DETROIT -- Last week's acquisition of Ohio-based metal fastener and stamping supplier Tinnerman Palnut Engineered Products Inc. by French plastic fastener supplier A Raymond Inc. was a strategic move that will strengthen the new company's position in the auto industry, according to the company's president.
Dan Nenno, president of newly formed A Raymond Tinnerman Manufacturing Inc., said the company also plans to diversify into non-automotive markets.
“Just simply having both products gives us a great opportunity to better serve the customer, and having both products gives us an opportunity in nonautomotive markets as well to grow the business and provide a broader product range,” Nenno said.
A Raymond, which is the North American unit of France-based fastener manufacturer A Raymond Group, counts on automakers, tier-one and tier-two suppliers for nearly all of its sales. Tinnerman relied on the automotive industry for about two-thirds of its annual revenue, with the rest coming from a variety of industrial markets.
The deal, terms of which were withheld, combined Tinnerman's five plants, including one in Southfield, Mich., and 482 employees with A Raymond's roughly 130 employees at its two plants in Rochester Hills, Mich.
Nenno expects the combined company to post about $115 million in revenue in 2010.
The integration of the two companies and its future business plans will be hashed out by mid-February, Nenno said.