Author - fluentdesigns

what-does-open-ai-chatgpt-know-about-fasteners?

What Does Open AI ChatGPT Know About Fasteners?

Fastener News Desk is always interested in new technologies and how they might affect our lives and businesses in the near future. We decided to take a closer look at the technology and see how fastener distributors and manufacturers might employ these new technologies. While this may be a tool to use it can not provide all the answers or even the correct ones all the time. More time data and research is needed in order to apply this new technology to the fastener industry.

As a precursor to this article, we would like to disclose that the answers to questions in this article has been written by several prompts to the Chat GPT search. We started by asking What is ChatGPT and why it was founded. We’ll let the technology tell the rest of the story!

What is Chat GPT?

“Chat GPT” likely refers to a chatbot or virtual assistant built using the GPT (Generative Pre-trained Transformer) language model, which is a type of deep learning model developed by OpenAI. GPT models are capable of generating human-like responses to natural language queries, and have been used in a variety of natural language processing applications, including chatbots and virtual assistants. By training a GPT model on a large corpus of text data, it can learn to generate text that is similar to the patterns and structure of human language, making it a powerful tool for generating natural language responses in conversational interfaces.

Why was OpenAI founded?

OpenAI was founded in 2015 with the goal of advancing artificial intelligence in a safe and beneficial manner for all of humanity. The organization was founded by a group of leading technologists, including Elon Musk, Sam Altman, Greg Brockman, Ilya Sutskever, John Schulman, and Wojciech Zaremba, among others. The founders recognized that artificial intelligence has the potential to transform society in profound ways, but also recognized the risks and challenges associated with developing such powerful technologies. OpenAI’s mission is to conduct research in artificial intelligence and develop cutting-edge AI technologies, while also ensuring that these technologies are safe and beneficial for society as a whole. The organization is committed to advancing the field of AI through open collaboration and transparency, and to promoting responsible practices in the development and deployment of AI technologies.

What is fastener distribution?

Fastener distribution is the process of supplying fasteners to end users, typically manufacturers and construction professionals, through a network of distributors. Fastener distributors typically maintain large inventories of fasteners, including bolts, screws, nuts, washers, and other components, in a variety of sizes, materials, and finishes. These fasteners are then sold to end users, who rely on the distributors to provide the necessary components in a timely and cost-effective manner. Fastener distribution companies may also provide additional services, such as custom packaging, kitting, and value-added services like assembly, quality inspection, and engineering support. The fastener distribution industry plays a critical role in the supply chain for a wide range of industries, including construction, automotive, aerospace, and manufacturing.

Which fastener manufacturers are most well-known?

There are many prominent fastener manufacturers worldwide, and some of the largest and most well-known companies include:

  • Illinois Tool Works
  • Precision Castparts Corp.
  • LISI Group
  • Arconic Inc.
  • Stanley Black & Decker
  • Acument Global Technologies
  • Nucor Fastener
  • Penn Engineering & Manufacturing Corp.
  • Sundram Fasteners Ltd.
  • Bulten AB

These companies have established themselves as leaders in the fastener industry, and they are known for their high-quality products, innovation, and global reach. However, there are many other reputable fastener manufacturers as well, including smaller and specialized companies.

What are fasteners used for?

Fasteners are used to mechanically join two or more objects together, typically in a temporary or permanent fashion. They are essential components in a wide range of applications, including construction, manufacturing, automotive, aerospace, electronics, and many others. Examples of fasteners include screws, bolts, nuts, washers, pins, and rivets. These components come in a variety of materials, sizes, and shapes, and can be used to join different types of materials, such as metal, plastic, wood, and composite materials. The choice of fastener depends on factors such as the application, load capacity, environmental conditions, and the desired level of strength and durability.

What are some of the most commonly used fasteners?

  1. Screws: Screws are threaded fasteners that are used to join two or more objects by applying force to the joint through the screw’s threads. They come in many different shapes, sizes, and materials, and are used in a wide range of applications.

  2. Bolts: Bolts are similar to screws, but they are typically larger and are used to join two or more objects through a hole. They are often used in structural applications and can be made of a variety of materials, including steel, stainless steel, and titanium.

  3. Nuts: Nuts are threaded fasteners that are used in combination with bolts or screws to create a secure joint. They are available in many different shapes and sizes and can be made of a variety of materials.

  4. Washers: Washers are used in conjunction with nuts and bolts to distribute the load and prevent damage to the object being fastened. They come in many different sizes and materials and can be flat, spring, or lock washers.

  5. Rivets: Rivets are used to join two or more objects by deforming a cylindrical shaft that is inserted through a hole in the objects being joined. They are commonly used in aerospace and automotive applications.

  6. Pins: Pins are cylindrical fasteners that are used to secure two or more objects together, typically by passing through a hole in the objects being joined.

These are just a few examples of the many different types of fasteners available. The choice of fastener depends on the specific application and the desired strength, durability, and corrosion resistance of the joint.

