The 2020 Mid-Year Economic Update_long

Platinum Equity to Acquire Textron Fastening Systems for $630M

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.


Related Stories:
Platinum Equity Agrees to Buy $1.2B Steel Group

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.