Table of Contents

Executive Summary

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TABLE OF CONTENTS

EXECUTIVE SUMMARY

INTRODUCTION

Definitions

Methodology

The UK Economy

Overview

Political Climate

Interest Rates

Inflation

Exchange Rates

Taxation

Consumer Demand

Output

Investment

Forecasts

Exchange Rates

Abbreviations

MARKET SIZE

Market Overview and Trends, 1993-1997

Market Segmentation

Factors Affecting Demand

Forecast Market Size, 1998-2002

Forecast Segmentation

PRODUCTION

Overview

Critical Success Factors

INTERNATIONAL TRADE

Imports

Overview

Import Penetration

Implications for Importers

Exports

Overview

UK Export Performance

Trade Surplus/Deficit

DISTRIBUTION

MANUFACTURING INDUSTRY STRUCTURE

Overview

Manufacturer Profiles

Armstrong Fastenings

Avdel Textron

Garton Engineering

McKechnie

SPS Technologies

Tucker Fasteners

DISTRIBUTION INDUSTRY STRUCTURE

Overview

Distributor Profiles

Haden MacLellan Holdings

Harrison & Clough

Hilti (Gt Britain)

MBS Distribution

WM Owlett & Sons

SEP Industrial Holdings

Serco-Ryan

Trifast

Unifix

Walters Hexagon (previously Webb Fasteners)

