Welcome to your weekly roundup of the latest in fasteners—industry news, trends, upcoming events, and scholarships. Let’s dive into this week’s episode of In the News with Fastener News Desk!”
Watch now on FastenerTV at Youtube: (15:57)
IN THE NEWS…
Fastenal Company reported August 2024 sales of $652 million, down 2.3% from the prior-year period. Daily sales were up 2.1%. Fastener sales showing no improvement, down 2.2%. Read full report: https://investor.fastenal.com/investor-overview/default.aspx
Economic activity in the manufacturing sector contracted in August for the fifth consecutive month say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®. The Manufacturing PMI® registered 47.2 percent in August, up 0.4 percentage point from the 46.8 percent recorded in July. The overall economy continued in expansion for the 52nd month.
Manufacturing PMI® at 47.2%; August 2024 Manufacturing ISM® Report On Business®
The seasonally adjusted Fastener Distributor Index (FDI) improved in August coming in at 53.8 vs the 47.5 dismal reading in July. Conversely, this month’s Forward-Looking Indicator (FLI) decelerated m/m, dropping to 47.4, suggesting some weakening ahead. Read full report:
Bridgeline Digital, Inc. a global leader in AI-powered marketing technology, announces its partnership with Product Genius Technology, a leading provider of innovative solutions in the fastener industry. Bridgeline’s HawkSearch AI technology will leverage the solutions provider’s patented customer experience technology to enhance customer engagement and drive sales within the fastener eCommerce sector. Read full release:
FND is diving into how AI technology is revolutionizing the way businesses operate, making it easier to run by reducing costs, saving time, and minimizing errors. We spoke with Todd Fischer, VP and CIO of Endries International, Inc. who shared insights on how their organization has successfully integrated Augmented Intelligence with Infor’s Robotic Process Automation as part of their digital transformation journey. Read interview:
In an exclusive interview, Fastener News Desk sat down with Daniel Walker, P.E., Managing Director of the Industrial Fasteners Institute (IFI), to delve into the pivotal role he has played in steering the organization through a transformative period. With over six years at the helm, Dan has led IFI in modernizing its operations, expanding its membership, and fostering the next generation of industry leaders. Read full interview:
Steering IFI into the Future: Insights from Six Years of Transformative Leadership
Field Fastener, a leading provider of fastening solutions announced the acquisition of Cascade Nut and Bolt, a fastener distributor located in Salem, Oregon. The strategic acquisition will enhance Field’s ability to serve a broader range of industries and expand their geographical footprint to service current and prospective customers. Read more:
Endries International, Inc. a leading distributor of industrial fasteners and Class-C components announced the acquisition of ServTronics Inc., a trusted supplier of fasteners and electro-mechanical hardware for customers in the aerospace, military, medical and commercial industries. Terms of the deal were not disclosed. Read more:
Montage Partners, a people-first private equity firm headquartered in Scottsdale, Arizona, is pleased to announce its investment in Military Fasteners (the “Company”), a B2B eCommerce distributor of mil-spec fasteners primarily serving customers in the aerospace and defense industry. Montage Partners is providing capital to further accelerate the Company’s expansion. Read more:https://www.montagepartners.com/montage-partners-announces-investment-in-military-fasteners/
BlackHawk Industrial, a market-leading distributor of metalworking and other mission-critical industrial products Strengthens its National Footprint with the acquisition of Tri-State Industrial Supplies of PA. Financial terms of the transaction were not disclosed. Read full release:
BlackHawk Strengthens National Footprint with Bold Pennsylvania Expansion
THIS WEEK: The International Fastener Expo in Las Vegas September 9-11. Learn from experts about trends and the latest technologies being used in the industry. See more than 600 suppliers and network with industry peers from around the world.
The 2024 Inc. 5000 annual list of the fastest-growing private companies in America was announced. The prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses. Congratulations to the following fastener companies made the prestigious list:
- Patriot Bolt Ranked No.757 with 641% 3-Year Growth. Specialists in custom machined fasteners produced to customer specification, offering limitless possibilities in design, thread pitch, size and configuration. Patriot also ranked No. 1716 (2023), No. 1172 (2022)
- Goebel Fasteners, Inc. Ranks No. 1340 with 385% 3-Year Growth. With Three-Year Revenue Growth of 385% Percent, Goebel Fasteners, Inc. Ranks No. 1340 Among America’s Fastest-Growing Private Companies.
