Tinnerman Palnut Engineered Products, Inc.

November 04, 2005 15:01 ET

Tinnerman Palnut Acquires Two Textron Fastening Systems Inc. Facilities

BRUNSWICK, Ohio--(CCNMatthews - Nov 4, 2005) -

Tinnerman Palnut Engineered Products, Inc., a privately-held manufacturer of precision engineered fasteners and stampings for automotive, appliance and industrial markets today announced it purchased the assets of two Textron Fastening Systems Inc. facilities for an undisclosed amount. Textron Fastening Systems is a subsidiary of Textron, Inc., headquartered in Providence, Rhode Island. The purchase is effective November 4, 2005.

The facilities, located in Logansport, Indiana and Flemingsburg, Kentucky manufacture precision engineered stampings and assemblies for automotive and industrial markets. The transaction will provide an additional platform for growth and will broaden and strengthen Tinnerman Palnut's product offerings.

"These facilities are an excellent fit for our existing businesses, and will provide us with significant future growth opportunities," said James E. Finley, President and Chief Executive Officer of Tinnerman Palnut. "Both facilities have excellent work forces, a strong commitment to customer service and a history of product innovation. We see significant synergies between our existing product lines and those of the newly acquired facilities, and we look forward to the early development of new growth plans based on our combined capabilities."

Finley said that Tinnerman Palnut had recently expanded its development of larger stampings used in structural applications, a growth area for the company, and that the transaction announced today will greatly accelerate that effort.

Tinnerman Palnut, headquartered in Brunswick, Ohio, manufactures engineered fasteners, engineered metal and plastic components, and value added assemblies for diverse markets, including automotive, commercial, electronic, toy/leisure, agricultural, lawn and garden and medical applications. The company has manufacturing facilities in the United States and Canada, and sales and advanced engineering centers in Germany, England, Mexico and the United States.

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