May 2020, when it registered 43.5 percent.

The Industrial Fasteners Institute Annual Meeting began Sunday and will be happening through March-7th in Napa, CA. For more information about the IFI go to https://indfast.org

PAC-WEST – SPRING DINNER MEETING AND VENDOR SHOWCASE Thursday, March 9, 2023 from 5:00-8:00PM. Dinner meeting includes panel discussion Adapting to the 2023 Fastener Climate. 2023 is bringing new challenges to the fastener industry. Many distributors have high-priced inventory on hand, and replacement costs are falling. Attendees will learn how to prepare and navigate their businesses and maintain a healthy bottom line?

If you’re attending the Pac-West Vendor showcase you won’t want to miss the opportunity to join fastener friends for a fun day of golf at the Pac-West Fastener Associations’ 2023 Mel Kirsner Spring Golf Outing taking place Friday March 10^th in La Habra, CA. Proceeds will benefit ANGELS of Old Mission Beach Athletic Club, which promotes and sponsors youth sports as well as educational, philanthropic, and civic activities. Mel was an original member when OMBAC was founded in 1954. For more info go to Pac-West.org

Fastener Fair Global 2023 is set for a strong comeback showcasing technological developments in a fast-moving market. After four years, Fastener Fair Global 2023, the 9th international event dedicated to the fastener and fixing industry, returns to Stuttgart from March 21^st – March 23^rd . The exhibition represents once again an unmissable opportunity to establish new contacts and build successful business relationships between suppliers, manufacturers, distributors, engineers and other industry professionals from various production and manufacturing sectors looking for fastening technologies. For more information and registration go to https://www.fastenerfairglobal.com/.

The Fastener Training Institute has a scheduled upcoming webinar. Corrosion Resistant Fasteners & Stainless Steel Fastener Specs. The webinar will take place on Thursday, March 23, 2023, 11:00 a.m. to 1:30 p.m. PT The instructor is Carmen Vertullo, Vice President of Business Development at AIM Testing Laboratory. The webinar will address FIGHTING CORROSION IN FASTENING and strategies to combat it, which cost billions of dollars every year. Industrial, transportation, construction, marine and military fastening applications all have specific solutions to the corrosion problem. This webinar will explore the various approaches to corrosion prevention in each of these areas. Brikksen is sponsoring the webinar.

On Thursday, March 23, 2023, NEFDA will host their annual Bowling Party. The party will be held at High Rollers at Foxwood Resort & Casino. Attendees will enjoy Bowling, Dinner & Drinks, Prizes and Fun! For more information go to https://www.nefda.com/events/

Fastener Training Week in Cleveland, OH will take place April 3-7th. The Fastener Training Institute and the Industrial Fasteners Institute (IFI) continue their partnership to present Fastener Training Week — This robust program includes five days of education and plant tours as part of the acclaimed FTI Certified Fastener Specialist™ (CFS) advanced technical training program. After completing this invaluable industry training in a small group environment and passing a final exam, attendees are eligible for the CFS designation. To register and learn more about any of the fastener training events we highlighted go to FastenerTraining.org

Women in the Fastener Industry accepting applications for Margaret Davis Scholarship. Scholarship application submission will offer WIFI Members requesting financial assistance to attend Fastener Fair USA. WIFI honors the memory of Margaret Davis of ISSCO, INC/BTM Manufacturing. Member Applications are due by April 5th, 2023.Apply Now: https://www.fastenerwomen.com/scholarships

Dirk Beveridge of UnleashWD has announced the first human resources event for distributors, designed to challenge traditional thinking on HR and help independent distributors win the war on talent. Registration is now open for the UnleashWD Human Resources Summit for distributors, April 27-28, 2023 in Nashville, Tenn.

Seating is limited for this event be sure to register today to reserve your seat. To Learn more or register at https://events.unleashwd.com/HRSummit

Have you tried buying fasteners online? Industrial products are comprehensive and purchasing them online can lead to poor customer experiences when utilizing filtered search, buyers are forced to use a multitude of search filters just to find a bolt. Product Genius’s grid technology organizes and displays entire product categories from a one page buying experience. Experience the future of fastener buying online at 1-800-Fasteners.com.

Experience and Demo the FASTest Fastener buying at 1-800-Fasteners.com. 

PGT’s services also include, data cleaning and preparation, consulting, and strategizing. Contact ProductGeniusTechnology.com or call 1-800-fasteners to find out how to get started today.

The stories featured in this week’s episode of IN THE NEWS can be found at Fastener News Desk or in our Twitter feed @FastenerNews and on LinkedIn in the Fastener News Group!

If you would like to share your company’s events, news or sponsor an upcoming episode of IN THE NEWS or would like to add to the Fastener Museum me: lisa@fastenernewsdesk.com.

Thanks for tuning in to this week’s episode of IN THE NEWS with Fastener News Desk.

Until next week, be well, be safe and Keep it Fastenating!

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SPIROL is pleased to announce that Ford Aerospace Ltd based in South Shields, UK will be joining the SPIROL group of companies. 