Why is it important to choose the correct fasteners when manufacturing a new product?

Choosing the correct fasteners is important when manufacturing a new product for several reasons:

  1. Safety: Choosing the right fasteners ensures that the product will be safe to use. Using the wrong fasteners can result in structural failures, which can cause serious injury or property damage.

  2. Functionality: The fasteners used in a product must be designed to withstand the intended load and operating conditions. Choosing the right fasteners ensures that the product will function as intended and last for its intended lifespan.

  3. Cost: Selecting the right fasteners can help minimize costs by preventing the need for repair or replacement. Using the wrong fasteners can lead to costly repairs, replacements, and downtime.

  4. Aesthetics: The fasteners used in a product can impact its appearance. Selecting fasteners that match the product’s design and finish can improve the overall look and appeal of the product.

In summary, choosing the correct fasteners is essential to ensuring that the final product meets its design requirements, operates safely and effectively, and is cost-effective to manufacture and maintain.

Why choose metric over inch fasteners?

The choice between metric and inch fasteners often depends on a variety of factors, including the type of application, the country in which the product is being manufactured or used, and the standards and regulations that apply to the product. However, here are a few reasons why someone might choose metric over inch fasteners:

  1. Global Standards: The metric system is the global standard for measuring length, mass, and volume. For this reason, metric fasteners are more commonly used in applications that require global standardization.

  2. Availability: In many parts of the world, metric fasteners are more widely available than inch fasteners. If you are working on a project in a region where metric fasteners are the norm, it may be easier to find the fasteners you need in metric sizes.

  3. Precision: The metric system is based on units of 10, which makes it easier to calculate and measure precise dimensions. This can be especially important in applications where tight tolerances are required.

  4. Compatibility: In some cases, metric fasteners may be more compatible with metric components, such as bearings, gears, and other mechanical parts. This can make it easier to find compatible parts and assemble a product.

  5. Cost: In some cases, metric fasteners may be less expensive than inch fasteners. This can be due to a variety of factors, such as the availability of raw materials or the cost of manufacturing and distribution.

In summary, the choice between metric and inch fasteners depends on a variety of factors, and there is no one-size-fits-all answer. However, for some applications, metric fasteners may be a better choice due to global standards, availability, precision, compatibility, or cost.

What are the different types of rivets and their uses?

Rivets are a type of fastener that are used to permanently join two or more pieces of material together. The following are some of the most common types of rivets and their uses:

  1. Solid Rivets: These are the most basic type of rivets, and are made of a single piece of metal that is hammered into place. They are commonly used in construction, shipbuilding, and aerospace applications.

  2. Blind Rivets: These are also known as “pop” rivets, and are used when only one side of the material is accessible. Blind rivets have a hollow shaft that collapses when the mandrel is pulled, creating a permanent connection. They are commonly used in the construction of vehicles and machinery.

  3. Tubular Rivets: These are similar to solid rivets, but have a hollow center. They are commonly used in leather goods, such as handbags and belts.

  4. Drive Rivets: These are a type of rivet that are driven into place using a hammer or drill. They are commonly used in sheet metal and automotive applications.

  5. Split Rivets: These are made of two pieces, and are joined by bending the split ends into place. They are commonly used in the manufacturing of leather goods and paper products.

  6. Semi-Tubular Rivets: These are similar to tubular rivets, but have a shallow hole on one end. They are commonly used in the manufacturing of electronics and electrical appliances.

  7. Tinner Rivets: Tinner’s rivets are small, thin rivets that are typically used to join sheet metal or other thin materials together. They are also sometimes called “sheet metal rivets” or “craftsman rivets”. Tinner’s rivets are typically made of brass, copper, or steel, and they come in a variety of sizes and styles to accommodate different thicknesses and types of materials. They are often used in applications such as roofing, gutters, HVAC ductwork, and other sheet metal products. The name “tinner’s rivets” comes from the fact that they were originally used by tinsmiths and other craftspeople who worked with thin metals.

In summary, there are many types of rivets, each with their own unique uses and applications. The choice of which type of rivet to use depends on the specific application and materials being joined.

Why would you choose hot dip galvanized over zinc plated bolts?

Hot-dip galvanizing and zinc plating are both processes used to protect steel from corrosion, but there are some key differences between the two that can influence the choice of which one to use.

Advantages of hot-dip galvanizing:

Durability: Hot-dip galvanizing provides a thicker layer of zinc that is much more resistant to wear and tear than zinc plating. This makes it a better option for outdoor or high-wear applications.

Better protection: The hot-dip galvanizing process provides a more complete and uniform coverage of the steel surface, which provides better protection against corrosion.

Long-term performance: Hot-dip galvanizing provides a longer-lasting protective barrier than zinc plating, which can help reduce maintenance costs and extend the life of the fastener.

Advantages of zinc plating:

Cost: Zinc plating is typically less expensive than hot-dip galvanizing, which can be an important consideration for cost-sensitive applications.

