Terms of the agreement were undisclosed and no changes are anticipated regarding Heyco’s operations, facilities and employees. The acquisition is expected to expand sales growth opportunities for both companies, it is stated.
Heyco Products will continue to operate as a separate company under the PennEngineering corporate umbrella. The Heyco brand will remain unaffected. Bill Jemison, president of Heyco, will continue to lead the company with the existing Heyco management team. He will report to Mark Petty, CEO of PennEngineering.
“PennEngineering and Heyco share a common culture of solid brand recognition and quality engineered products, with a strong R&D and customer service focus,” said Petty. “This will allow for a seamless transition. The acquisition will diversify the PennEngineering product portfolio by expanding into engineered plastic fasteners, components and wire protection products. Additionally, Heyco will benefit from the wide range of resources that PennEngineering can provide.”
Founded in 1926, Heyco Products designs and manufactures moulded wire protection products, plastic fasteners, moulded components and stamped electrical components to meet the needs of industrial, medical, appliance, transportation, alternative energy, lighting and aerospace companies. With a well-known brand name, Heyco also brings with it a modern, globally certified, US- based manufacturing facility with vast expertise in injection moulding, progressive stamping, over-moulding, and assembly processes and techniques.
Founded in 1942, PennEngineering is a global leader in the development and manufacture of precision fasteners, components and installation systems, specialising in thin sheet attachment solutions. With globally recognised brands including PEM, microPEM, PEMSERTER, PROFIL PennAuto and Atlas, the company provides design and product solutions worldwide for diverse industries, including electronics, computer, data/telecom, medical, automotive, aerospace/aircraft, and general manufacturing. The company operates fastener manufacturing facilities and key sales offices in North America, Europe and Asia, and is supported by a worldwide network of authorised engineering representatives and distributors.
