Senco plans to rebuild

One of the world’s largest manufacturers of nail guns and fasteners is recovering from recession – and bankruptcy reorganization – with plans to double in size over the next few years.

Senco Brands Inc. is growing its business through a combination of new products, expanding global markets and acquisitions. The 60-year-old firm employs more than 300, mostly in Clermont County and Anderson Township.

“We’re actively looking for acquisitions right now and expect to make some in the near future,” says Ben Johansen, Senco’s CEO for about a year.

The upbeat outlook represents a turnaround for Senco, which just two years ago emerged from bankruptcy reorganization. Founded by three local entrepreneurs after World War II, Senco grew to be one of the area’s largest privately held companies, with more than 1,000 employees.

But over the past decade, as U.S. manufacturing shifted overseas to cut costs, Senco followed suit, closing its nail-gun plant in Anderson Township and eliminating hundreds of jobs.

Still, sales and profits fell sharply in the recession, prompting the bankruptcy filing in May 2009. An investment group led by Chicago-based Wynnchurch Capital Ltd. and Greater Lakes Partners acquired the privately held business for $43 million in a bankruptcy reorganization sale.

As unpleasant as that experience was, Johansen says support from Wynnchurch resulted in a quick emergence from bankruptcy and paved the way for growth.

“There’s a great transformation taking place in the company right now,” he says.

The company focuses on three main markets: Tool houses that cater to professional builders and remodelers, industrial manufacturers that produce everything from furniture to recreational vehicles, and big-box retailers like Home Depot that also sell to professional remodelers and builders.

Fasteners represent more than 60 percent of the business, says Johansen, a San Francisco native who’s been an executive for consumer and industrial products makers Black & Decker and Newell Rubbermaid Corp.

Senco’s fastener plant on Broadwell Road in Anderson Township is believed to be one of the largest nail and staple manufacturing operations in the world, converting more than 2.5 million miles of wire a year into an assortment of fasteners.

The 540,000-square-foot plant employs 170 people producing more than 700 different types of nails and staples.

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