Sign In  |  Join Free  |  Contact |  Help

Fastenal May Sales Up 8.3%

By MDM| 2014-06-06 09:58:44

The Fastenal Company(Nasdaq: FAST), Winona, MN, reported sales for May of $313.5 million, an increase of 8.3 percent from the previous year. Daily sales increased 13.5 percent to an average of $14.9 million.During the month, sales to manufacturing customers grew 12.9 percent, while sales to nonresidential construction customers grew 8.4 percent. Three new stores opened in the month and employee headcount increased 15.9 percent year-over-year to 17,976.

NORMA acquires Five Star Clamps in US

By Norma Group| 2014-06-03 09:59:25

NORMA Group acquired the business of Five Star Clamps Inc in the US effective 28th April 2014. The parties agreed to maintain confidentiality on the transaction details. Five Star with headquarters in Crest Hill near Chicago, Illinois, has been selling joining products since 1987. The high-quality clamps of the owner managed business are distributed to customers in more than 50 different industries. In fiscal year 2012, Five Star generated revenues of approximately US$5 million. It will be consolidated financially as part of NORMA Group effective immediately. "Five Star Clamps has many years of expertise in the markets for joining technology,"says Werner Deggim, CEO of NORMA Group. “The acquisition will strengthen our market position in the US region. We will expand our manufacturing footprint and distribution activities, as well as grow our client base.” In the US, NORMA Group operates production facilities in Auburn Hills and St. Clair, Michigan, and in Saltsburg, Pennsylvania.  

Shanghai Prime Machinery Co Ltd announces acquisition of entire share capital of NEDSCHROEF

By PMG| 2014-05-29 11:40:29

Shanghai Prime Machinery signs purchase agreement to acquire Nedschroef, one of the world’s largest suppliers of fasteners   Secured the Group’s strong positioning on the market of high-end fasteners worldwide   (28 May 2014 – Hong Kong) – Shanghai Prime Machinery Company Limited (“Shanghai Prime Machinery” or the “Group”; SEHK stock code: 02345), a leading manufacturer of industrial machinery parts and components in the PRC, today is pleased to announce that it signed a purchase agreement to acquire the entire share capital of Nedfast Investment B.V. (“Nedschroef”) (the “Sale Shares”), one of the world’s largest suppliers of fasteners.   The aggregate consideration for the acquisition to be paid by the Group in cash to the sellers at the completion is an amount equal to the sum of the purchase price for the Sale Shares and the shareholder loans purchase price. The purchase price for the Sale Shares shall be an amount equal to approximately EUR155.4 million (subject to adjustments). The shareholder loans purchase price shall be an amount equal to approximately EUR38.0 million (subject to adjustments). Upon completion, Nedschroef will become a direct or indirect wholly-owned subsidiary of the Group and the financial results of Nedschroef are expected to be consolidated into the Group’s accounts.   The Group believes that the acquisition is a strategic opportunity that would be in the best interests of the Group. Nedschroef enjoys leading key competitive advantages that are seen as factors to differentiate and enhance the Group’s technologies and brand on the PRC domestic market and international market, such as its unique competence and heritage of craftsmanship in fasteners development and manufacturing, strong global customer portfolio of best-in-class OEMs as well as its strong management of operations. Moreover, Nedschroef also possesses an industry leading machine and tooling division, leading engineering and R&D capabilities as well as development of Full Service Provision, a program to offer a complete fastener supply solution to customers.   Founded in 1894, Nedschroef is one of the world’s largest suppliers of fasteners and other advanced, engineered cold forged components. It is a market-leading innovator in designing, developing and manufacturing advanced fastener products for leading car manufacturers and suppliers around the globe and also provides its customers with value added engineering and ‘full service provision’ supply chain capabilities and services. In addition, Nedschroef’s machine division develops and produces machines and tools for the production of cold forged components for a variety of end markets.   Mr. Zhou Zhiyan, President and Vice Chairman of Shanghai Prime Machinery, said, “The Group is delighted to enter into the purchase agreement with Nedschroef. Leveraging Nedschroef’s unique competence in fasteners development and manufacturing, it will be a crucial platform for the Group to further grow its fasteners division and develop fasteners expertise and technology. Meanwhile, the acquisition will enable the Group to secure a strong positioning on the market of high-end and engineered high-value fasteners in the PRC and also worldwide. Looking forward, the Group will proactively develop its fasteners and other related business so as to create best returns for shareholders.”

