As part of its growth strategy, Morito Co., Ltd., the second-largest supplier of metal apparel fasteners in the world, announced Friday its acquisition of Scovill Fasteners.
Clarkesville, Ga.-based Scovill Fasteners, which creates and manufactures a variety of high-performance fasteners for several apparel and industrial markets that produce merchandise like clothing, sporting goods, boating products and military equipment, will operate as a subsidiary of Morito.
Takaki Ichitsubo, president of Morito, said, “The leadership skills that the current Scovill management team has demonstrated in transitioning to a best-in-class organization will bring new perspective to help drive the Morito growth strategy as well as the overall organization.” He added, “This acquisition is critical to accelerating our strategy of expanding our revenue base and market position outside of Japan. It brings strong benefits to both Morito and Scovill Fasteners, as well as customers and suppliers.”
Scovill Fasteners CEO Craig Stoudt said, “The significant improvements made across all functional areas of Scovill’s business and our continued focus on building a culture of excellence have brought our performance to a new level. We are committed to continuing to exceed the expectations of our customers, suppliers, employees and other key stakeholders. Our organization is excited about our future with Morito.”