Terms of the deal were not disclosed.
In a news release, Speedtech said Toleeto Fastener’s “expertise in custom fabricating webbing, neoprene and hook & loop” will “dramatically increase Speedtech’s capabilities, services, and geographical footprint.”
“Speedtech’s manufacturing strength is fabricating hook & loop materials,” said Chris Karnowski, president of Speedtech International. “We rely on cutting, slitting and welding. With the acquisition of Toleeto, we now have instant expertise of high-quality industrial sewing and other types of die-cutting and printing. We’ve essentially doubled our manufacturing capability with highly skilled experts under one umbrella.”
Toleeto Fasteners was established in 1985. Speedtech was established in 1996.
As a result of the deal, Speedtech distributors and resellers will be able to offer Toleeto products and services to its customers.
“Distributors like Fastenal want to serve as much of their customers’ fastener needs as possible. With our acquisition of Toleeto Fasteners, we can better arm Fastenal sales representatives and the sales teams at our other Resellers,” Speedtech vice president Steve Pope said.
Both companies currently have customers worldwide. Speedtech said it plans to use Toleeto’s San Diego factory to enhance its ability to serve customers on the West Coast.
“Through our distribution network, we service customers like Google, Facebook and large datacom centers in the West and Southwest,” Karnowski said. “We will leverage our new presence in California to better serve and support these customers.”