BIG Opportunities for Vietnam Supporting Industry

By khunnawat.teer| 2014-05-27 00:00:00

Discover the right machinery and solutions for production upgrade this October On May 22, 2014 in HCMC, Vietnam, Mr. Hirotaka Yasuzumi, Managing Director of JETRO, Ho Chi Minh Office, Mr. Nguyen Tuan, Deputy Director of Investment & Trade Promotion Centre (ITPC) and Mr. Duangdej Yuaikwarmdee Deputy Managing Director of Reed Tradex, attend a contract signing ceremony and announce the co-location of “Business Alliance for Supporting Industry 2014” together with “METALEX Vietnam 2014” and “NEPCON Vietnam 2014” to continue the support for Vietnam’s supporting industry during October 9 -11. More than 10,000 visitors are expected during the three days of the show. Mr. Duangdej Yuaikwarmdee, Deputy Managing Director of Reed Tradex Co., Ltd. said that currently, Vietnam is a highly attractive investment destination for international manufacturers in automotive, electronics, and other supporting industries. Japan is the top FDI player in Vietnam and the new Japanese companies to Vietnam are continuing to increase their manufacturing capacity here. To keep up the competitiveness as well as acquiring new clients, Vietnamese manufacturers need to expand their production line as well as continuing to improve their productivity both in terms of quality and quantity. Finding the right partners to conduct business with for reciprocal interest would also help Vietnam’s industries to become strong and profitable in a long run. We are standing on the threshold of change as we are moving forward to the era of ASEAN Economic Community. Both opportunities and challenges will come hand in hand to all manufacturing industrialists who wish to take advantage of the opportunities, especially for manufacturers in the supporting industries which still have room to grow. There will be orders that you may not know how to handle today but will have to learn how so that you can take advantage of them. These changes can be exciting yet can be challenging. To be able to handle the changes, collaborative networks are one of the keys. In this year we are witnessing another form of collaboration as JETRO and ITPC are coming together to join their events, “Business Alliance 2014 for Supporting Industry,” with Reed Tradex events “METALEX Vietnam” and “NEPCON Vietnam.” This collaboration will benefit the growth of the supporting industries tremendously. Not only Vietnamese manufacturers will discover the latest machine tools and metalworking technologies in “METALEX Vietnam 2014” and new SMT and testing technologies and equipment for electronics manufacturing in “NEPCON Vietnam 2014,” but all Vietnamese manufacturers will also meet Japanese manufacturers who are looking for industrial parts and Vietnamese suppliers of quality parts and components, all in one event. Moreover, everyone will be able to gain new knowledge and networking opportunities through seminars and activities that will be concurrently held with the shows. Mr. Hirotaka Yasuzumi, Managing Director of JETRO Ho Chi Minh Office said that JETRO Ho Chi Minh Office was established in 2000 and has working for encouraging trade and investment between Japan and Vietnam and our major targets are to support direct investment to Vietnam. In 2013 the approved Foreign Direct Investment (FDI) to Vietnam was 22.4 billion USD in which the investment from Japanese companies counts for 26% with 500 projects. It means Japan is the largest and outstanding investor in Vietnam. The investment from Japanese companies to Vietnam is still full of vigor and vim. On the other hand, the biggest problem when investing in Vietnam is the deficiency in supporting industry. According to JETRO’s survey in 2013 the percentage of local procurement in Vietnam for Japanese companies is extremely low as only 32% compared to 64% in China, 53% in Thailand. JETRO has supported to strengthen the supporting industry for Vietnam for over 10 years through many business matching meetings and exhibitions on supporting industry. However, even 10 years passed-by the local procurement rate is still not dramatically improved. For that reason, we consider to work out a new pattern for supporting industry. This year we are now making a new scheme which private companies and government related departments corporate to work together for the development of Supporting Industry. We are aiming to identify and satisfy potential company’s needs through business matching events, seminars, personnel training, and making a proposal to be raised for government policy of Supporting  Industry. In addition, in order not to fall into the “Middle-income country trap”, Vietnam need to cause a technical innovation, so we promote Technology Transfer to Vietnamese companies by furthering human resource development and by making a close relationship between Japanese companies and Vietnamese companies. We set up a big space for Business Matching. This makes a chance for companies in the booth to be able to find their partners easily and exhibitors do not just wait for customers but they can approach by themselves to their potential partners by receiving coordinators’ advice. It is certain that we still arrange exhibition booths for exhibitors to display their most favorite technology. Therefore, the combination of business matching event and exhibition is the most effective way of promoting the Supporting Industry of Vietnam with many participants of excellent Vietnamese companies involved in this event. Mr. Nguyen Tuan, Deputy Director of Investment and Trade Promotion Center (ITPC) said that ITPC is an agency belongs to Ho Chi Minh People’s Committee in charge of promoting trade and investment. Mission and our vision are to promote the growth of enterprises in Ho Chi Minh City and foreign investors. With a collaborative network of more than 20 international partners BSO, we offer services to help enterprises export, develop business capabilities, find overseas partners, penetrating new markets, and support foreign investors to develop their projects in Vietnam. Our activity is to mount Vietnam enterprises with foreign entrepreneurs to develop trade in goods and services; provide one-stop service for foreign investors to choose