DANBORO, PA - PennEngineering has acquired Eurotec Ltd., a specialty technical reseller of metal fabrication equipment, fastener installation systems and clinch and sheet metal fasteners. Eurotec is based in Tokyo. Incorporated in 1990, Eurotec Ltd. started distribution of industrial fasteners including clinching fasteners and welding studs ten years later.
The acquisition will provide the Japanese market with permanent access to PennEngineering's PEM and PROFIL fasteners and installation equipment, says PennEngineering. Eurotec will maintain its operations in Japan and join the existing brands under the PennEngineering 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 fastening industry, manufacturing in the U.S., Canada, Mexico, Ireland and China. Its leading brands include PEM and microPEM fasteners for thin sheet fastening industry. Six other major include Haeger hardware insertion machines; PROFIL specialty fasteners; ATLAS brand rivet nuts; PennAuto high-strength fastener solutions; SI brand inserts and Heyco molded and stamped products. www.pemnet.com