- Field Fastener Supply Company Ranked No.4,924 with 75% 3-Year Growth. Manufactures and distributes fasteners that are used with industrial applications. Also provides consulting services to these companies so they can reduce costs. (No. 4689 (2020), No. 4216 (2017), No. 3933 (2016), No. 4009 (2015), No. 4618 (2014), No. 3498 (2013), No. 4149 (2012), No. 3944 (2011)) & Inc. 5000’s Best-Workplaces in 2021.
Submitting your Press Release is easy peasy! In today’s fast-paced, content-driven business world the need to deliver your company’s message is more important than ever. Submit your press release now!
Learn how AI is transforming the eCommerce experience!
Meet with Hawksearch at the International Fastener Expo, Booth 1374! Boost conversions by up to 20% with AI-powered search.
Learn about the HawkSearch Fastener Accelerator and revolutionize the way your customers search for fasteners!
For more info go to: https://www.hawksearch.com/fastener-accelerator
FASTENER INDUSTRY VIP’s!
Meet the industry movers & shakers making this week’s episode of ‘IN THE NEWS’
- IFE Fastener Hall of Fame Inductee: Carmen Vertullo, Carver Labs & Young Fastener Professional of the Year, Jake Glaser, Sherex Fastening Solutions
- David Dean, the board of directors of Bossard Holding AG will propose David Dean as successor at the upcoming annual meeting of shareholders April 11, 2025.
- Parker Fasteners Announces Geoff Tumang as Chief Operating Officer
- AFC Industries Adds, Chris Lloyd, North American Aerospace Leader as Vice President of Operations for North America.
- John Cherry has joined NEFCO as Vice President of Sales West
- Rotor Clip Awarded Caterpillar Supplier Excellence Recognition
- Laura Nash, All American Systems WIFI 2024 Edith Cameron IFE Scholarship Awardee
- E-Z LOK Achieves ISO 9001 Certification
- FTI Fastener Training Week | Chicago 2024 Graduates
FASTENER INDUSTRY EVENTS
THIS WEEK
The International Fastener Expo | September 9-11, 2024 | Expo: September 10-11, 2024 | Mandalay Bay, Halls B & C, Las Vegas
Join Pac-West Fastener Association for their After-Hours event in Denver, CO – Thursday, September 26, 2024. Stop by and meet other people in the fastener industry and expand your professional network. Pac-West will host two beverages per person along with complimentary appetizers! The event will be held in the Dart Lounge, a private indoor/outdoor space on the main level. Besides enjoying the company of your fastener friends we’ll have Giant Connect 4, Giant Jenga, 3 Dartsee boards, and Cornhole on the patio (weather permitting). Registration: pac-west.org
Manufacturing Day will be celebrated on Friday October 4th. Manufacturers and their partners across the U.S. are gearing up to demonstrate to students, parents, and educators that careers in manufacturing are diverse, high-tech, innovative, well-paying, in-demand and potentially life-changing. Download the Host and Marketing Toolkits to support your planning and messaging leading up to Manufacturing Day 2024. Resources and toolkits available are www.mfgday.com
Registration is open for the 2024 NFDA Executive Summit in San Diego, CA. Join the NFDA for three days of education, networking, fun, and California sunshine! October 16-18, 2024 Register now: NFDA-Fasteners.org
The Fastener Training Institute is offering an Open House & Lab Tour – Learn about the Mechanical Testing of Fasteners on October 16th at Carver Labs, San Diego, CA as part of the 2024 NFDA Executive Summit. To register go to fastenertraining.org
SCHOLARSHIPS:
The Young Fastener Professionals Association Announced their Fastener Training Week Scholarship. The deadline to submit your completed application is October 15. Go to NFDA-fastener.org
The stories featured in this week’s episode of IN THE NEWS can be found at Fastener News Desk or in our feed @FastenerNews at X.com the twitter rebrand, on LinkedIn in the Fastener News Group and @FastenerNews at Threads!
If you would like to share your company’s news or events contact me, lisa@fastenernewsdesk.com.
Thanks for tuning in to this week’s episode of ‘IN THE NEWS’ with Fastener News Desk.
Until next week, be well and keep it fastenating.
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Digital Media, Distribution, Fastener Expo, Fastener News, Fastener News Desk, Fastener TVIN THE NEWS with Fastener News Desk the Week of August 19, 2024
