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Mergers & Acquisitions
Original Press Release
PennEngineering® Acquires Whitesell® Formed Components and Whitesell® Canada
Press release date: Jun 28, 2017
DANBORO, PA, June 28, 2017 - PennEngineering® is pleased to announce the acquisition of Whitesell® Formed Components, with operations in Waterford, Romulus and Novi, MI, and Whitesell® Canada in Vaughan, Ontario, Canada.
Whitesell Formed Components, also known as FabriSteel®, is a leading manufacturer of piercing, clinching, and riveting fasteners for the automotive market. “We are excited to reunite a 40-year heritage between FabriSteel and PROFIL® and have both highly regarded product lines together in our portfolio,” stated Mark Petty, CEO of PennEngineering. (PROFIL was some years ago the European division of FabriSteel.)
Whitesell Canada is a premier technical distributor of proprietary “design-in” print specific fasteners and components to the automotive and transportation markets throughout North America and will operate alongside Penn Engineering’s existing automotive “make to print” business.
The acquired businesses will join the existing PennEngineering brands and operate under the PENNAutomotive™ division offering automotive OEMs a wide range of mission-critical solutions.
“The acquisition of these outstanding businesses under the PENNAutomotive banner is a key step by PennEngineering in the evolution of our Mechanically Attached Fasteners offering in North America for our automotive and transportation customers, and continues our intense focus on engineered products for assembly,” stated Chris Marx, PennEngineering Chief Commercial Officer.
“While the Whitesell Group rarely has divested any of its businesses in its 46-year history, these two companies shared a unique long-term alignment with PENNAutomotive, making it an ideal opportunity for the future of those companies and their employees. The Whitesell Group remains committed and active in its long-term aggressive growth and diversification strategy both organically and through strategic acquisition,” stated Neil L. Whitesell, Chairman and Chief Executive Officer of the Whitesell Group of companies.
Founded in 1920, FabriSteel Products was acquired by the Whitesell Group in 2004 from CVC Partners. Then and today, these highly engineered fasteners and installation systems are specified by Tier 1 and OEM automotive companies worldwide. Their pierce, clinch, and riveting technologies provide structurally sound, threaded attachment points for the most demanding applications at the lowest installed costs.
Whitesell Canada is a premier North American supplier of engineered fasteners and complex production components also serving OEM and Tier 1 automotive companies, as well as general industrial market customers.
Founded in 1942, PennEngineering is the global leader in the development and manufacture of precision fasteners, components and installation systems for thin sheet attachment solutions, structural automotive fasteners and cable management systems. With globally recognized brands including PEM®, microPEM®, PEMSERTER®, PENNAutomotive™, PROFIL®, PennAuto™, Atlas®, and HEYCO®, the company provides design and product solutions worldwide for diverse industries, including electronics, data/telecom, medical, automotive, solar, appliance, and metal fabrication. The company operates design sales, service and manufacturing facilities in North America, Europe, and Asia.
For more information, contact
Leon M. Attarian,
5190 Old Easton Road,
Danboro, PA 18916-1000 USA.
Phones: +1-800-237-4736 (toll-free in the U.S.) and +1-215-766-8853.