Aesthetics: Zinc plating provides a smoother and shinier finish than hot-dip galvanizing, which can be important in some applications where appearance is a factor.

In conclusion, hot-dip galvanizing is typically the better choice for applications that require long-term protection from corrosion and high levels of durability, such as outdoor or high-wear applications. Zinc plating is typically a more cost-effective option for indoor applications or where appearance is a factor, but may not provide the same level of protection or durability as hot-dip galvanizing.

Fastener News, Fasteners, Technology

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FND Presents the Best Booth Award Championship Belt & Medals from IFE 2022

This past year marked the eight anniversary of the Fastener News Desk Best Booth Awards from the International Fastener Expo! The return of the fastener industry after two years of pandemic restrictions turned out 3,500+ attendees representing 36 countries from around the world for the three-day event. The expo floor featured 450 total exhibitors including 30 new exhibitors making their debut at IFE. 

The Best Booth Awards recognize International Fastener Expo exhibitors for their booth design, creativity and branding. The awards are a way to honor and reward those exhibitors whose time, energy and efforts go into creating their displays that will inspire and wow the attendees. We continue to be impressed with the many ways companies in our industry attract traffic to their booths on the expo floor. Many companies have casual sitting areas to encourage clients to spend more time in the booth. Others have fun ways to spend time in their booths by offering unique giveaways, drinks and good eats, and some with full-on fun and games. Props go out to all of those whose use of social media leading up to the expo was excellent.

This year’s categories included: Overall Best Booth Award, Best Group, Best Customer Experience, Best Giveaway, Best Creativity, & Best Use/New Technology. Fastener News Desk wants to wish all of the 2022 outstanding Best Booth Award Winners much congratulations and recognition for all the effort and teamwork that went into creating an experience that clients could interact with and remember. 

  • BEST GROUP – BRIGHTON BEST INTERNATIONAL

  • BEST CUSTOMER EXPERIENCE – FULLER METRIC PARTS LTD. & PACIFIC BOLT MANUFACTURING

  • BEST GIVEAWAY – RISCO FASTENERS

  • BEST CREATIVITY – AFIXX ALLIANCE & CROSSROADS DISTRIBUTOR SOURCE

  • BEST USE OF TECHNOLOGY – FRY STEEL

The 2022 Overall Best Booth Award Winner takes home the best bling Fastener News Desk has given away with a customized Ultimate 6lb Custom Championship Belt by Trophy Smack!  Fastener News Desk and our award sponsor, the International Fastener Expo wanted to immortalize your teamwork and creativity with a professional-grade championship belt! Trophy Smack’s championship belt raises the stakes for any competition. We can’t wait to see what your company has in store for our team in 2023! 

Continental-Aero brought it all to Vegas this year. Their sleek booth earned top honors based on its design, product layout, uniformed look, and team. The booth was colorful, spacious, with great signage identifying what they did, and the display of their product samples that was neat and organized. Their team was energetic, pleasant, and helpful in their interactions with attendees, pointing out products and sharing product information. Continental- Aero came prepared this year with the full package.

BEST OVERALL BOOTH – CONTINENTAL-AERO

Nylon Insert Locknuts, All-Metal Locknuts and Hex Nuts - Continental-Aero

“We are all very excited to have been chosen for the Fastener News Desk Best Overall Booth Award at IFE 2022!  Our team started discussing concepts early in 2022 and could hardly contain our enthusiasm when the vision began to come alive. The result was a dynamic environment in which to engage and educate our customers about Continental-Aero and the value we bring to their supply chain.  Fastener News Desk’s recognition and appreciation of our concept and the C-A Team is so energizing we have already started working on plans for IFE 2023!” – Kelly Wiechen, President 

ABOUT CONTINENTAL-AERO

Continental-Aero, a stocking master distributor of nylon insert locknuts, all-metal locknuts and finished hex nuts will continue to focus on supplying the North American distributor market. Continental-Aero is famous for and stocks one of the largest locknut inventories with its branded Purple Color. NYLON TORK LOCKNUTS, ALL-METAL LOCKNUTS, & GR 5 & GR 8 FINISHED HEX NUTS

Website:  https://www.continental-aero.com/

CHECK OUT some closeups of the THE 2022 BEST BOOTH AWARD CHAMPIONSHIP BELT!


IFE 2023 Full Color Logo

International Fastener Expo had an outstanding attendance at the 2022 Event in Las Vegas, NV. The International Fastener Expo (IFE), the largest North American B2B Expo focused on the Fastener industry. The annual event is scheduled for October 9-11, 2023, at the Mandalay Bay Convention Center, in Las Vegas, NV. 


RELATED CONTENT:

Fastener News Desk’s Best Booth Awards from IFE 2022 Announced

IFE 2022 Fastener Hall of Fame & Young Professional of the Year Award Ceremony

Best Booth Awards, Fastener News, International Fastener Expo

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in-the-news-with-fastener-news-desk-the-week-of-february-20,-2023

IN THE NEWS with Fastener News Desk the Week of February 20, 2023

Here’s what’s happening in Fastener News in and around the Fastener Industry the Week of February 20, 2023

Watch Now on FastenerTV (9:01)

Happy Presidents Day as the nation celebrates all those who have served as presidents of the United States. On this Presidents Day, we are sending prayers to President Carter and his family as it was announced that former President is at home receiving hospice care.


