Company will be named Tramec Hill Fastener, LLC
Fastener manufacturer Tramec LLC, has acquired the Hill Fastener Corporation located in Rock Falls, Illinois, This acquisition positions Hill Fastener as an integral part of the Tramec LLC fastener business, Tramec said. The acquisition will solidify the Tramec's presence in the industrial fastener market and creates instant synergies for both Tramec and Hill Fastener businesses, according to company officials.
Gary Sullo, president of Tramec LLC said, "The value proposition for both companies' customers will be immediately enhanced. The strategic acquisition of Hill Fastener adds manufacturing expertise to Tramec and represents a unique transaction where the sum of these two companies exceeds the individual components. We are enthusiastic about this acquisition, which is named Tramec Hill Fastener, LLC."
In a press release, Robert Hill, owner of Hill Fastener added, "I have had nearly 40 years of experience working here and it has always been my business strategy that, at the right time, Hill Fastener would be turned over to a company like Tramec LLC. As promised, our employees will be retained and the business will remain in the community where my father started it in 1957. I am very gratified by what has occurred for Hill Fastener and its employees."
The Tramec LLC product portfolio services the heavy-duty tractor and trailer OEM and aftermarket businesses, as well as the industrial market.
Tramec LLC is a business within the MacLean Investment Partners (MIP) portfolio owned by the MacLean family. This acquisition fits nicely with the long-range investment strategy to diversify manufacturing capabilities and customer base.