Ford Aerospace was founded at Tyne Dock in 1910 by Robert Ford, and the family business has most recently been led by the founder’s great-grandson, Chris Ford. The company specializes in manufacturing high precision metal components and sub-assemblies for the aerospace, industrial, and high-technology sectors.  It’s been a leading supplier over its 113 year history dating back almost as far as the first recorded flight in 1903 by the Wright Brothers.

SPIROL is a successful, family-owned company with a rich history also closely tied to aviation development. Founded in 1948 by Herman Koehl, the grandfather of the current chief executive officer, Jeff Koehl, SPIROL has grown from a single manufacturing facility in the United States to a global enterprise with manufacturing or distribution locations on four continents and twelve countries across North America, South America, Europe and Asia.  With a legacy spanning 75 years as an expert in fastening, joining and assembly, SPIROL’s well-established global footprint will take the UK based Ford Aerospace’s products to a wider international market.  In addition, one of SPIROL’s core principles is to continuously reinvest back into the business to ensure long-term, enhanced success and better serve its customers.  This principle is also firmly held by Ford Aerospace and therefore the synergies in markets, products, history and approach to providing value to its customers ties SPIROL and Ford closely together. 

Speaking about the sale, Chris Ford said, “Ford Aerospace is, and always has been, here for the people, especially our dedicated and skilled team, and it was important that any new Ford Aerospace owner share the values that have been at the heart of the company for over 100 years.  Our two companies have a long history of working together, dating back to 1980 where SPIROL licensed a specialized manufacturing process from Ford Aerospace, which is still in use today.  SPIROL respects Ford’s strong position in the UK market and our product manufacturing knowledge.  SPIROL and Ford’s approach to its employees and its customers align wonderfully, and I am excited to see our strong business carry on as part of the successful SPIROL group.”

Ford Aerospace’s technical skills in ‘space compensating’ management – the production of laminated and solid shims which ensures fast, precision tolerance compensation used on products such as fuselages, gearboxes and movable components – was a key offering that attracted SPIROL. These solid and laminated shims enable clients to reduce stock of individual shims and offers the option of “sizing” a particular shim by adjusting the shim pack to the desired thickness on assembly.  These products simplify the assembly process while simultaneously reducing the overall cost of the assembly.

Ken Hagan, a Division President at SPIROL said, “SPIROL is an engineering, manufacturing and sales driven company, and as such we seek to grow and expand in our product space. Where appropriate, this includes acquiring and holding exceptional companies which fit well with our overall business, global strategy and culture of excellence. We are excited to have Ford Aerospace join SPIROL and to be able to offer a more complete solution to our customers in Europe and beyond. We anticipate running Ford as a standalone business unit within the SPIROL group of companies. By combining the capabilities of both companies, our objective is to enhance our value-added offering to our customers both in technical expertise and products.”

Content Source: 

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A Free, Research-Backed Guide on HR Trends Impacting Distributors

As a distributor, you know that staying ahead of the curve in HR is critical to your organization’s success. That’s why Dirk Beveridge and the UnleashWD team has compiled this list of the top 10 HR trends that will guide you in crafting a strategic and effective HR strategy for the year ahead.

As leaders and HR professionals in distribution, you face a unique set of challenges in the ever-changing world of work. From attracting and retaining top talent to navigating remote work policies, it can be hard to keep up. That’s why UnleashWD is excited to share their latest resource with you!

Solving the talent shortage, rethinking employee value, building a high-performance team through culture, elevating Human Resources to the C-Suite, making HR truly human-centric, reinventing employee value propositions, prioritizing employee experience, empowering employee growth, and building a strong employer brand, these trends will be crucial to the success of any organization in the coming years.

As leaders, it’s our responsibility to create an environment where our employees can thrive and grow. We must be strategic in attracting, developing, and retaining top talent.



The Top 10 HR Trends for Distributors in 2023 resource is packed with fresh insights that can help you stay ahead of the curve and adapt to the changing landscape. UnleashWD has scoured their soon-to-be-released Future of Distribution research and talked to industry experts to bring you the most relevant and impactful trends for the year ahead.

With this resource, you’ll think anew about how to improve your HR decision-making, increase employee engagement, and drive better business results. From the rise of elevating employee experience to the importance of reimagining your employee value proposition, we cover the key trends that leaders and HR professionals in distribution need to know now.

Don’t miss out on this valuable resource!

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NEWS PROVIDED BY: Institute for Supply Management

Mar 01, 2023

New Orders and Production Contracting; Backlogs Contracting; Supplier Deliveries Faster; Raw Materials Inventories Growing; Customers’ Inventories Too Low; Prices Increasing; Exports and Imports Contracting

,  /PRNewswire/ — Economic activity in the manufacturing sector contracted in February for the fourth consecutive month following a 28-month period of growth, say the nation’s supply executives in the latest Manufacturing ISM^® Report On Business^®.