In Acquisition news…

AFC Industries announced that they have acquired Saginaw, MI based PF Markey Company. Terms of the deal were not disclosed.

Founded in 1977, PF Markey has grown to be one of the most innovative and capable distributors of cutting tools, abrasives, and other plant supplies in the country. Markey helps customers enhance efficiency and profit by working with them to provide comprehensive efficiency and cost savings programs. They have been a leader in industrial vending and VMI solutions since the 1990’s. PF Markey will continue to be managed by Jim Terry, Tom Hagarty, and the Markey management team. Markey will be part of the AFC tooling division along with Cline Tool.

AFC Industries Acquires PF Markey Company


News out of Dayton, OH. The Winsupply Board of Directors has elected Jeffrey M. Dice as president of Winsupply Inc. effective March 1. Dice, currently the president of Winsupply Equity Group, will replace Winsupply Inc. President John McKenzie, who is retiring Feb. 28.


The Fastener Industry’s Favorite Podcast

Attention Threadheads and FastenerNerds!

NEW Fully Threaded Radio Episode 185 – ‘Not The End’ is LIVE! Join hosts Eric Dudas and Brian Musker for their latest episode at FullyThreaded.com


MWFA State of the Industry Panel Discussion

State of the Industry Panel Discussion

The Mid-West Fastener Association will be hosting a State of the Industry Panel Discussion tomorrow February 21st in Oak Brook, IL. Attendees will learn the challenges of 2023, updates from Chris Donell/Scanwell Logistics and Christian Richter, from the Policy Group in Washington D.C. For more info go to MWFA.net


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

UnleashWD Launches First Human Resources Summit for Distributors


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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 to learn more about the IFI. For more info go to https://indfast.org


NFDA

National Fastener Distributors Association

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.


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


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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. To register and learn more about any of the fastener training events we highlighted go to FastenerTraining.org


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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


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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IN THE NEWS with Fastener News Desk the Week of February 13, 2023

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in-the-news-with-fastener-news-desk-the-week-of-february-13,-2023

IN THE NEWS with Fastener News Desk the Week of February 13, 2023

Here’s what’s happening in and around the fastener industry in fastener news the week of February 13, 2023

Watch Now on FastenerTV (9:19)


May be an image of 4 people, people playing football and text that says 'IHDE OMBARDI TROPHY CHIEA SUPER BOWL CHAMPIONS H'

Congratulations to our fastener friends and family from around the globe that rooted for NFL MVP Patrick Mahomes who lead the Kansas City Chiefs to 38-35 win over Philadelphia Eagles in a classic Super Bowl in Glendale, AZ over the weekend.


The Mid-West Fastener Association’s Executive Director, Nancy Rich is set to retire at the end on 2023 after an unprecedented forty years of service. During her time with the Mid-West Fastener Association, Nancy’s contributions have been vast.  She helped to break the gender barrier, pioneering women to stay involved and remain active in a male dominated industry. Nancy pushed the board of directors to remain diligent on what mattered most, education; spawning the associations mission statement “Where education is a Priority”. She led and guided the MWFA board to raise and distribute more than $1,000,000 to fastener members and their families, orchestrating the largest scholarship program the industry knows today. In 2021 was inducted in to the MWFA and IFE Hall of Fame inductee.

Congratulations to Fastener Industry G.O.A.T. Nancy Rich! She will be sorely missed!

Executive Director, Nancy Rich to Retire from Mid-West Fastener Association


Fasteners, Inc. has been Acquired by Monroe Engineering. The acquisition closed January 31, 2023. Generational Equity Advised Fasteners, Inc. in the sale to Monroe Engineering. Generational Equity, a leading mergers and acquisitions advisor for privately held businesses.

Fasteners, Inc., located in Englewood, Colorado, , is a wholesale fastener distribution company founded in 1965. The Company has a philosophy of building relationships with their customers, taking care of their customer’s needs and having inventory to support them. The Company’s excellent industry reputation and local brand awareness has established it as a leading nuts and bolts distributor in the region.

Fasteners, Inc. Acquired by Monroe Engineering


The Fastener Distributor Index (FDI) survey for January 2023 rebounded modestly last month with another contractionary reading of 47.7, seasonally adjusted, rising from 43.8 the previous month.

The seasonally adjusted Fastener Distributor Index (FDI) began 2023 with another sub-50 reading, modestly improved over the previous month with a reading of 47.7. Commentary was mixed as some respondents pointed to still-strong customer backlogs and solid demand, while others saw significant slowing and cancellation of large blanket orders. Looking ahead, the Forward-Looking Indicator (FLI) continued to retreat further with a downbeat 41.4 reading, suggesting participants largely expect further

softening. Overall, the FDI/FLI continue to suggest a slowing demand backdrop for fasteners. For further commentary tune into Fully Threaded Radio’s episode 185 coming soon.

