Harbour Group company Lindstrom has acquired the packaged fastener and master distribution business of Hodell-Natco.
The financial details of the transaction have not been disclosed. Cleveland, Ohio-based Hodell-Natco’s packaged fastener business unit produces more than 23,000 packaged products to its customers.
According to Hodell-Natco, the divesture move has been made proactively, keeping in mind the company’s long term strategy. It also added that the business unit is performing well and poor performance is not the cause behind the divesture.
Harbour Group chairman and CEO Jeff Fox said "Hodell-Natco offers a broad product line of customizable packaged fasteners and is well-positioned to meet the needs of its distributor customers.
"Hodell-Natco brings tremendous value to distributors by offering unique product lines, quality assurance, and a commitment to customer service. The addition of Hodell-Natco's packaged fastener business will further enable Lindstrom to serve our customers with an even broader product offering."
Hodell-Natco president Kevin Reidl said: "Our focus at Hodell-Natco is to continue growing our core end-user business.
"When we determined that the packaged fastener business was no longer core to our long-term vision for the company, we began the search for a partner that we knew would be diligent in their care for our highly valued packaged-fastener customers. Harbour Group and the Lindstrom team are uniquely suited to accomplish our goal.
He continued: "We are very confident, that they will provide outstanding service to these long-term customers and would not have considered this transaction if we felt differently.
Since its establishment in 1976, Harbour Group, until now acquired about 191 businesses across a variety of industries. In 2016, the company earned revenue of about $1.3bn.