The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management^® (ISM^®) Manufacturing Business Survey Committee:

“The February Manufacturing PMI^® registered 47.7 percent, 0.3 percentage point higher than the 47.4 percent recorded in January. Regarding the overall economy, this figure indicates a third month of contraction after a 30-month period of expansion. In the last two months, the Manufacturing PMI^® has been at its lowest levels since May 2020, when it registered 43.5 percent. The New Orders Index remained in contraction territory at 47 percent, 4.5 percentage points higher than the figure of 42.5 percent recorded in January. The Production Index reading of 47.3 percent is a 0.7-percentage point decrease compared to January’s figure of 48 percent. The Prices Index registered 51.3 percent, up 6.8 percentage points compared to the January figure of 44.5 percent. The Backlog of Orders Index registered 45.1 percent, 1.7 percentage points higher than the January reading of 43.4 percent. The Employment Index dropped into contraction territory, registering 49.1 percent, down 1.5 percentage points from January’s 50.6 percent. The Supplier Deliveries Index figure of 45.2 percent is 0.4 percentage point lower than the 45.6 percent recorded in January; readings from the last three months are the index’s lowest since March 2009 (43.2 percent). The Inventories Index registered 50.1 percent, 0.1 percentage point lower than the January reading of 50.2 percent. The New Export Orders Index reading of 49.9 percent is 0.5 percentage point higher than January’s figure of 49.4 percent. The Imports Index continued in contraction territory at 49.9 percent, 2.1 percentage points above the January reading of 47.8 percent.”

Fiore continues, “The U.S. manufacturing sector again contracted, with the Manufacturing PMI^® improving marginally over the previous month. With Business Survey Committee panelists reporting softening new order rates over the previous nine months, the February composite index reading reflects companies continuing to slow outputs to better match demand for the first half of 2023 and prepare for growth in the second half of the year. Demand eased, with the (1) New Orders Index contracting at a slower rate, (2) New Export Orders Index still below 50 percent but continuing to improve, (3) Customers’ Inventories Index remaining at ‘too low’ levels, a positive for future production and (4) Backlog of Orders Index recovering for a third month but still in moderate contraction. Output/Consumption (measured by the Production and Employment indexes) was negative, with a combined 2.2-percentage point downward impact on the Manufacturing PMI^® calculation. The Employment Index returned to contraction after two months of expansion, and the Production Index logged a third month in contraction territory. Panelists’ companies continue to indicate that they will not substantially reduce head counts, as sentiment is positive about the second half of the year, though slightly less so compared to January. Inputs — defined as supplier deliveries, inventories, prices and imports — continue to accommodate future demand growth. The Supplier Deliveries Index indicated faster deliveries, and the Inventories Index expanded at a slower rate as panelists’ companies manage their total supply chain inventories. The Prices Index jumped back into ‘increasing’ territory after four consecutive months below 50 percent, supporting agreement between buyers and sellers to place orders in the near term.

“Of the six biggest manufacturing industries, two — Transportation Equipment; and Petroleum & Coal Products — registered growth in February.

“New order rates remain sluggish due to buyer and supplier disagreements regarding price levels and delivery lead times; the index increase suggests progress in February. Panelists’ companies continue to attempt to maintain head-count levels through the projected slow first half of the year in preparation for a stronger performance in the second half. Eighty-two percent of manufacturing gross domestic product (GDP) is contracting, down from 86 percent in January. In February, fewer industries contracted strongly: The share of sector industries with a composite PMI^® calculation at or below 45 percent — a good barometer of overall manufacturing sluggishness — was 10 percent, an improvement compared to 26 percent in January,” says Fiore.

The four manufacturing industries that reported growth in February are: Apparel, Leather & Allied Products; Transportation Equipment; Petroleum & Coal Products; and Electrical Equipment, Appliances & Components. The 14 industries reporting contraction in February, in the following order, are: Printing & Related Support Activities; Paper Products; Wood Products; Textile Mills; Furniture & Related Products; Nonmetallic Mineral Products; Plastics & Rubber Products; Food, Beverage & Tobacco Products; Chemical Products; Primary Metals; Computer & Electronic Products; Fabricated Metal Products; Machinery; and Miscellaneous Manufacturing.

