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Black & Decker's Fastening and Assembly Systems Segment Acquires Fastener Innovation Technology, Inc.
Deal creates an integrated single-source company poised for significant growth in the global aerospace market
SHELTON, Conn., March 2 -- Emhart Teknologies, a Black & Decker Company (NYSE:BDK) and a global leader in fastening and assembly technologies, announced today the acquisition of Fastener Innovation Technology, Inc. (FIT), a designer and manufacturer of critical, highly-specialized aerospace fasteners based in Gardena, Calif. The transaction closed March 1, 2010.
"Combined with our Heli-Coil® initiatives and the 2008 purchase of Spiralock Corporation, bringing FIT under the Emhart brand enables us to integrate the finest aerospace fastener platforms into a single-source organization," said Emhart Teknologies President Michael A. Tyll. "This acquisition allows us to better serve the aerospace, military and commercial aircraft industries where FIT enjoys a strong reputation among the world's leading aerospace companies."
FIT has long-term customer relationships with Boeing, Honeywell, Bell, GE, Pratt & Whitney, Embraer and Gulfstream Aerospace Corp. based on its premium-quality products and appropriate certifications. The company consistently delivers innovative products through the application of new high-strength materials such as steel alloys, titanium and super alloys.
"Production forecasted for both new and replacement aircraft through 2020 reflects the projected growth in global air traffic. The purchase of FIT positions Emhart Teknologies to further support this industry growth," Tyll said.
Randy Aardema will lead FIT as General Manager. Aardema recently joined Emhart from Acument Aerospace and was with Textron Fastening Systems prior to that.
About Fastener Innovation Technology, Inc.
Based in Gardena, Calif., Fastener Innovation Technology, Inc. (FIT) manufactures aerospace threaded fasteners including industry standard, customer-specific and proprietary designs for sophisticated applications. As an engineering-orientated fastener company, FIT has developed proprietary products in addition to special products for OEMs requiring unique fastening solutions. Please go to http://www.fitfastener.com for more information.
About Emhart Teknologies
Shelton, Conn.-based Emhart Teknologies is a global leader in the design and creation of unique assembly technologies from concept through installation. Emhart's technology-based assembly products and systems deliver innovative, integrated system solutions to virtually any manufacturing challenge anywhere in the world. From aerospace and automotive to construction, computers to appliances, Emhart products are sold in more than 100 countries. A Black & Decker Company, Emhart has 2,500 employees in 39 operating facilities worldwide. Please go to http://www.emhart.com for more information.
Source: Emhart Teknologies
CONTACT: Francis Onofrio, Mason, Inc., +1-203-393-1101, Ext. 169,
fonofrio@mason23.com
Web Site: http://www.emhart.com/
Black & Decker's Fastening and Assembly Systems Segment Acquires Fastener Innovation Technology, Inc.
Deal creates an integrated single-source company poised for significant growth in the global aerospace market
SHELTON, Conn., March 2 -- Emhart Teknologies, a Black & Decker Company (NYSE:BDK) and a global leader in fastening and assembly technologies, announced today the acquisition of Fastener Innovation Technology, Inc. (FIT), a designer and manufacturer of critical, highly-specialized aerospace fasteners based in Gardena, Calif. The transaction closed March 1, 2010.
"Combined with our Heli-Coil® initiatives and the 2008 purchase of Spiralock Corporation, bringing FIT under the Emhart brand enables us to integrate the finest aerospace fastener platforms into a single-source organization," said Emhart Teknologies President Michael A. Tyll. "This acquisition allows us to better serve the aerospace, military and commercial aircraft industries where FIT enjoys a strong reputation among the world's leading aerospace companies."
FIT has long-term customer relationships with Boeing, Honeywell, Bell, GE, Pratt & Whitney, Embraer and Gulfstream Aerospace Corp. based on its premium-quality products and appropriate certifications. The company consistently delivers innovative products through the application of new high-strength materials such as steel alloys, titanium and super alloys.
"Production forecasted for both new and replacement aircraft through 2020 reflects the projected growth in global air traffic. The purchase of FIT positions Emhart Teknologies to further support this industry growth," Tyll said.
Randy Aardema will lead FIT as General Manager. Aardema recently joined Emhart from Acument Aerospace and was with Textron Fastening Systems prior to that.
About Fastener Innovation Technology, Inc.
Based in Gardena, Calif., Fastener Innovation Technology, Inc. (FIT) manufactures aerospace threaded fasteners including industry standard, customer-specific and proprietary designs for sophisticated applications. As an engineering-orientated fastener company, FIT has developed proprietary products in addition to special products for OEMs requiring unique fastening solutions. Please go to http://www.fitfastener.com for more information.
About Emhart Teknologies
Shelton, Conn.-based Emhart Teknologies is a global leader in the design and creation of unique assembly technologies from concept through installation. Emhart's technology-based assembly products and systems deliver innovative, integrated system solutions to virtually any manufacturing challenge anywhere in the world. From aerospace and automotive to construction, computers to appliances, Emhart products are sold in more than 100 countries. A Black & Decker Company, Emhart has 2,500 employees in 39 operating facilities worldwide. Please go to http://www.emhart.com for more information.
Source: Emhart Teknologies
CONTACT: Francis Onofrio, Mason, Inc., +1-203-393-1101, Ext. 169,
fonofrio@mason23.com
Web Site: http://www.emhart.com/