Shimtech Industries has acquired Fastener Technology Corp, a North Hollywood based supplier of high-strength speciality fasteners for commercial and military aerospace applications.
Founded in 1979 by Bulent Gulistan, Fastener Technology Corp today serves more than 400 customers, including the likes of Lockheed Martin, Click Bond, Northrop Grumman, Boeing, Raytheon and Wesco. The existing management team, led by President Dennis Suedkamp, will continue to operate and grow the business aided by Shimtech.
Suedkamp said of the acquisition: "Fastener Technology Corp is well-placed to capitalise on the significant growth opportunities that lie ahead. We are delighted to be partnering with Shimtech at this next stage of our development and look forward to providing innovative products with enhanced manufacturing capacity."
Headquartered in Santa Clarita, Shimtech's aerospace divisions include four manufacturing facilities in the US, three in Europe and one in Mexico. Shimtech's C-Class components division specialises in the manufacture of high-volume metallic and composite detailed components that are complementary with Fastener Technology Corp's fastener products.
The division includes companies such as Lamsco, Attewell and Bolsan, which together with Fastener technology Corp, will continue to provide high-quality, on-time components to the commercial and military aerospace markets.
Brian Williams, Shimtech CEO, added: "The FTC team has built a fantastic business with an unrivalled reputation. We are excited about the complementary nature of our products and look forward to building on Gulistan's foundation."
Via Bill Esler, Fastener Fair USA