WHAT RESPONDENTS ARE SAYING

• “Good start to the year for bookings. Electronic components, specifically processors, continue to be challenging due to the risk of not hitting the commit dates, even with the extended lead times quoted.” [Computer & Electronic Products]
• “A slowdown in new housing construction and concerns of a slowing economy have customers delaying purchases in an effort to destock.” [Chemical Products]
• “Sales remain solid, and most assembly plants are running at capacity. There is concern for the global supply chain now that we are restricting sales of some semiconductors to China.” [Transportation Equipment]
• “Expect the first half of 2023 in the U.S. to be slower than the second half. Expect slower orders throughout 2023 for Europe.” [Food, Beverage & Tobacco Products]
• “Even though our number of quotes are down, we are still staying busy, and our backlog has a lot to do with it. A backlog of 30-plus weeks is not ideal.” [Machinery]
• “Business and new orders are softening, and customers are pushing out current orders.” [Plastics & Rubber Products]
• “New orders are steady; production has been running consistently for several months. Many items remain in short supply (particularly anything electronics) and require daily monitoring to ensure supply.” [Electrical Equipment, Appliances & Components]
• “New orders are still strong; however, we continue to experience price increases (although at a slower rate than a year ago), which we have not accounted for in this year’s budget. Restoring lost margin due to cost increases is a top priority.” [Fabricated Metal Products]
• “We shipped some long-term backlogged orders, enabling some progress on our current backlog.” [Miscellaneous Manufacturing]
• “Business conditions are still strong; however, inventory has exceeded our planned levels. This will impact operations until the inventory situation is resolved.” [Primary Metals]
• “While there are lingering concerns about a recession, we are not expecting a large drop-off in manufacturing this year. Worst case is flat.” [Nonmetallic Mineral Products]

Read full report: 

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Manufacturing

Editor’s note: This article from McKinsey explains in-depth how and why industry companies can embrace digital commerce and transformation. Creating strong digital B2B channels at industrial companies

The digital solutions common at many companies are new to most industrials. How can digitization take root in this complex industry?

Industrial companies realize that digitization is more than a buzzword and know that e-commerce, data analytics, and other solutions will transform every aspect of their businesses. Some have even set ambitious goals to reduce costs, increase revenues, or improve cash management through digital solutions, with many focusing on the digitization of sales and marketing as more end customers migrate online. This move is well considered, since research suggests that the number of B2B customers using digital self-service channels to research and evaluate products rose from 20 percent in 2016 to 30 percent in 2019 across industries. New or repeat orders made through digital B2B channels rose from 40 percent to 50 percent over the same period, representing trillions of dollars in value.

While industrials understand the importance of digitizing sales and marketing, few have embarked on extensive efforts in this area, and those that do often struggle with execution. After all, customers are accustomed to online B2C sales channels, which businesses have been perfecting for years, and expect industrials to deliver the same seamless experience across platforms. In most cases, however, they still fall short. Their deficiencies are becoming more obvious because COVID-19 has forced many companies to limit face-to-face interactions and increase online services, and that shift may become permanent. A recent McKinsey survey of B2B leaders showed that most respondents expected to be able to meet with customers in person by the start of 2022, but only 15 percent expected such meetings to be the norm going forward.

We recently analyzed more than 350 industrial companies to gauge their digital prowess—basically, the extent to which they were investing in digital tools and analytics—and determine if this had any impact on revenue growth or total returns to shareholders (TRS). The results revealed that a select group of companies stand out from the pack when it comes to driving performance improvement through digitization. The insights from this research, combined with our work with industrials, allowed us to identify some common success factors for digitization, including a clear focus on impact, employee buy-in, cross-functional collaboration, and a detailed implementation plan. This article reviews these concepts, as well as the benefits of a strong digital sales and marketing function. The next article in this series will provide more details about the framework for implementing digital initiatives at industrials.

Digitization and e-commerce are already helping B2B companies in some industries address pain points that detract from the customer experience and reduce profits (Exhibit 1). For instance, B2B companies have traditionally set prices on a cost-plus basis and made blanket increases each year across product categories without regard to demand. But those that apply digital tools and data sets can customize pricing for each product and customer group, or even test new pricing for those customers without pricing agreements.

Within sales and marketing, digital tools deliver three major benefits: an improved end-to-end customer journey, incremental sales opportunities, and increased sales-force efficiency. These benefits can translate into major improvements in revenue and TRS

In their lives as consumers, B2B buyers have become accustomed to researching products, placing orders, and tracking packages online. While industrials lag behind their B2C counterparts in digital capabilities, their customers still have the same expectations for top-notch online services.

When cultivating new customers, digitization can make outreach both simpler and less expensive. It will be particularly helpful with small accounts that many industrials have hesitated to pursue because of the low return on investment. Further, companies can use data and analytics to identify accounts that currently generate little revenue but have the potential for strong growth. Sales and marketing efforts that target such groups may produce better results than more widespread, unfocused campaigns.

Through automation, digital tools can create efficiencies in three important areas:

• Product, service, and order fulfillment. Digitization helps companies simplify their product offerings. By concentrating on the core products and solutions that matter for most of their customers, they can drive operational efficiencies. Digital tools can also help companies standardize lead times and make them more transparent; this will improve customer experience, since a lack of visibility into order tracking is a common pain point in the industrial sector.
• Commercial strategy and execution. Sales teams can accelerate deals by removing manual touchpoints and minimizing the time spent on administrative tasks, such as resolving issues after the sale (for example, invoice issues). With opportunities for both in-person interaction and online self-service, customers will also have more contact options, which could increase both loyalty and satisfaction.
• Customer service and transactions. Automation can streamline customer service and make it easier for people to interact with companies. For instance, chat bots, available around the clock, can answer many common questions for customers. Such features are standard at most B2C companies but have not yet gained traction within industrials.

