Elgin Fastener Group celebrated its acquisition of Northern Wire in Merrill Thursday.
As a manufacturer of wire form products for industrial customers, Northern Wire fits into the overall goal of its new owner, said EFG CEO Jeff Liter.
“Our mission is to grow into the number one specialty fastener supplier in North America,” Liter said. “We believe in U.S. manufacturing and the growth of U.S. manufacturing.”
Nine companies are now part of EFG, with operations in Indiana, Tennessee, Texas, Ohio and now Wisconsin. EFG is based in Versaille, IN, and is a portfolio company of Audax Group.
In a deal that closed June 13, EFG purchased Northern Wire from Eagle Holdings. Northern Wire was attractive to EFG because of the type of parts it produces and its strength in the market, said Tim Busching, EFG’s VP of marketing.
“This is a perfect fit,” Busching said. “It helps fill in the total picture and also opens doors to other markets for us.”
No immediate changes will be made in the way Northern Wire is operated locally, Busching added.
“We will continue to utilize the production capability that Northern Wire has in place here,” he said. “It’s going to be business as usual.”
With Northern Wire, EFG gets a newly rebuilt facility, courtesy of the April 10, 2011 tornado. Marty Goeree, EFG’s VP of sales, said the way the company bounced back from the tornado to take care of its customers was a selling point.
“When we talked to their customers, they were absolutely over the moon about how Northern Wire responded to the tornado,” Goeree said.
Northern Wire plant manager John Brost said the tornado tested the resolve of the company and its employees.
“I feel very blessed to become a part of Northern Wire,” Brost said. “The character of the employees really showed during that tornado time.”
Northern Wire has 140 employees at the Merrill plant. Brost said the plant will maintain its current operations while looking for opportunities to grow.
EFG is committed to domestic manufacturing and supports the Reshoring Initiative to bring manufacturing jobs back to the U.S. Domestic production has the advantage of higher quality, a shorter supply chain and better customer service, Goeree said.
“Our production is on a world class level,” he said.
Brost added that, in Northern Wire’s markets, the company is now making parts that were formerly produced overseas.