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Fastenal Buys Cardinal Fastener Equipment

By global fastener news , 2015-05-27 01:20:50

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Weeks after Würth Group announced the closing of Cardinal Fastener in Ohio, equipment from the failed manufacturer was purchased by Fastenal Co. for use in its U.S. manufacturing operations.

In January, Würth announced that the Cardinal Fastener plant in Ohio, which opened in 1983 and was acquired by the Würth in 2011, would be closed and production shifted to Würth’s Dokka Fasteners plant in Michigan.

“Unfortunately, having two separate plants with similar capabilities located so close together became increasingly difficult to justify,” Würth executive VP Marc Strandquist explained in January.

In the ensuing weeks, Fastenal contacted Dokka Fasteners about buying Cardinal's equipment, Strandquist told FIN.

"The deal was completed in March," Strandquist stated. "In the end all was sold to include the Cardinal name."

Fastenal manufactures complex machined parts, high-volume production fasteners, large-diameter bolts and complete stud assemblies.

"Through our nine global manufacturing locations, we produce more than 70,000 jobs per year — each one a solution for a customer in need," according to Fastenal's website.

Fastenal operates U.S. manufacturing facilities in Winona, MN; Wallingford, CT; Indianapolis, IN; Loves Park, IL; Houston, TX; and Modesto, CA. The company also manufactures fasteners in Joinville, Brazil; Modrice, Czech Republic; and Nusajaya, Malaysia.

Cardinal received worldwide publicity for its wind energy fastener manufacturing when then President-elect Barack Obama toured the plant en route to his 2009 inauguration. It is believed to be the only presidential visit to a fastener plant. Obama touted Cardinal's domestic manufacturing of wind energy industry fasteners.

The media exposure vaulted then-CEO John Grabner into the national business spotlight. For months after the visit, Grabner appeared on TV broadcasts to discuss renewable energy opportunities and lean manufacturing.

The presidential visit was also good for business, helping Cardinal to nearly double its revenues with wind energy fasteners by supplying more than a dozen wind turbine builders, including the Danish wind manufacturer Vestas and the Spanish Gamesa SA.

But Cardinal struggled to make the necessary investments for growth in the wind energy industry, and had to file for bankruptcy on June 30, 2011. The Chapter 11 filing in U.S. Bankruptcy Court in Cleveland showed Cardinal had been borrowing heavily and was millions of dollars in debt.

Würth acquired Cardinal out of bankruptcy in 2011. Web: dokkafasteners.us.

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