investment projects effectively, obtaining legal support investment, providing essential information on trade and direct investment or online; solve problems and resolve mediate problems related to trade and investment in Vietnam through direct dialogue and networking between online businesses and government agencies; consult the Ho Chi Minh People’s Committee of policies and measures to improve the investment environment, business, enhance competitiveness; organize Vietnam business delegation to participate in international trade fairs or new market survey; workshops with topics related to trade and investment in Vietnam; organizing training courses, corporate training for business management; world economic integration, procedures and business rules. This is a good opportunity for the parties to seek new customers or new suppliers. fields exhibition includes components and accessories 2-wheel and 4-wheel, electric, electronic, mechanical parts, plastics and metal processing (casting, forging, plastic injection , molds, sheet metal, plastics processing, plating, etc.), packaging materials, and other accessories.) In this exhibition will bring the following benefits: 1) The Vietnam company Exhibitors will have the opportunity to meet new customers; especially the Japanese companies are investing to expand production facilities of them in Vietnam. 2) The company has not participated in Vietnam this exhibition can visit and explore the new technology for the production of standard products, or improving efficiency and productivity in the manufacturing process. To choose the right products supporting industry development priority is to note the factors such as industry needs support of each of the products is carried out and the project expected to attract FDI in the country I, the level of technology, production locations final product; predicted shift from industrial countries to support industry development support such as Thailand, Japan to Vietnam in the coming years. To encourage the formation of industrial clusters producing components, spare parts, auxiliary materials for the industry; Construction IPs & EPZ centralized targeted, including many private enterprises could become suppliers for FDI can be seen as a positive direction and practical to develop industry supporting industries in our country in the coming years. Industrial policies to promote support not merely local nature which have driven business support systems involved in providing investors some goals. This is also a solution to create an attractive environment to attract more FDI in the future. During 9-11 October 2014 at Saigon Exhibition & Convention Center (SECC) “METALEX Vietnam 2014” Vietnam's International Exhibition on Machine Tools & Metalworking Solutions for Production Upgrade, will be the all-under-one-roof meeting center of the manufacturing community which opens doors for Vietnamese industrialists to discover how they can heighten their product quality and productivity, as well as improve their production line with new machine tools, metalworking technologies, and electronics manufacturing technologies from 500 brands from 25 countries. “NEPCON Vietnam 2014” Vietnam's Only Exhibition on SMT & Testing Technologies, Equipment, and Supporting Industries for Electronics Manufacturing, will focus on the technology for electronics assembly, measurement and testing. For “Business Alliance for Supporting Industry 2014” over 100 Japanese parts buyers manufacturers will exhibit parts and accessories that they want to buy or seek subcontractors in Vietnam as well as exhibiting cool technology from Japan that could help increase efficiency for the local manufacturers. All-under-one-roof meeting center of the manufacturing community, which widely opens doors for Vietnamese industrialists to discover how they can heighten their product quality and productivity as well as expand their production line with new machine tools, metalworking technologies, and electronics manufacturing technologies you Key Highlights Onsite are as follows: The Stars of Technology Pavilion: A special showcase the high-tech machinery, technologies and live robot demonstrations from worlds’ brands for your visitor’s first-hand experiences. Meet leading technologies from these International Pavilions: China Pavilion,  Japan Pavilion, Singapore Pavilion, Taiwan Pavilion, German Pavilion, UK Pavilion, Malaysia Pavilion, Thailand Pavilion and Vietnam Pavilion Engineer Master Class & Technology Presentations: The knowledge- and technical-based sessions to unveil your new business insights and introductions of new technologies. A short cut to speed up your career path with a three-session-training course for local engineers Seek the Best of the Best @ The 3rd Hand Soldering Championship: IPC (Association Connecting Electronics Industries) and Reed Tradex will again bring the ‘Hand Soldering Championship’ to the exhibitions. This is a series of activity organized in many countries to highlight skills of local electronics manufacturers Business Matchmaking Program: A designated meeting place to match your business with the right traders, agents and suppliers in metalworking, automotive and supporting industries. Agent Wanted: The right center point for global providers of industrial machinery and technologies to look for agents to represent their products in Vietnam. “METALEX Vietnam 2014” and “NEPCON Vietnam 2014”  has strong supports from: Ministry of Science & Technology (MST), Ministry of Planning and Investment (MPI), Ministry of Information and Communications, Ministry of Industry and Trade (MIT), Vietnam Electro – Technical Industry Association (VELINA), Vietnam Steel Association (VSA), Vietnam Welding Society - Southern Office (VWS), Ho Chi Minh City Association of Mechanical Engineering (HAME), Vietnam-German Technology Transfer and Training Center (HWC), Association of Electronics Industries In Singapore (AEIS), Singapore Manufacturing' Federation (SMF), BOI - Unit For Industrial Linkage Development (BUILD), Thai Subcontracting Promotion Association, The Federation of Thai Industries (FTI), Taiwan Association of Machinery Industry (TAMI) etc. (end) Reporters who need more information please contact: khunnawat.teer@reedtradex.co.th  

