July 29, 2016 Updated 7/29/2016
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PennEngineering, a Danboro, Pa.-based maker of metal fasteners and inserts, has moved into the plastics arena by purchasing Heyco Products Inc.
Heyco, of Toms River N.J., also has metal capabilities. But the company runs more than 20 injection molding machines, processing materials such as nylon, polycarbonate and polypropylene.
PennEngineering does not plan any changes to Heyco’s operations, facilities and employees. The Heyco brand will remain. Terms were not disclosed for the deal, announced July 28.
Heyco makes fasteners, molded wire production products, flexible conduit, tubing and fittings, bushings, grommets and plugs, stamped electrical components and other products.
“The acquisition will diversify the PennEngineering product portfolio by expanding into engineered plastic fasteners, components and wire protection products,” said PennEngineering CEO Mark Petty, in a news release announcing the deal.
Both companies have long histories. According to the company website, K.A. Swanstom founded Penn Engineering & Manufacturing Corp. in 1942 in his garage. The product was a major innovation: self-clinching fasteners that provide load-carrying threads to sheets of metal too thin to be tapped.
Heyco was founded in 1926, and the company has remained family owned since then. The company also does mold and tool design.
Heyco President Bill Jemison will continue to lead the company, with existing management. He will report to Petty. Officials from both companies did not return calls for this story.
