April 5, 2011
Gary Sullo, president of Tramec LLC, Iola, Kan., has announced that Tramec has acquired Hill Fastener Corp. located in Rock Falls, Ill., owned by Robert Hill, CEO. The acquisition positions Hill Fastener as an integral part of the Tramec LLC fastener business. According to the company, the legacy of the Hill Fastener brand solidifies Tramec's presence in the industrial fastener market and creates instant synergies for both Tramec and Hill Fastener businesses.
Sullo stated, "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."
Robert Hill remarked, "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.