LOS ANGELES (August 11, 2006) – Platinum Equity announced today that it has completed the acquisition of Textron Fastening Systems, a premier global provider of fastening technologies and services to customers in a broad range of industries. The seller was Textron Inc. (NYSE: TXT), which divested the $1.8 billion revenue unit as part of a strategic divestiture of non-core manufacturing businesses.
“We appreciate Textron’s belief in us as the right acquirer for this business, and we are confident that it will be a great platform for future growth,” said Tom Gores, chairman and chief executive officer of Platinum Equity.
The new business will be renamed, and details about the new name and brand image will be announced later this year as the transition process unfolds.
Headquartered in Troy, Mich., Textron Fastening Systems is a premier global provider of full-service fastening systems to 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, state-of-the-art 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. Revenue in 2005 was approximately $1.8 billion.
“Textron Fastening Systems has really differentiated itself as a leader in the global fastener market with technology and other solutions that are revolutionizing the industry,” said Matt Young, senior vice president for mergers and acquisitions at Platinum Equity. “We are very pleased to add this business to our portfolio of operating companies.”
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has acquired more than 60 businesses with more than $13 billion in aggregate annual revenue.
Mark Barnhill, Platinum Equity