Fastener Distributor Index (FDI) – January 2023


Federal Reserve Economic Data | FRED | St. Louis Fed

The St. Louis Federal Reserve (FRED) Producer Price Index: Bolts, Nuts, Screws, Rivets, & Washers was updated on January 18, 2023 for Dec 2022: with a reading of 294.242 slightly higher than the Nov 2022 reading of 293.914. Do You Know What the acronym FRED stands for? It’s short for Federal Reserve Economic Data, FRED is an online database consisting of hundreds of thousands of economic data time series from scores of national, international, public, and private sources. FRED, created and maintained by the Research Department at the Federal Reserve Bank of St. Louis.


The Würth Group announced that they will be donating EUR 500,000 to UNICEF as emergency aid for the people in Turkey and Syria who have been affected by the severe earthquakes. Additional help will go direct to their affected colleagues from the Würth Group.

#wuerthgroup #donation #emergencyaid #helpforturkey #helpforsyria #unicef


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


MWFA State of the Industry Panel Discussion

State of the Industry Panel Discussion

The Mid-West Fastener Association will be hosting a State of the Industry Panel Discussion on February 21st in Oak Brook, IL. Attendees will learn the challenges of 2023, updates from Chris Donell/Scanwell Logistics and Christian Richter, from the Policy Group in Washington D.C. For more info go to MWFA.net


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In person training: Basics of Aerospace Fasteners & Standards 101 Aerospace Version is co-produced  by The Fastener Training Institute and the Industrial Fastener Institute and will take place on February 13-14th in Santa Ana, CA.


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

Fastener Training Week Cleveland Announced


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



Check out last week’s episode of IN THE NEWS:

IN THE NEWS with Fastener News Desk the Week of January 30, 2023

Fastener News, Fastener TV

Read more...
afc-industries-acquires-pf-markey-company

AFC Industries Acquires PF Markey Company

February 10, 2023

No alternative text description for this imageAFC Industries has acquired Saginaw, MI based PF Markey Company. (https://pfmarkey.com/) Terms of the deal were not disclosed.

Founded in 1977, PF Markey has grown to be one of the most innovative and capable distributors of cutting tools, abrasives, and other plant supplies in the country. Markey helps customers enhance efficiency and profit by working with them to provide comprehensive efficiency and cost savings programs. They have been a leader in industrial vending and VMI solutions since the 1990’s. PF Markey will continue to be managed by Jim Terry, Tom Hagarty, and the Markey management team. Markey will be part of the AFC tooling division along with Cline Tool.

AFC CEO Kevin Godin said, “We have been very pleased with the performance of our tooling group and were looking to expand its capabilities and staff. The challenge was that our model is built around a set of value-added services that are not typical in the space and we knew to keep our momentum we would need to find an excellent team with a similar philosophy and culture. Jim and his team checked every box. The alignment, culture, and go-to-market strategy were mirror images of one another. We are very excited to have them join the family and for us be able to continue to build on the excellent foundation they laid.”

PF Markey owner Jim Terry added, “We had many choices in who we could have decided to move forward with. The more time we spent with the folks at AFC, the more it became obvious that they truly understood what was special about PF Markey. The capabilities and talent of the combined organization are truly exciting, and I am looking forward to the next chapter.”

About AFC Industries

Headquartered in Fairfield OH, AFC Industries is a dynamic organization dedicated to providing supply chain management solutions for fasteners, tooling, and assembly components to original equipment manufacturers, assembly plants, and other users of these products. Their supply solutions include Vendor Managed Inventory, Stock and Release programs, Light Assembly, Kitting, and Private Labeling services amongst others. AFC supports a diverse base of manufacturers across a broad range of industries. Their experienced team has a proven track record of helping manufacturers and assemblers reduce cost, improve quality, and increase efficiency. (www.afcind.com)

In April 2021 AFC Industries was acquired by Bertram Capital, based in Foster City CA. (www.bertramcapital.com). 


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AFC Industries Acquires Motor City Industrial

AFC Industries Acquires Champion Bolt

Read more about AFC Industries recent acquisitions. Click here.

Fastener Press Releases, Fasteners, Press Releases

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Executive Director, Nancy Rich to Retire from Mid-West Fastener Association

Lake Zurich, IL, Monday, February 6, 2023 – After an unprecedented forty years of service, working devotedly as the Executive Director for the Mid-West Fastener Association, Nancy Rich, a resident of Lake Zurich, IL is set to retire at the end of 2023.

