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Textron Forms Joint Venture With Taiwan's Leading Fastener Maker

8 December 1998

Textron Forms Joint Venture With Taiwan's Leading Fastener Maker; Expands Presence In The Far East


    PROVIDENCE, R.I.--Dec. 7, 1998--Textron Inc. announced today it has formed a joint venture with Taiwan-based San Shing Hardware Works Company, Ltd, Taiwan's largest fastener maker and one of the world's largest manufacturers of internally threaded nuts.
    Textron Fastening Systems (TFS), a subsidiary of Textron, will acquire an 80% interest in TFS/Tri-Star Co. Ltd., a newly formed bolt-making operation in conjunction with San Shing Hardware Works. This is TFS' second plant location in Asia and it will enable TFS to better serve its automotive, electronic and appliance industry customers in the region. In 1996, TFS opened its first plant in Malaysia to serve US electronics manufacturers in the Asia-Pacific region.
    "This joint venture provides exciting growth opportunities for TFS," said Textron's Chief Operating Officer Herbert L. Henkel. "It allows TFS to better serve its Asian customers with a local, low-cost manufacturing site, and adds a new portfolio of products to attract new customers," he added.
    Noted for its innovations in the manufacture of nuts and washers, San Shing holds approximately 140 patents in 20 countries. The $112 million in sales company employs nearly 800 people in the southern Taiwanese industrial city of Tainan. San Shing is ISO 9002 and QS 9000 certified, and its testing laboratory conforms to the US Fastener Quality Act.
    With approximately $2 billion in annualized revenues, Textron Fastening Systems is the global leader in engineered fastening systems and assemblies serving the automotive, aerospace, appliance, electronics, construction, and do-it-yourself industries. TFS has 68 locations in 17 countries and is part of Textron's Industrial segment.
    Textron Inc. is a $10 billion, global, multi-industry company with market-leading operations in Aircraft, Automotive, Industrial and Finance.