Terms were undisclosed and no changes are anticipated regarding Heyco’s operations, facilities and employees, it was reported.
Heyco Products will continue to operate as a separate company under the PennEngineering corporate umbrella as the foundation of the new ‘Engineered Plastics’ platform. The Heyco brand will remain unaffected. Bill Jemison, president of Heyco, will continue to lead the company with the existing Heyco management team.
The acquisition is expected to expand opportunities for both companies. With strong global presence and existing customer and sales channel relationships, PennEngineering is said to be well positioned to accelerate Heyco’s growth in Europe and Asia. “The combined product offerings and global sales and operating platform will provide current and new end-users worldwide with the leading offering of metal and plastic component assembly solutions.”
Founded in 1926, Heyco Products designs and manufactures moulded wire protection products, plastic fasteners, molded 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 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 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.