Bossard reports record Q1

By Fastener+Fixing| 2014-05-26 10:11:33

Bossard Group reported Q1 2014 sales at CHF 161.5 million (132.6 million euros). In local currency sales were up 5.6% year-on-year. Bossard says European and Asian sales are currently driving its results, noting that American sales declined significantly as the result of reduced demand from a major customer. European sales were up 8.4% in local currency and by a similar increment converted to Swiss Francs at CHF 106.5 million. Asian sales were up 17.2% to CHF 21 million but currency depreciation hit the CHF result, reducing growth to 9.4%. American sales were down 7.8%, equating to an 11.2% fall in Swiss Francs to CHF 34 million. New Tesla contract Bossard, however, also reported a new contract with American electric vehicle manufacturer, Tesla, which it expects to stimulate American H2 business. Tesla awarded Bossard a three year contract with a total volume of around US$140 million to provide production fasteners, engineering and logistical services. The importance of this cooperation has prompted Bossard to open a new distribution centre near the Tesla factory in Fremont, California. The two companies have collaborated for more than four years on the design and development of the cutting edge Model S, including engineering, prototyping and ultimate delivery of production fasteners – utilising Bossard’s globally unique inventory management system: SmartBin. New Malaysian centre opens The Bossard Group also announced the opening of a new 9,000m2 distribution centre with offices in the Penang Science Park, Bukit Minyak, Malaysia, with an employment capacity of 80 people. CEO David Dean said the new facility provided the basis for continued growth in the region.  

