Morito Co., Ltd., a leading global supplier of apparel fasteners, components for automobiles and cameras, and other niche manufactured products, today announced the acquisition of Scovill Fasteners. Morito’s President, Takaki Ichitsubo, said, “Scovill Fasteners is an important part our global growth strategy, and will be a strong asset in positioning Morito for the future.”
Scovill Fasteners develops and manufactures a diverse range of high-performance fasteners for various apparel and industrial markets that produce items such as clothing, sporting goods, boating products and military equipment. Through a focus on continuous improvement, customer experience and global collaboration, Scovill provides the highest level of service from fastener design and delivery to application.
Founded in 1908, Morito is based in Osaka, Japan and is listed on the Tokyo Stock Exchange. Morito is the world’s second-largest supplier of metal clothing fasteners. Morito’s emphasis on product quality and safety throughout the production process ensures that customer satisfaction is met by the highest product standards.
“The leadership skills that the current Scovill management team has demonstrated in transitioning to a best-in-class organization will bring new perspective to help drive the Morito growth strategy as well as the overall organization,” stated Mr. Ichitsubo. “This acquisition is critical to accelerating our strategy of expanding our revenue base and market position outside of Japan. It brings strong benefits to both Morito and Scovill Fasteners, as well as customers and suppliers.”
Craig Stoudt, CEO of Scovill Fasteners, said, “The significant improvements made across all functional areas of Scovill’s business and our continued focus on building a culture of excellence have brought our performance to a new level. We are committed to continuing to exceed the expectations of our customers, suppliers, employees and other key stakeholders. Our organization is excited about our future with Morito.”
Scovill Fasteners will operate as a subsidiary of Morito.
GCA Savvian provided advice to Morito in connection with the transaction.