Tramec LLC Acquires Hill Fastener Corporation
IOLA, Kan., April 5, 2011 /PRNewswire/ -- Gary Sullo, President of Tramec LLC, announces that Tramec has acquired the Hill Fastener Corporation located in Rock Falls, Illinois, owned by Robert Hill, CEO. This acquisition positions Hill Fastener as an integral part of the Tramec LLC fastener business. The legacy of the Hill Fastener brand solidifies Tramec's presence in the industrial fastener market and creates instant synergies for both Tramec and Hill Fastener businesses.
Sullo stated, "The value proposition for both companies' customers will be immediately enhanced. The strategic acquisition of Hill Fastener adds manufacturing expertise to Tramec and represents a unique transaction where the sum of these two companies exceeds the individual components. We are enthusiastic about this acquisition, which is named Tramec Hill Fastener, LLC."
Robert Hill remarked, "I have had nearly 40 years of experience working here and it has always been my business strategy that, at the right time, Hill Fastener would be turned over to a company like Tramec LLC. As promised, our employees will be retained and the business will remain in the community where my father started it in 1957. I am very gratified by what has occurred for Hill Fastener and its employees."
The Tramec LLC product portfolio services the heavy-duty tractor and trailer OEM and aftermarket businesses, as well as the industrial market. Tramec's product line of high caliber products engineered from years of expertise includes red nylon insert lock nuts, Uni-Torque® and Mac-Loc® products, the WhizLoc® serrated flange screw and bolt product line, and patented Crewson Brunner automatic brake adjusters, air brake and electrical components, assemblies and related accessories for the truck and trailer markets.
Tramec LLC is a business within the MacLean Investment Partners (MIP) portfolio owned by the MacLean family. This acquisition fits nicely with the long-range investment strategy to diversify manufacturing capabilities and customer base.
SOURCE Tramec LLC