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TS:  Take us through the journey of how you entered the fastener industry and how you got to the position you now hold with MW.

 

Madan Mathevan:  I began my career in the fastener industry in 1998 as an Assistant Manager at Sundaram Fasteners Ltd. Over the years, I progressed through various roles that expanded my knowledge and expertise in manufacturing processes, tool design, and project management. My journey included significant positions at companies like Danaher Tool Group, Southco, Inc., and Sussex Wire, Inc. In 2019, I joined MW Components, where I held roles with increasing responsibility, including General Manager and Vice President. In June 2023, I became the President of the Fastener Division, overseeing multi-site leadership, revenue growth, and full P&L responsibility.

 

TS:  What all is included in the fastener division?

 

Madan:  The Fastener Division of MW Components includes a comprehensive range of products and services, such as internally threaded fasteners, externally threaded fasteners, pins, dowels, and connector pins. Our division comprises six cold heading companies and two machining companies, all ISO or AS certified. We serve diverse markets, including aerospace, defense, heavy trucks, automotive, medical equipment, drug delivery, industrial electronics, agriculture, furniture, bathroom plumbing, transmission, and earth mover equipment. Additionally, we offer capabilities such as Finite Element Analysis (FEA), Design for Manufacturability (DFM) Analysis, and Rapid Prototyping to ensure optimal product design and performance. We are uniquely set up to take orders from 500 pieces to multimillion pieces.

 

TS:   What are the other divisions of MW Components?

 

Madan:  MW Components is a diversified company with several divisions beyond fasteners. These include precision manufacturing, springs, wire forms, and engineered components. Each division specializes in different product lines and serves various industries, but they all share a commitment to quality, innovation, and customer satisfaction.

 

TS:   How did the purchase of Elgin Fastener in 2023 come about and why was MW interested in Elgin?

 

Madan:  The acquisition of Elgin Fastener in 2023 was a strategic move to expand our capabilities and market reach. The combination of Elgin Fastener Group with MW Components allows us to offer a broader range of stock fasteners and custom manufacturing capabilities, making us the leading specialty fastener manufacturer in the U.S. This acquisition increases our product portfolio, adding unique capabilities and enhancing our engineering bench strength with over 100 engineers from across MW facilities. Furthermore, integrating with MW Components provides additional support for our business and employees, leveraging MW’s HR, IT, procurement, marketing, and finance platforms. This consolidation also helps us be more competitive by optimizing purchasing efforts and leveraging MW’s extensive sales and marketing support to grow our business.

 

TS:   What is going on with your plans to consolidate and integrate the companies?

 

Madan:  We are actively working on consolidating and integrating the companies acquired to optimize our operations. This involves streamlining processes, leveraging synergies, and aligning our teams to work more efficiently. The consolidation will help us reduce redundancies, improve production capabilities, and enhance our ability to deliver high-quality products to our customers. Our Telefast Quality bolt consolidation is complete, and now Telefast has the capability to manufacture bolts up to M16 in diameter and 10″ in length. Our Addison Fastener building will be ready to move in by August 30. Our machines will be moving into the Addison manufacturing building in three waves and should be complete by January 2025. Our goal is to create a cohesive and agile organization that can respond quickly to market demands and innovate continuously.

 

TS:  Once Addison Fasteners is up and operating, how many manufacturing facilities will MW have within the Fastener Division?

 

Madan:  Addison Fasteners’ expansion includes the incorporation of Hi-Performance Fastening Solutions (HPS), All Star Fasteners, and Holbrook Fasteners into the Addison location, a 198,000 sqft manufacturing facility. Warehousing, shipping, and sorting will be handled at the current Holbrook building, which will be called the Addison Fastener Warehouse and Shipping. After this consolidation, we will have 8 companies under the Fastener Division capable of manufacturing external fasteners from M0.5 to M16, lengths from 1mm to 2200mm, and internally threaded fasteners from M4 to M20. We also offer machined fastener solutions like inserts and standoffs.

 

TS:  Is there anything else you want to share with us about upcoming activities at MW?

 

Madan:  We have several exciting initiatives in the pipeline at MW Components. In addition to expanding our manufacturing footprint, we are investing in new technologies and automation to enhance our production processes. Our Addison Fastener location is set up in a way to take orders from 500 pieces to multimillion pieces due to the unique way we have organized our manufacturing process. Furthermore, we are exploring new markets and applications for our fastener products, ensuring that we continue to meet the evolving needs of our customers.

 

TS:  What trends or developments do you see in the fastener marketplace that you either find interesting or that concern you?

 

Madan:  The fastener marketplace is constantly evolving, and several trends are particularly noteworthy. One significant development is the increasing demand for lightweight and high-strength materials, driven by the aerospace and automotive industries’ need for improved fuel efficiency and performance. Additionally, customers are seeking faster delivery times, often less than three weeks, and competitive pricing with overseas suppliers. The unique way we have organized our fastener division enables us to meet these demands effectively. The rise of Industry 4.0 and smart manufacturing is also transforming our industry, enabling greater automation, precision, and data-driven decision-making. While these trends present exciting opportunities, they also require us to continuously innovate and adapt to stay ahead.

 

TS:  Any hobbies or interests that the average fastener person would not know about you?

 

Madan:  I have a lesser-known talent that surprises many: I’m quite adept at cooking tandoori food. Over the years, I’ve mastered the art of blending spices and marinating meats to create authentic, flavorful dishes that are a hit at any gathering. Additionally, I’ve been dabbling in baking for a couple of years. While my baking experiments often don’t turn out as planned, they always end up bringing a good laugh to our household, making the process enjoyable and a fun learning experience for me.