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The Fairchild Corporation Acquires 77.3 percent of French Aerospace and Industrial Fastener Manufacturer SNEP S.A.



DULLES, Va.---The Fairchild Corporation, a leading worldwide aerospace and industrial fastener manufacturer, announced today that it has acquired 77.3 percent of SNEP s.a., a French manufacturer of precision machined self-locking nuts and special threaded fasteners serving European industrial, aerospace and automotive markets.
"The acquisition of SNEP adds a complimentary line of products to those already offered by Fairchild Fasteners and will give a strong boost to our increasing presence in European aerospace and industrial markets,'' said Eric Steiner, President of Fairchild. "This marks another step in our creation of an enterprise capable of providing the widest range of products and services throughout the world from facilities most convenient to our customers.''
SNEP, located in Montbrison, France, serves about 600 customers, with about 58 percent of its sales to the industrial market and the remainder to aeronautical and space customers. SNEP is known for its strict quality control standards and has been certified for ISO 9002 and RAQ2.
Robert Marchetti, Senior Vice President for Sales and Marketing of Fairchild Fasteners, said: "SNEP brings strong relationships with several customers new to Fairchild to which we look forward to introducing our broad line of products.''
The Fairchild Corporation also announced today that it has been advised by the U.S. Federal Trade Commission that the agency will allow consummation of Fairchild's proposed acquisition of Kaynar Technologies, Inc., clearing the way for completion of the transaction. Fairchild expects to close the transaction in early April of this year following approval by KTIC's shareholders and meeting certain other requirements, including financing.

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The Fairchild Corporation Acquires 77.3 percent of French Aerospace and Industrial Fastener Manufacturer SNEP S.A.