ZUG, Switzerland — The Bossard Group is expanding its market presence in Canada as a supplier of high-quality fastening solutions.
It has acquired the Canadian distribution business of Danboro, Pennsylvania-based PennEngineering, an innovative manufacturer of fastening solutions.
PENN Engineered Fasteners Corporation (PEF), based in Concord, Ontario, was founded in 1970 and acquired by PennEngineering in 2017. The company supplies industrial segments such as automotive, energy, agriculture and appliances with innovative fastening solutions, and generates annual sales of around $25 million with 30 employees.
Bossard and PennEngineering maintain a successful, long-term collaboration which covers a total of 22 countries in North America, Europe and Asia.
Bossard, with its global focus on creating value for its customers through engineering services and innovative logistic solutions, is convinced that it will be able to unlock additional growth in this strategic market located in the industrial epicenter of Canada.
“With the acquisition of PEF we are in a great position to continue our profitable growth strategy in the context of our Strategy 200. Building on our previous investments in Canada, adding PEF’s capability, we will be able to expand our services in this key market," said Bossard America CEO David Jones. "We are excited to welcome PEF employees to the Bossard family and look forward to further developing our business together in the Canadian market.”
Both parties have agreed not to disclose the purchase price.