Wrth UK

END USE SECTORS

Overview

Automotive

Overview

Cars

Commercial Vehicles

Aerospace

Construction

DIY

Domestic Appliances

Electronics

Furniture

Mechanical Engineering

TRADE ASSOCIATIONS

MAGAZINES

List of Tables

1 Economic Indicators On The UK Economy, 1990-1999

2 The UK Market For Industrial Fasteners, 1993-1997

3 The UK Market For Industrial Fasteners, By Type, 1993-1997

4 Forecast UK Market For Industrial Fasteners, 1998-2002

5 Forecast UK Market For Industrial Fasteners, By Type, 1998-2002

6 UK Production Of Industrial Fasteners, 1993-1997

7 UK Production Of Industrial Fasteners, By Type, 1993-1997

8 UK Imports Of Industrial Fasteners, 1993-1997

9 UK Imports Of Industrial Fasteners, By Type, 1993-1997

10 Import Penetration Of The UK Market For Industrial Fasteners, By Type, 1993-1997

11 UK Exports Of Industrial Fasteners, 1993-1997

12 UK Exports Of Industrial Fasteners, By Type, 1993-1997

13 Exports As A percentage Of UK Production Of Industrial Fasteners, By Type, 1993-1997

14 UK Trade Deficit In Industrial Fasteners, 1993-1997

15 UK Trade Surplus (Deficit) In Industrial Fasteners, By Type, 1993-1997

16 Financial Summary Of Armstrong Fastenings, 1992-1996

17 Analysis Of Turnover Of Armstrong Fastenings, By Geographical Region, 1995 And 1996

18 Financial Summary Of Avdel Textron, 1992-1996

19 Turnover Of Avdel Textron, By Geographical Region, 1994 And 1995

20 Financial Summary Of Garton Engineering, 1993-1997

21 Turnover Of Garton Engineering, by Geographical Region, 1996 And 1997

22 Financial Summary Of The Specialist Products Division Of McKechnie, 1993-1997

23 Financial Summary Of SPS Technologies, 1992-1996

24 Turnover Of SPS Technologies, By Geographical Region, 1995 And 1996

25 Financial Summary Of Tucker Fasteners, 1992-1996

26 Turnover Of Tucker Fasteners, By Geographical Region, 1995 And 1996

27 Financial Summary Of Haden MacLellan Holdings' Fasteners Division, 1993-1996

28 Financial Summary Of Harrison & Clough, 1993-1997

29 Financial Summary Of Hilti (GT Britain), 1992-1996

30 Financial Summary Of MBS Distribution, 1992-1996

31 Financial Summary Of WM Owlett & Sons, 1992-1996

32 Financial Summary Of SEP Industrial Holdings, 1993-1997

33 Turnover Of SEP Industrial Holdings, By Geographical Region, 1996 And 1997

34 Financial Summary Of Serco-Ryan, 1992-1996

35 Financial Summary Of Trifast, 1993-1997

36 Turnover Of Trifast, By Customer Sector, 1997

37 Financial Summary Of Unifix, 1993-1997

38 Turnover Of Unifix, By Geographical Region, 1996 And 1997

39 Financial Summary Of Walters Hexagon (Previously Webb Fasteners), 1993-1997

40 Financial Summary Of Wrth UK, 1993-1996

41 UK Market For Industrial Fasteners, By End Use Sector, 1997

42 UK Production Of Cars, 1990-1998

43 UK Production Of Commercial Vehicles, 1990-1998

44 UK Output Of Aerospace Equipment Manufacturing, Repairing And Modification, 1993-1997

45 Total Construction Output In Great Britain, By Sector, 1993-1997

46 Forecast Construction Output In Great Britain, By Sector, 1998-2002

47 Housing Starts And Completions In Great Britain, By Sector, 1993-1999

48 Consumers' Expenditure On DIY Products, 1993-1997

49 Number Of Property Transactions In England And Wales, 1993-2002

50 UK Production Of Selected Electrical Domestic Appliances, By Sector, 1993-1997

51 UK Production Of Electronics, By Sector, 1993-1997

52 UK Production Of Furniture, 1993-1997

53 UK Mechanical Engineering Output, 1993-1997

List of Diagrams

1 The UK Market For Industrial Fasteners, By Value, 1993-2002

2 The UK Distribution Network For Industrial Fasteners, By Channel, 1997

3 The UK Market For Industrial Fasteners, By End Use Sector, 1997

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EXECUTIVE SUMMARY

MSI believe that the decline witnessed in the UK industrial fasteners market in 1996 was reversed during 1997, with a growth rate of 2 percent being recorded. The value of the market rose to £412 million at msp, reflecting relatively strong output in some end user sectors, most notably the automotive and aerospace industries.

Demand for industrial fasteners varied significantly by type of product between 1993 and 1997. Indeed, the market for stainless steel bolts is believed to have grown substantially, whilst demand for washers and mild steel bolts is believed to have fallen during the five year period.

The market for industrial fasteners in the UK is principally affected by the performance of its end user industries and the following factors:

- price

- UK economic factors and the business climate

- exchange rates

- raw material prices

- stock levels

- design of end use products

- performance of competitive products

- technological developments

- single and global sourcing

The UK market for industrial fasteners is forecast to grow by 6 percent in real terms between 1998 and 2002. However the first part of the forecast period will be characterised by a decline in growth during 1998 and 1999 before returning to growth in the year 2000. MSI believe this poor performance will reflect the effects of Sterlings high exchange rate on the end user export markets as well as an influx of low cost imports.

UK production of industrial fasteners is estimated to have increased by 7 percent to £311.1 million at msp between 1993 and 1996, with a further rise of 1 percent in 1997. The growth in production in 1997 is believed to have been adversely affected by the high rate of Sterling which has reduced export activity in the last quarter of 1997 and also the increase in import penetration which is meeting an increasing amount of UK demand.

The value of UK imports of industrial fasteners increased by 9 percent during 1997, this translates itself into a 5 percent increase in import penetration, which MSI estimate at approximately 73 percent during 1997. The value of the export market grew by 12 percent during 1997 and MSI estimate its value at approximately £204.2 million. However despite this the UK trade deficit increased by 5 percent during 1997 and is now valued at £97.1 million.

MSI estimate that some 82 percent of the value of industrial fasteners sold in 1997 was accounted for by sales via distributors, with the remainder represented by direct sales. The trend towards consolidation continued during 1997 and into 1998 with Haden MacLellan Holdings purchasing MBS Distribution.

In 1997 some 42 percent of sales of industrial fasteners are believed to have been made to the automotive sector. Other key end user sectors include those of domestic appliances & electronics, mechanical engineering and aerospace.

Text © 1998 MSI

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