Nancy joined the Chicago Bolt, Nut & Screw Association (CBNSA), precursor to the Mid-West Fastener Association in 1984, after a few years’ of dedicated service with Cronin Fasteners. During her time with the Mid-West Fastener Association, Nancy’s contributions were incredible and vast.  She helped to break the gender barrier, pioneering women to stay involved and remain active in a male dominated industry. Nancy pushed our board of directors to remain diligent on what mattered most, education; spawning the associations mission statement “Where education is a Priority”. She was instrumental in bringing together various industry associations to get the Fastener Quality Act accepted in DC, which Congress ultimately passed and signed into law. Nancy led and guided our board to raise and distribute more than $1,000,000 to fastener members and their families, orchestrating the largest scholarship program our industry knows today. Not to mention, she also runs one of the largest golf outings our industry has seen. Nancy has been a calming voice, a mentor, an influencer and a motivator to thirty-one past presidents. A 2021 MWFA and IFE Hall of Fame inductee, Nancy not only is irreplaceable, but will be sorely missed by all.

From Jake Davis, current MWFA Board President:  “Nancy’s dedication and service to the Mid-West Fastener Association has been remarkable. Nancy, you have been the rock of the MWFA. You have allowed so many of us to stand on your shoulders, as you do EVERYTHING on behalf of the board.  We will miss your smile, your warm embrace and your tenacity when those board meetings tend to get out of hand.  Best wishes and good luck!”

About the Mid-West Fastener Association

 The MWFA’s purpose is to serve and promote the fastener industry and the ever changing needs of its membership.  Specifically, the MWFA is dedicated to representing all segments of the industry: manufacturers, distributors, importers and suppliers to the industry.


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fasteners,-inc.-acquired-by-monroe-engineering

Fasteners, Inc. Acquired by Monroe Engineering

Generational Equity Advises Fasteners, Inc. in its Sale to Monroe Engineering

DALLAS–(BUSINESS WIRE)–Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Fasteners, Inc. to Monroe Engineering. The acquisition closed January 31, 2023.

Fasteners, Inc., located in Englewood, Colorado, and founded in 1965, is a wholesale fastener distribution company. The Company has a philosophy of building relationships with their customers, taking care of their customer’s needs and having inventory to support them. The Company’s extensive inventory is available for prompt, accurate delivery or shipment in materials ranging from aluminum to stainless to heat-treated steel. The Company’s excellent industry reputation and local brand awareness has established it as a leading nuts and bolts distributor in the region.

Headquartered in Rochester Hills, Michigan (with multiple locations throughout the U.S.) Monroe Engineering (Monroe) is an ISO 9001:2015 & AS9100D certified global industrial manufacturing company offering a broad product line and has a diverse customer base of manufacturers, distributors and catalog-houses across several vertical markets including aerospace/defense, automotive, medical, transportation and many more. Monroe has a rich history dating back to the 1920s and Otto Siewek’s role in developing “tooling components” which helped standardized mass production of automobiles.

Generational Equity Executive Managing Director of M&A – Western Region, Stephen Crisham, and his team led by Managing Director – M&A, Chad Comroe, successfully closed the deal. Executive Managing Director and Group Leader, Randy Kamin established the initial relationship with Fasteners, Inc.

“The Fasteners’ shareholders were intent on finding a buyer that would create opportunities for the future success of the employees,” said Comroe. “Monroe fit the bill, and everyone is excited for the next stage of growth.”

About Generational Equity

Generational Equity, Generational Capital Markets (member FINRA/SIPC), Generational Wealth Advisors, Generational Consulting Group, and DealForce are part of the Generational Group, which is headquartered in Dallas and is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 16 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. The Global M&A Network named Generational USA Investment Bank of the Year in 2023. For more information visit https://www.genequityco.com

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

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fastener-distributor-index-(fdi)-–-january-2023

Fastener Distributor Index (FDI) – January 2023

The Fastener Distributor Index (FDI) survey for January, 2023 rebounded modestly last month with another contractionary reading of 47.7, seasonally adjusted, rising from 43.8 the previous month.

The Forward Looking Indicator (FLI) continued its decline coming in at 41.4 after an already weak 45.0 reading in December.

Key Takeaway:

The seasonally adjusted Fastener Distributor Index (FDI) began 2023 with another sub-50 reading, albeit modestly improved over the previous month with a reading of 47.7. Commentary was mixed as some respondents pointed to still-strong customer backlogs and solid demand, while others saw significant slowing and cancellation of large blanket orders. Looking ahead, the Forward-Looking Indicator (FLI) continued to retreat further with a downbeat 41.4 reading, suggesting participants largely expect further

softening. Overall, the FDI/FLI continue to suggest a slowing demand backdrop for fasteners.

FDI_Report_January_2023


Stay tuned for episode #185 of the Fully Threaded Radio for further commentary and analysis.


FND encourages all North American fastener distributors to take part in the FDI. If you are interested in being a more active part of the fastener industry, you can apply to add your company to the FDI survey group. Complete the “Request an Invitation to Participate” form by clicking here. Once verified, you will receive login ID and password information and you will be notified by email every month when the survey period has been opened. – Fastener News Desk


About the Fastener Distributor Index (FDI).