By automating many processes and touchpoints, digitization will reduce the time that salespeople spend managing existing accounts, which now amounts to about half of their work. Automated solutions may be particularly appropriate for mundane but critical tasks, which can consume more time.

While the imperative to increase digitization is clear, the path forward can be complicated. Too often, industrials push for digital solutions because they see their competitors launching initiatives and fear missing out. In their haste, they may launch ambitious campaigns without appreciating the enormous resources—time, money, and staff—required. And some may incorrectly believe that a silver bullet, such as a capable implementation partner, will guarantee success when the reality is more complex.

Through our experience leading digital B2B transformations, as well as our survey of 350 industrial companies, we discovered that companies can escape common pitfalls by taking a more thoughtful approach. They can also win by forming partnerships with other businesses or vendors, such as systems integrators or website designers, to ensure that they have all the expertise required to deliver a complete solution. Here are the tactics we observed in the most successful companies.

It sounds simple: companies should focus on the areas that will have the most impact when implementing digital solutions. But a surprising number of B2B companies launch efforts that generate little operational or financial improvement. To avoid this trap, companies should begin with the clear articulation of a problem statement, such as “above average churn for the industry” or “substandard lead generation results in low customer acquisition despite high funnel conversion rates.” When seeking solutions, they should concentrate on changes that will tangibly improve the customer experience and eliminate critical pain points, such as by providing a seamless reorder process and easy order tracking, rather than striving for perfection in all areas. Likewise, companies should prioritize efficiency initiatives that will produce the greatest time savings.

Since industrials may serve thousands of customers, ultimately they must identify groups of customers with similar needs to create archetypes. For instance, they may find that certain small customers love hearing about new products, struggle to meet minimum order requirements, or experience frequent stock shortages. With these insights, companies can develop targeted marketing campaigns and solutions. Exhibit 2 matches pain points with digital solutions that can improve the end-to-end customer journey for a particular archetype.

Without buy-in from every level of the organization, digital transformations are likely to lose momentum and fail. Already, many companies have invested millions of dollars in new digital platforms but achieve mediocre results because their salespeople are not on board and stick to their old ways. To help their new strategies take root, CEOs should communicate the goals of the program and set clear financial and operational targets. Leaders should also determine how each function will contribute to these goals and assign specific responsibilities.

Companies must ensure that all functions and external partners are on the same page, since digital transformations will touch every aspect of their business. Consider the creation of an e-commerce platform. External partners may build the website, but manufacturing and logistics teams must also be involved because their systems will provide data about availability, lead times, and other relevant issues. Cross-functional collaboration is also essential for other tasks, such as linking online orders to sales and operations-planning processes and ensuring dynamic, consistent pricing across B2B channels.

In our analysis, we found that the digital leaders established cross-functional teams to avoid organizational silos and gave them the authority to make any necessary changes. They also helped channel partners and other external partners understand their new digital initiatives to build their support. Strong change management, guided by leaders, also helped because digital transformations have multiple moving parts, and a misstep in one area can derail the entire effort.

B2B companies can facilitate their digital transformations by concentrating on six essential elements:

• Creation of a business-led technology road map that describes the overall vision for the transformation, sets priorities for different business domains, assesses capabilities, discusses potential partnerships, and outlines implementation steps
• Talent development, including the upskilling required to deliver the technology road map
• Agile delivery methodologies, which will allow companies to build relevant solutions rapidly and improve them over time
• Creation of a modern-technology environment to support data-rich applications and frequent software upgrades
• Data management and enrichment, which will maximize the value of technology solutions
• Driving the adoption and scaling of the transformation efforts, which will involve building a new operating model and funding relevant initiatives

Companies should first identify key customer segments, determine what the customer journey looks like for each one, and create separate onboarding road maps. When determining which segments to target first, they should consider the ease of moving the customer journey online and the potential impact of this shift (for instance, the number of sales resources that would be freed up). Companies should also consider inherent risks, such as the possibility of losing a large account if a new e-commerce system has bugs.

A phased rollout, which only targets certain customer segments initially, will allow companies to learn from experience and make continuous enhancements to the platform as more customers are added. By the time the scale-out is complete, they will have fully optimized the e-commerce platforms that suit all major customer journeys.

Digital solutions can help every industrial company, but no single approach is right for all players. A small number of well-chosen initiatives that focus on customer needs and have clear targets is likely to produce better results than a wide-ranging program with amorphous goals that are not linked to customer impact. While it may be tempting to act rapidly, out of fear of being left behind, careful planning and a solid implementation strategy will carry the day.

ABOUT THE AUTHOR(S)

Chris Angevine is a partner in McKinsey’s Atlanta office; Ruhan Meyer is a consultant in the Seattle office; and Jannick Thomsen is a partner in the New York office, where Rodney Zemmel is a senior partner.

