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TRANSTECHNOLOGY COMPLETES ACQUISITION OF PALNUT FASTENER OPERATIONS FROM TRW

 UNION, N.J., Aug. 2 /PRNewswire/ -- TransTechnology Corporation (NYSE: TT) today announced that it had completed its previously disclosed acquisition of the assets and business of the Palnut Fastener operations of TRW Inc.
 Palnut manufactures single and multi-thread fasteners for the automotive and industrial products industries. Revenues in 1992 exceeded $27 million with 175 employees at its single facility in Mountainside, N.J.
 Michael J. Berthelot, chairman and CEO of TransTechnology, said "This acquisition, our fifth in the last 12 months, represents a major part of our plan to grow the company through strategic acquisitions which complement our existing product lines. Palnut will fit nicely next to our current Breeze Industrial Products division, which manufactures gear driven band fasteners and sells into the heavy equipment and industrial products markets. We look to expand Palnut's marketing operations into the non-automotive areas while at the same time taking advantage of their manufacturing specialties, such as plating, stamping, and high volume production, at our other operations. Palnut, which will be operated as a stand-alone business unit, will be one of our three largest divisions, and we look for it to make a solid contribution to our company now and in the future. We are very happy to welcome the employee associates, customers, and suppliers of the Palnut operation into the TransTechnology family."
 TransTechnology Corporation is a diversified manufacturer of industrial and aerospace products with over 1,275 employees in its nine facilities in the U.S. and those in England, Belgium and Australia.
 -0- 8/2/93
 /CONTACT: Michael J. Berthelot, chairman, president and CEO of TransTechnology, 908-964-5666/
 (TT)


CO: TransTechnology Corporation; TRW Inc. ST: New Jersey IN: ARO SU: TNM

MP-SH -- NY079 -- 8417 08/02/93 13:59 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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