The Fastener Distributor Index (FDI) was developed as a service to the fastener industry by the FCH Sourcing Network in 2012 to be a new benchmark for the fastener industry. The FDI is a monthly survey of North American fastener distributors, conducted with the FCH Sourcing Network and Baird with support from the National Fastener Distributors Association. It offers insights into current fastener industry trends/outlooks. Similarly, the Forward-Looking Indicator (FLI) is based on a weighted average of four forward-looking inputs from the FDI survey. This indicator is designed to provide directional perspective on future expectations for fastener market conditions. As diffusion indexes, values above 50.0 signal strength, while readings below 50.0 signal weakness. Over time, results should be directly relevant to Fastenal (FAST) and broadly relevant to other industrial distributors such as W.W. Grainger (GWW) and MSC Industrial (MSM).

The FDI Survey website is a resource than can be accessed by anyone, but it can only be updated by registered users during the monthly open survey period, which occurs during the last week of each month.


Fastener Distributor Index (FDI) – December 2022

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manufacturing-pmi-at-47.4%;-january-2023-manufacturing-ism-report-on-business

Manufacturing PMI® at 47.4%; January 2023 Manufacturing ISM® Report On Business®

Institute for Supply Management logo. (PRNewsFoto/Institute for Supply Management) (PRNewsfoto/Institute for Supply Management)

NEWS PROVIDED BY: Institute for Supply Management 

Feb 01, 2023

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

This report reflects the recently completed annual adjustments to the seasonal factors used to calculate the indexes.

,  /PRNewswire/ — Economic activity in the manufacturing sector contracted in January for the third 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 January Manufacturing PMI® registered 47.4 percent, 1 percentage point lower than the seasonally adjusted 48.4 percent recorded in December. Regarding the overall economy, this figure indicates a second month of contraction after a 30-month period of expansion. The Manufacturing PMI® figure is the lowest since May 2020, when it registered a seasonally adjusted 43.5 percent. The New Orders Index remained in contraction territory at 42.5 percent, 2.6 percentage points lower than the seasonally adjusted figure of 45.1 percent recorded in December. The Production Index reading of 48 percent is a 0.6-percentage point decrease compared to December’s seasonally adjusted figure of 48.6 percent. The Prices Index registered 44.5 percent, up 5.1 percentage points compared to the December figure of 39.4 percent. The Backlog of Orders Index registered 43.4 percent, 2 percentage points higher than the December reading of 41.4 percent. The Employment Index continued in expansion territory (50.6 percent, down 0.2 percentage point from December’s seasonally adjusted 50.8 percent) after emerging from contraction territory (48.9 percent, seasonally adjusted) in November. The Supplier Deliveries Index figure of 45.6 percent is 0.5 percentage point higher than the 45.1 percent recorded in December; the last two readings are the index’s lowest since March 2009 (43.2 percent). The Inventories Index registered 50.2 percent, 2.1 percentage points lower than the seasonally adjusted December reading of 52.3 percent. The New Export Orders Index reading of 49.4 percent is 3.2 percentage points higher than December’s figure of 46.2 percent. The Imports Index continued in contraction territory at 47.8 percent, 2.7 percentage points above the December reading of 45.1 percent.”

Fiore continues, “The U.S. manufacturing sector again contracted, with the Manufacturing PMI® at its lowest level since the coronavirus pandemic recovery began. With Business Survey Committee panelists reporting softening new order rates over the previous nine months, the January composite index reading reflects companies slowing outputs to better match demand in 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 strongly, (2) New Export Orders Index still below 50 percent but improving, (3) Customers’ Inventories Index contracting slightly, a positive for future production and (4) Backlog of Orders Index recovering for a second month, but still in strong contraction. Output/Consumption (measured by the Production and Employment indexes) was negative, with a combined 0.8-percentage point downward impact on the Manufacturing PMI® calculation. The Employment Index remained just above 50 percent and the Production Index logged a second month in contraction territory. Panelists’ companies are indicating that they are not going to substantially reduce head counts as they are positive about the second half of the year. 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 the total supply chain inventory. The Prices Index contracted for the fourth consecutive month, but at a slower rate.

“Of the six biggest manufacturing industries, one — Transportation Equipment — registered growth in January.

“New order rates remain depressed due to buyer and supplier disagreements regarding price levels and delivery lead times; these should be resolved by the second quarter. In the meantime, panelists’ companies are attempting to maintain head-count levels during the anticipated slow first half in preparation for a strong performance in the second half of 2023. Eighty-six percent of manufacturing gross domestic product (GDP) is contracting, up from 85 percent in December. However, 26 percent of sector industries had a composite PMI® calculation of below 45 percent in January (a stronger indication of industry sluggishness), down from 35 percent the previous month,” says Fiore.

The two manufacturing industries that reported growth in January are: Miscellaneous Manufacturing; and Transportation Equipment. The 15 industries reporting contraction in January, in the following order, are: Wood Products; Textile Mills; Paper Products; Furniture & Related Products; Apparel, Leather & Allied Products; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Primary Metals; Nonmetallic Mineral Products; Fabricated Metal Products; Chemical Products; Machinery; Food, Beverage & Tobacco Products; Petroleum & Coal Products; and Computer & Electronic Products.