Content Source: 

Digital Transformation, Fastener News, Industrial Distribution, digital

March 2023

Fastener Fair Global 2023: record-breaking event edition testifies the importance for the international fastener and fixing sector

With less than a month before Fastener Fair Global opens its doors from 21-23 March 2023 at Messe Stuttgart in Germany, the exhibition is shaping up to be a record-breaking 9th edition. The show has grown since the last event in 2019: now covering a net exhibition space of over 23,000 sqm, a 1,000 sqm more compared to the previous event, Fastener Fair Global 2023 allocates an additional hall to the exhibition ground and occupies four halls for the first time ever. Thus, the exhibition reconfirms itself as an international marketplace for the fastener and fixing industry to find new business contacts, exchange expertise and build targeted business partnerships.

Taking place across halls 1, 3, 5 and 7, over 980 exhibitors have joined the event to showcase a comprehensive portfolio of fastener and fixings products, machines, equipment, tools and related services. Exhibiting companies come from 43 different countries, reconfirming the international reach of the event. Representing global firms, from SMEs to large multinational corporations, exhibitors mainly come from Germany, Italy, China, Taiwan, India, Turkey, the Netherlands, the UK, Spain and France. Exhibitors include: Albert Pasvahl (GmbH & Co.), Alexander P A A L GmbH, Ambrovit S.p.A., Böllhoff GmbH, CHAVESBAO, Eurobolt BV, F. REYHER Nchfg. GmbH & Co. KG, Fastbolt Schraubengroßhandels GmbH, INDEX Fixing Systems, INOXMARE SRL, Lederer GmbH, Norm Fasteners, Obel Civata San. ve Tic. A.S, SACMA LIMBIATE SPA, Schäfer + Peters GmbH, Tecfi Spa, WASI GmbH, Würth Industrie Service GmbH & Co. KG and many more.

Commenting on the event build-up, Nicola Hamann, Managing Director at RX, organiser of the event, states: “The strong exhibitor participation in Fastener Fair Global 2023 testifies to the importance of the event as a milestone for the Fastener and fixing sector internationally and serves as an economic indicator of the growth of this industry. Benefitting from high investment in the construction sector, rising demand for industrial fasteners in the automotive and aerospace industries and continued growth predictions at a steady rate from 2022 to 2030, Fastener Fair Global 2023 is well-placed to showcase the innovations of companies at the forefront of this fast-moving industry”.

What’s on at the show

For manufacturers, wholesalers, distributors and suppliers, Fastener Fair Global is the ideal marketplace to source and trade products and solutions across all areas of fastener and fixing technology. Fastener Fair Global welcomes distributors, suppliers, engineers and other industry professionals from a broad range of industries, such as construction, automotive, transport, electronic and electrical goods, energy and power generation and many more.

To explore  the wide variety of innovations, technologies and systems presented at the exhibition ahead of the event, attendees can access the Online Show Preview, which showcases the highlights of this year’s event, and select in advance products and services they are interested in. The Online Show Preview is available here  https://www.fastenerfairglobal.com/en-gb/visit/show-preview.html

A first-hand opportunity to assess new products and services introduced by exhibitors to the market within the last 24 months will be through the Route to Fastener Innovation competition, organised by the media partner Fastener + Fixing Magazine. On the second day of the event at 2:00 pm, its editorial team will present the top three winners with the accolade of being Fastener Technology Innovators. The award will take place at the Fastener + Fixing Magazine stand, 3874, in hall 7.

Key Visitor Information

Visitors can purchase tickets online now at www.fastenerfairglobal.com at a discounted rate of €39 before the price increases to €55 for ticket purchases on-site. All entrance tickets are valid for all three show days.

International visitors requiring a visa for travel can download an invitation letter for visa application directly from the ticket purchase confirmation email. 

The exhibition grounds in Stuttgart are easily accessed via car or public transport and are within walking distance of Stuttgart airport. The opening times are from 09:00 to 18:00 on Tuesday and Wednesday and from 09:00 to 16:00 on Thursday.

For more information on Fastener Fair Global 2023, visit https://www.fastenerfairglobal.com/

Fastener Fairs – connecting fastener professionals worldwide

Fastener Fair Global is organized by RX Global. It belongs to the highly successful worldwide series of Fastener Fair exhibitions for the fastener and fixings industry. Fastener Fair Global is the portfolio flagship event. The portfolio also contains regionally focused events such as Fastener Fair Italy, Fastener Fair India, Fastener Fair Mexico and Fastener Fair USA.

About RX

RX is in the business of building businesses for individuals, communities and organizations. We elevate the power of face to face events by combining data and digital products to help customers learn about markets, source products and complete transactions at over 400 events in 22 countries across 43 industry sectors. RX is passionate about making a positive impact on society and is fully committed to creating an inclusive work environment for all our people. RX is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. www.rxglobal.com

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FOR IMMEDIATE RELEASE

EFC International Acquires Inventory Sales Company

ST. LOUIS, MISSOURI – March 2, 2023.

Frontenac-backed EFC International announced March 2 that it has acquired St. Louis-based Inventory Sales Company (ISC), a distributor of fastener products, components, and struts/accessories to diversified industrial and infrastructure markets. Financial terms of the deal were not disclosed.

