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Global Highlights North America MW Industries, Inc., a leading provider of highly engineered springs, specialty fasteners, bellows, specialized precision wireforms, metal stampings, tubular components and other precision components, has announced that affiliates of American Securities LLC have completed the transaction to acquire NN, Inc.’s Life Sciences division. The Life Sciences division will be combined with MW Industries, a portfolio company of American Securities. Life Sciences will be operated and financed separately from MW Industries. Life Sciences and MW’s existing medical division (Marox, Economy Spring & Stamping, and LaVezzi Precision) demonstrate complementary, but distinct, manufacturing capabilities and offer different product portfolios. Under the terms of the transaction, NN, Inc.’s Life Sciences division was purchased for $825 million, including $755 million (subject to customary adjustments) in cash payable at closing of the transaction and an additional $70 million earnout payable in cash based on the 2022 performance of the Life Sciences division. Diamond Wire Spring Co (DWS), located in Pittsburgh, announced the following succession leadership appointments. Second generation member Donald G. Fazio moves to chairman, in a semi-retired status. Frank E. Fazio moves to executive director in a retirement status. Third generation members are: Chris Fazio (Frank’s son), who becomes the new Diamond Wire Spring president. Kelley L. Christy (Don’s son-in-law) is executive vice president and general manager of the Pittsburgh plant. Frank Fazio, Jr. (Frank’s son) is executive vice president and general manager of the Taylors, South Carolina plant. Other family members active either on a full time or semi-retired basis are Nina Fazio Williams, SW sales manager, Paul T. Fazio, vice president, facilities manager and Gary Schuessler, vice president of manufacturing. DWS is a multiplant operation, with facilities in Tyler, Texas, Pittsburgh and Taylors, South Carolina. In addition to the manufacturing plants, Diamond has a full-service catalog division of springs that includes die springs. Founded in 1939, DWS has been family owned and operated from the beginning and has positioned itself to carry on the tradition. Betts Spring Manufacturing has welcomed Jim Parsons as regional sales manager. Most recently, Parsons was the manager of statewide faculty technical assistance for the Purdue Manufacturing Extension Partnership.
Parsons will report to Betts Company vice president of manufacturing Joe Devany, responsible for all manufactured products at Betts Springs. “Jim comes to Betts Spring as an experienced sales and strategic planner, trained and developed by highly regarded institutions,” said Devany. “We are thrilled to welcome Jim to our team and further contribute to his legacy of success. Jim Jim Parsons has an impressive track record of spring manufacturing experience serving both automotive and agricultural OEMs. His experience with spring design will benefit our customers.” Since 2018, Parsons worked for Purdue University as an industry advisor for local high schools, as well as a project manager to manufacturers all over the state of Indiana. Parsons is a double degree holder in computer and electrical engineering from Purdue University, and went on to earn a Lean Six Sigma Green Belt certification, Advanced Manufacturing Lean Practitioner certificate, and multiple leadership certificates from the Purdue Manufacturing Extension Partnership. He has more than 10 years of spring manufacturing experience in a fast-paced environment, serving both automotive and agriculture OEMs. His leadership helped lead to record sales and profit by empowering team members to reach their full potential, and by utilizing lean principles and continuous improvement. Parsons was responsible for every area of the company including sales, P&L, operations and HR. He has experience in spring design, helping companies produce robust springs at a competitive price. Parsons served on several community boards including three advisory councils for local high schools. He was involved in starting MFG Day events, giving school presentations, and setting up job fairs for manufacturers at these schools, building a pipeline of new employees for his company, as well as other local manufacturers. The Manufacturing & Technology Show, produced by Endeavor Business Media’s IndustryWeek, EHS Today and Machine Design, will showcase the full ecosystem of manufacturing excellence at the Huntington Convention Center in Cleveland, Ohio from Nov. 9–11, 2021.
SPRINGS / Winter 2021 / 7