Fastenal to Expand Indianapolis Distribution Facility

By MDM| 2014-05-23 10:03:28

The Fastenal Company(NASDAQ: FAST), Winona, MN, announced plans to expand its Indianapolis, IN, distribution facility, the Indiana Economic Development Corporation announced."Indianapolis’s geographically central location enhances our ability to service our customers in a timely manner,” said Terry Hanley, regional operations manager for Fastenal. The company plans to invest $13 million to add an additional 167,000 square feet to the existing 900,000 square foot facility.

Hyundai recalls 140,000 SUVs over airbag issue

By DDN| 2014-05-22 00:00:00

South Korean automaker Hyundai is recalling 140,000 vehicles in the United States and Puerto Rico because of an air bag problem, according to documents filed with US auto safety regulators. There were no known accidents or injuries as a result of this problem, the company said in its recall notice to the National Highway Transportation Safety Administration. The issue relates to the bolts that attach the driver's airbag to the steering column in Hyundai's Tuscon compact sport utility vehicles. "During assembly, it is possible that the two bolts attaching the driver's airbag module to the steering wheel assembly were not properly tightened," the automaker wrote in its letter to the NHTSA. "If both bolts become loose and detach, the driver's airbag module could become detached from the steering wheel." Hyundai said the defect "could result in injury in the event of a crash." The automaker said it was recalling 137,500 vehicles in the United States and 3,500 in Puerto Rico, from model years 2011 to 2014. The issue came to Hyundai's attention in December 2013, after reports of dealership service departments tightening the bolts under warranty. The automaker will ask owners to bring their vehicles to have the bolts checked. On Friday, the NHTSA imposed a record $35 million fine on US auto giant General Motors for its failure to promptly recall cars with ignition faults linked to at least 13 deaths.

B/E Aerospace May Sell Itself Amid Surging Air Travel

By James Detar| 2014-05-21 00:00:00

B/E Aerospace (BEAV) stock jumped 11% in massive volume early Monday after the company said it may put itself up for sale to cash in on surging global air travel.   The world's largest maker of aircraft-cabin interior products such as seats, food carts and equipment fasteners said that putting itself on the market was one option it was considering to increase shareholder value. Other options include merging or spinning off a division or unit as a separate company.   The company didn't disclose details such as whether it was in talks with any potential partners and said in a statement that it has set no timetable.   B/E Aerospace also canceled its planned annual shareholder meeting in Winston-Salem, N.C. that was slated to take place on Monday.   On an April 23 earnings call, CEO Amin Khoury noted that the International Air Transport Association in March reported that 2014 global airline profits were expected to jump about 45% to $19 billion. He also said at that time that "this year will mark an unprecedented fifth successive year of solid profitability for the global airline industry."   Khoury said the cycle is driven by continued growth in global passenger travel, increases in airplane capacity and an "unprecedented period of profitability for the global airline industry," as aerospace companies such as Boeing (BA) and Airbus (EADSY) continue to increase aircraft production rates. At the time they had a record backlog of more than 10,500 aircraft.   Khoury cautioned that the company may eventually decide not to sell or merge.   B/E Aerospace shares were up about 11% in more than 33 times the usual trading volume in Monday morning trading on the stock market.   The aerospace supplier's sales have risen at a double-digit rate quarterly for more than three years.   The company's stock carries a near-best 98 IBD Composite Rating, meaning it has outperformed 98% of all stocks on key metrics such as sales and profit growth in recent quarters.   Elsewhere in the Aerospace/Defense group, ranked a healthy 23 on IBD's list of 197 industries, Boeing rose 1%. Its archrival, European aerospace consortium EADS, parent of Airbus, fell 1%.   Top defense aerospace contractor Lockheed Martin (LMT) was up fractionally.   General Dynamics (GD), which makes computer and communications systems for aerospace companies, rose about 1%.   Fleet airplane leasing firm Air Lease (AL), another IBD 50 company whose stock is also on the IBD Leaderboard list of highly rated stocks, was up more than 1%.  