EFC, based in St. Louis, MO, operates globally and provides solutions such as engineering support, sales and marketing, distribution, and high-touch service to customers in the automotive, industrial, and other technical end markets. The Company has served as a critical link between suppliers and customers for over 35 years. EFC has a history of growth driven by longstanding supplier relationships and a tenured customer base.

ISC, founded in 1972 by Jim Friedmann and headquartered in St. Louis, MO, is a distributor of Class-C parts with a primary focus on fasteners and strut accessories. The company has a highly reputable and well-established brand and is known for outstanding levels of service through its broad capabilities including vendor managed inventory programs, in-house fabrication, kitting, and a strong sales force. ISC also has operations and a warehouse in Kansas City, KS and St. Elizabeth, MO.

Matt Dudenhoeffer, EFC CEO, who will lead the combined company, stated “The ISC acquisition provides us with tremendously increased scale and diversification while further expanding and strengthening the product and service offerings of both companies. The acquisition is very strategic, and what is also impressive is the alignment of company cultures and similar histories. We believe the sky is the limit for what we can accomplish together through the strong collaboration of these great teams.”

” ISC President, Cathy Friedmann, who will continue to lead ISC, added that “This combination of our two companies is such a great fit; it gives us the platform to grow beyond what we ever previously imagined. EFC dramatically enhances our technical capabilities and our product and service offerings as well as geographic footprint. The customer has always been king at ISC, and now we can serve them even better than before. This acquisition creates additional opportunities for our customers, suppliers, and employees alike.”

About EFC

EFC International, headquartered in St. Louis, is a global provider of engineered fasteners and specialized component solutions serving the automotive, electrified vehicle, industrial and distribution marketplaces. Providing a high level of engineering support to customers and protecting supply chains is a cornerstone of EFC’s model. Close supplier partnerships with market leaders and innovators enables EFC to meet the unique and evolving needs of each customer. EFC’s engineered products include plastic injection molded components, spring steel stampings, cold-formed fasteners, clamp products, motion control and routing components, electrical/electronic connectors, and light assemblies among numerous other products. EFC has locations in North America, Europe, and Asia. To learn more about EFC and to explore their online

engineering guides, please visit www.efc-intl.com.

About ISC

St. Louis-based Inventory Sales Company is a distributor of fasteners, specialty components, struts, and strut accessories to a diversified group of customers and industrial end markets. ISC creates value through stocking a large breadth of product and acting as an outsourced, scaled purchasing team for its customers. Service capabilities include VMI programs, customized kitting/packaging/labeling, in-house fabrication, stud welding, technical product assistance and global sourcing. The company provides valued customer

service by having short lead times, a wide selection of products, customized inventory programs, and by following a simple mantra – “The Customer is King.” To learn more, please explore www.inventorysales.com.

About Frontenac

Frontenac is a Chicago-based private equity firm. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with established operating leaders, through an executive-centric approach called CEO1ST, which seeks to identify, acquire, and build market-leading companies through transformational acquisitions and operational excellence. Over the last 50+ years, Frontenac has built a leading franchise working with over 300 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit frontenac.com.

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IN THE NEWS with Fastener News Desk the Week of February 27, 2023

Acquisitions, Fastener Acquisitions, Fastener News, Fastener Press Releases, Fasteners, Press Releases

February 17, 2023, Wrought Washer Mfg. completed the acquisition of Diversified Tooling Innovations in Racine, Wisconsin. Wrought Washer is a manufacturer of washers, bushings and spacers in Milwaukee, WI. The acquisition of Diversified Tooling expands and strengthens Wrought Washer’s CNC and tooling capabilities. Diversified Tooling will be operated separately as a wholly owned subsidiary of Wrought Washer. We wish to maintain the business arrangements with current Diversified Tooling customers. Plans are to concentrate on stamping at Wrought Washer and utilize Diversified Tooling as the primary source for machining.

Wrought Washer is a supplier to automotive, construction, heavy truck, large equipment, and industrial industries with approximately 140 employees.

All current Diversified Tooling customers’ commitments and open orders will be honored. A representative will be reaching out to answer any questions you may have.

In the meantime, please feel free to call.

Jeff Liter | President/CEO

Wrought Washer Mfg.

ABOUT WROUGHT WASHER MFG: 

Here’s what’s happening in fastener industry the week of February 27, 2023.

Watch now on FastenerTV at YouTube (9:28)

The National Fastener Distributors Association is accepting nominations for their Fastener Professional of the Year award which was created by NFDA to honor individuals and companies that make a substantial positive impact on people’s lives.

The award recognizes:

• Individuals from a fastener distributor or supplier company who make exceptional contributions to their companies and to the industry
• Partners or consultants who demonstrate exemplary support of the fastener industry

Membership in NFDA is not a requirement to be selected for the Fastener Professional of the Year award. Self-nominations are acceptable, or nominations can be submitted by others. Nomination deadline is February 28th. Go to NFDA-Fastener.org for more info.

