Ifastgroupe

April 20, 2009 13:35 ET

Ifastgroupe to close its Ingersoll Fasteners division by end of 2009

Attention: Automotive Editor, Business/Financial Editor, News Editor MARIEVILLE, QC--(Marketwire - April 20, 2009) - Ifastgroupe announces that its Ingersoll Fasteners division in Ingersoll Ontario Canada, will wind down its operations over the course of the next few months, leading to the complete closure of the division before the end of 2009.

This decision is prompted by unfavourable economic factors currently affecting Ingersoll Fasteners' core markets and North American industrial sectors which are predominantly tied to the automotive sector.

Nearly 120 employees will be affected by this closure.

Sales and distribution services, as well as some production, will be progressively redeployed towards other Ifastgroupe divisions. This effort is primarily to consolidate open capacity and ensure continuity of supply to customers. Ingersoll Fasteners represents approximately 10% of Ifastgroupe's fastener making capacity.

"Although in recent months our team at Ingersoll had made tremendous strides in improving its cost structure and productivity, the economic forces at play in the market proved overwhelming in regards to our efforts toward ensuring Ingersoll's long term financial viability." declared Darren Dalgleish, President of Ifastgroupe inc.

"This is a sad day for Southern Ontario industry, as we witness the end of a manufacturing journey that began 122 years ago. While Ingersoll had survived two World Wars, one Great Depression and several economic recessions, unfortunately, the combined impact of the faltering economy, collapse of the North American automotive sector, and the increasingly aggressive presence of foreign competitors have delivered a fatal blow to our collective aspirations of making Ingersoll profitable again." added Mr. Dalgleish.

"As a progressive and responsible company, Ifastgroupe must take all necessary measures to ensure its continued prosperity, including the closing of our Ingersoll division. Our transition plan includes the redeployment of some products, equipment and personnel to our other divisions, in an effort to provide our customers with a seamless transition during this period of adjustment" added Mr. Dalgleish.

Ifastgroupe will be providing assistance to the extent possible to its Ingersoll employees throughout their transition from their current employment situation to their future occupation.

…About Ifastgroupe
Ifastgroupe, the Billet to Box TM company, is one of the largest organizations of its kind with 17 facilities in North America, corporate offices in China, a network of trading partners in Asia and Europe, over 950 employees and a manufacturing footprint of more than 1.15 million square feet covering all aspects of fastener production. Marieville based Ifastgroupe is owned by Heico LLC and is parent to Infasco, Ingersoll Fasteners, Infasco Nut, Galvano and Ifastgroupe Distribution, creating a seamless value stream integration experience delivering quality, service and exceptional value to each and every customer.
IN: AGRICULTURE, AUTOMOTIVE, ECONOMY, TRANSPORT

Contact Information

  • Darren Dalgleish via Nancy Ann Falby, Ifastgroupe
    Primary Phone: 450-658-8741 ext. 2630