WHAT RESPONDENTS ARE SAYING

  • “Business is still strong, but we have begun to see softening in some pricing, and lead times seem to be improving.” [Computer & Electronic Products]
  • “Conditions are reasonable. Sales are a little better than planned. Cost pressures are easing for most products. There have been a lot fewer supply disruptions so far this year, and few expected in the short term. The crystal ball remains a little blurry for the rest of 2023.” [Chemical Products]
  • “Sales have dropped (as expected) at the beginning of the year. Forecast from the sales department is showing even lower sales then we expected. If this holds true, inventory levels will rise slightly over next month and a half.” [Food, Beverage & Tobacco Products]
  • “Supply chain issues continue to plague our production schedules. Transportation from our overseas suppliers is also contributing to delays. Lead times have doubled for critical electronics, gaskets, sealants, and specialized steel.” [Transportation Equipment]
  • “Strong big ag demand continues to drive heightened demand for parts. Large construction/off highway original equipment manufacturers have strong demand as well. Creating continued capacity constraints with the supply base.” [Machinery]
  • “Some business segments showing demand softening globally. Many materials showing improved lead times as well as cost deflation.” [Electrical Equipment, Appliances & Components]
  • “Thus far, the outlook for the first half of 2023 looks very soft. Demand for our products has taken a sharp downward turn. Our inventories are high, as well as our customers’. It seems everyone is bracing for a recession.” [Fabricated Metal Products]
  • “Customers are being quite aggressive in pursuing price decreases, far beyond the price relief we are actually receiving from our suppliers.” [Miscellaneous Manufacturing]
  • “Industrial construction is strong. Commercial construction is slower.” [Nonmetallic Mineral Products]
  • “In the past two weeks, we are seeing a slowing of new orders.” [Primary Metals]

READ FULL RELEASE: 

Contact:

Kristina Cahill

 

Report On Business® Analyst

 

ISM®, ROB/Research Manager

 

Tempe, Arizona

 

+1 480.455.5910

 

Email: kcahill@ismworld.org

SOURCE Institute for Supply Management


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UnleashWD Launches First Human Resources Summit for Distributors

PRESS RELEASE

Feb. 1, 2023 — 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, at the Holton House Hotel in Nashville, Tenn.

UnleashWD By Dirk Beveridge

“Your company’s success depends on your ability to attract and retain top talent. But with the rapid changes in the business world, it’s becoming increasingly difficult to stay ahead of the curve when it comes to human resources and talent strategies,” said Dirk Beveridge, Founder of UnleashWD and Producer of the UnleashWD Human Resources Summit for distributors.

Consider these recent research findings from UnleashWD:

  • 77% of distribution leaders believe their Human Resources function must become more strategic.
  • A whopping 88% believe that employees’ needs, wants and desires have changed.
  • 88% believe the traditional employee value proposition must be reimagined.

“The Human Resources Summit will challenge traditional thinking on human ‘capital’ and demonstrate how commonly accepted terms like ‘human resources’ and ‘people as assets’ may be holding distributors back from reaching their full market potential,” said Beveridge.

Distributors that attend will:

  • Learn from industry experts and voices from outside the industry on what works today.
  • Connect with like-minded distribution professionals.
  • Hear from their peers, who will showcase their hard-won successes in human resources.
  • Gain new insights and tools to drive positive transformation within their companies.
  • Stay ahead of the curve.

The summit is structured to solve distributors’ most pressing HR challenges, including culture, leadership development, work-life balance, employee retention, recruitment, and training and development.

Sessions include:

  • Rethinking Human Resources and Talent Strategies
  • Learn from the Success of Jay Steinfeld, Founder of Blinds.com
  • Transform Your People Approach with Insights from Innovative HR Leaders
  • People First: Tactics for Unlocking Employee Potential and Increasing Profit
  • Empower Your Employees: A Strategic Approach to Employee Value Proposition
  • How Independent Distributors Can Win the War on Talent
  • From Ideas to Action: A Proven Process for Implementing Your People and Talent Strategies

“At the end of an informative and enlightening conference, it’s common to feel overwhelmed with all the great ideas you’ve learned, and unsure of how to get started. We understand this challenge and want to help you overcome it,” Beveridge said. “Unlike any other summit you’ve attended, we guarantee that you’ll leave energized and ready to take the next step towards transforming your people and talent strategy.”

Learn more or register at https://events.unleashwd.com/HRSummit

About UnleashWD

Dirk Beveridge has been a Champion for the noble calling of distribution for over 36 years. His one-of-a-kind perspective on the future of wholesale distribution has guided his mission to advance the growth, relevance and transformation of the industry, helping distributors thrive. Learn more about the UnleashWD Human Resources Summit by visiting https://events.unleashwd.com/HRSummit.


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