The Industrial Fasteners Institute will host their Annual Meeting March 4-7th in Napa, CA. The IFI is on track to break attendance records, with 210 registered attendees and counting! Join IFI for a great networking opportunity and learn more about the IFI. For more info go to https://indfast.org

PAC-WEST – SPRING DINNER MEETING AND VENDOR SHOWCASE Thursday, March 9, 2023 from 5:00-8:00PM. Dinner meeting includes panel discussion Adapting to the 2023 Fastener Climate. 2023 is bringing new challenges to the fastener industry. Many distributors have high-priced inventory on hand, and replacement costs are falling. Attendees will learn how to prepare and navigate their businesses and maintain a healthy bottom line?

If you’re attending the Pac-West Vendor showcase you won’t want to miss the opportunity to join fastener friends for a fun day of golf at the Pac-West Fastener Associations’ 2023 Mel Kirsner Spring Golf Outing taking place Friday March 10^th in La Habra, CA. Proceeds will benefit ANGELS of Old Mission Beach Athletic Club, which promotes and sponsors youth sports as well as educational, philanthropic, and civic activities. Mel was an original member when OMBAC was founded in 1954. For more info go to Pac-West.org

Fastener Fair Global 2023 is set for a strong comeback showcasing technological developments in a fast-moving market. After four years, Fastener Fair Global 2023, the 9th international event dedicated to the fastener and fixing industry, returns to Stuttgart from March 21^st – March 23^rd . The exhibition represents once again an unmissable opportunity to establish new contacts and build successful business relationships between suppliers, manufacturers, distributors, engineers and other industry professionals from various production and manufacturing sectors looking for fastening technologies. For more information and registration go to https://www.fastenerfairglobal.com/.

The Fastener Training Institute has a scheduled upcoming webinar. Corrosion Resistant Fasteners & Stainless Steel Fastener Specs. The webinar will take place on Thursday, March 23, 2023, 11:00 a.m. to 1:30 p.m. PT The instructor is Carmen Vertullo, Vice President of Business Development at AIM Testing Laboratory. The webinar will address FIGHTING CORROSION IN FASTENING and strategies to combat it, which cost billions of dollars every year. Industrial, transportation, construction, marine and military fastening applications all have specific solutions to the corrosion problem. This webinar will explore the various approaches to corrosion prevention in each of these areas. Brikksen is sponsoring the webinar.

Thursday, March 23, 2023  NEFDA will host their annual Bowling Party. The party will be held at High Rollers at Foxwood Resort & Casino. Attendees will enjoy Bowling, Dinner & Drinks, Prizes and Fun! For more information go to https://www.nefda.com/events/

Fastener Training Week in Cleveland, OH will take place April 3-7th. The Fastener Training Institute and the Industrial Fasteners Institute (IFI) continue their partnership to present Fastener Training Week — This robust program includes five days of education and plant tours as part of the acclaimed FTI Certified Fastener Specialist™ (CFS) advanced technical training program. After completing this invaluable industry training in a small group environment and passing a final exam, attendees are eligible for the CFS designation. To register and learn more about any of the fastener training events we highlighted go to FastenerTraining.org

Women in the Fastener Industry accepting applications for Margaret Davis Scholarship. Scholarship application submission will offer WIFI Members requesting financial assistance to attend Fastener Fair USA. WIFI honors the memory of Margaret Davis of ISSCO, INC/BTM Manufacturing. Member Applications are due by April 5th, 2023.Apply Now: https://www.fastenerwomen.com/scholarships

UnleashWD Launches First Human Resources Summit for Distributors

Dirk Beveridge of UnleashWD has announced the first human resources event for distributors, designed to challenge traditional thinking on HR and help independent distributors win the war on talent. Registration is now open for the UnleashW Human Resources Summit for distributors, April 27-28, 2023 in Nashville, Tenn.

Seating is limited for this event be sure to register today to reserve your seat. To Learn more or register at https://events.unleashwd.com/HRSummit

Have you tried buying fasteners online? Industrial products are comprehensive and purchasing them online can lead to poor customer experiences when utilizing filtered search, buyers are forced to use a multitude of search filters just to find a bolt. Product Genius’s grid technology organizes and displays entire product categories from a one page buying experience. Experience the future of fastener buying online at 1-800-Fasteners.com.

Experience and Demo the FASTest Fastener buying at 1-800-Fasteners.com. 

PGT’s services also include, data cleaning and preparation, consulting, and strategizing. Contact ProductGeniusTechnology.com or call 1-800-fasteners to find out how to get started today.

The stories featured in this week’s episode of IN THE NEWS can be found at Fastener News Desk or in our Twitter feed @FastenerNews and on LinkedIn in the Fastener News Group!

If you would like to share your company’s events, news or sponsor an upcoming episode of IN THE NEWS or would like to add to the Fastener Museum me: lisa@fastenernewsdesk.com.

Thanks for tuning in to this week’s episode of IN THE NEWS with Fastener News Desk.

Until next week, be well, be safe and Keep it Fastenating

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