Washington imposes duties on Taiwanese steelmakers

By Taipei Times| 2014-05-19 11:17:54

The US Department of Commerce said on Friday that it has set preliminary antidumping duties on Taiwanese non-oriented electrical steel (NOES) manufacturers after it concluded that imports of their products have caused material damage to the US steel market. Leicong Industrial Co., a Chungli-based steelmaker, has been ordered to pay an antidumping tariff of 52.23 percent, the highest among the Taiwanese firms in the case, according to the department. The department said that since Leicong had failed to answer its questionnaire, it handed down the punitive duty based on the facts available. Meanwhile, China Steel Corp, Taiwan’s largest steelmaker, has, along with other Taiwanese defendants, been ordered to pay 28.14 percent antidumping tariff, the department said. NOES is cold-rolled, flat-rolled alloy steel used in the machine tool industry and in the production of electricity generators. NOES firms in China, South Korea, Japan, Germany and Sweden have also had US antidumping duties imposed on them. As no Chinese respondents in the case replied to the department’s requests for information, all Chinese NOES exporters involved in the case have been ordered to pay an antidumping tariff of 407.52 percent. NOES firms in South Korea have been hit with a 6.91 percent antidumping tariff, while Japanese firms have been assigned punitive duties ranging between 135.59 percent and 204.79 percent. Exporters from Germany must pay antidumping tariffs of 86.29 percent to 98.84 percent, while companies from Sweden have to pay punitive tariffs of 98.46 percent to 126.72 percent. The department said it is scheduled to issue a final decision about exporters from Taiwan and South Korea on Oct. 3, while a final ruling on exporters from China, Japan, Germany and Sweden is scheduled to be issued on July 29.   The department launched antidumping as well as antisubsidy investigations in November last year after AK Steel Corp, a steel supplier based in Ohio, filed a complaint. Following an investigation, the department imposed an antisubsidy duty of 12.82 percent on Leicong in March, while other Taiwanese firms faced a 6.41 percent countervailing duty. China Steel did not have to face any antisubsidy duties. The case is the first time in 27 years that Taiwan’s steelmakers have been the subject of an investigation by the US government into alleged government subsidies. Taiwan’s NOES exports to the US fell to US$8.14 million last year from US$17.25 million recorded in 2012, the department’s statistics found.

Gem-Year Sold 20 Million Shares for a Total of 171 Million Yuan

By Maggie Chen| 2014-05-14 00:00:00

Shares in fastener maker Gem-Year Industrial fell by 2% as of midday today at the Shanghai Stock Exchange after the Taiwan family that controls the company said it had lowered its holding in the business.Chin Champ Enterprise, controlled by Tsai Yung-Lung and his family, sold 20 million shares Gem-Year shares last Friday for 8.55 yuan each, for a total of 171 million yuan, or $27.6 million, according to company announcement today.  Chin Champ didn’t say why it sold the shares. Chin Champ Enterprise still owns 53.6% of Gem-Year, compare with a previous 56.1%. Gem-Year’s share price is little changed from a year ago. The Tsais ranked No. 46 on the 2013 Forbes Taiwan Rich List with wealth of $750 million. (The tital of the artical was re-edit by CFM)  

1...456789...48        Go to Page