Pennsylvania-based PennEngineering has acquired Tokyo's Eurotec Ltd, a speciality technical re-seller of metal fabrication equipment, fastener installation systems and clinch and sheet metal fasteners.
The acquisition will provide the Japanese market with permanent access to PennEngineering's PEM and PROFIL fasteners and installation equipment, with Eurotec maintaining its operations in Japan and joining the existing brands under PennEngineering's corporate umbrella.
"PennEngineering's acquisition of Eurotec reflects our steadfast commitment to strategic expansion in Japan," said Leonard Kiely, CEO of PennEngineering. "Eurotec is an innovative company with highly technical fastener expertise, and true system installation capabilities.
"We look forward to partnering with Eurotec and investing in additional resources dedicated to introduce our unique technologies to consumer and automotive electronics, as well as the automotive OEM market."
Founded in 1942, PennEngineering is a global provider to the fastener industry, manufacturing in the US, Canada, Mexico, Ireland and China. Its leading brands include PEM and microPEM fasteners for the thin sheet fastening industry, alongside PROFIL, ATLAS, PennAuto, SI and Heyco.
Via: Bill Esler, Fastener Fair USA
