Private investment firm Platinum Equity, Los Angeles, CA, has signed a definitive agreement to acquire for $630 million Textron Fastening Systems, a global provider of fastening technologies and services to customers in a broad range of industries.
The seller is Textron Inc., which announced in late 2005 that it would sell the $1.8 billion revenue unit as part of a strategic divestiture of non-core manufacturing businesses. The transaction is expected to close during the third quarter of 2006.
The new business will be renamed, and details about the new name and brand image will be announced as the transition unfolds following completion of the acquisition.
Headquartered in Troy, MI, Textron Fastening Systems serves customers in the aerospace, automotive, construction, electronics, industrial equipment and non-automotive transportation industries.
It offers a wide range of value-based fastening solutions, engineered fastening systems, assembly technology, and inventory management and application engineering services. The company has more than 9,000 employees serving customers in more than 150 countries worldwide.
Textron Fastening Systems “has really differentiated itself as a leader” in the $38 billion global mechanical fastener market, said Matt Young, senior vice president for mergers and acquisitions at Platinum Equity.
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