Fastener manufacturer MNP Corporation was acquired by Italian fastener producer Fontana Gruppo. Terms of the deal were not disclosed.

The acquisition “unites two of North America’s largest and most respected, family-owned fastener manufacturers, creating new and unprecedented opportunities for our employees, customers, and suppliers,” MNP stated in an internal release.

“While this is an exciting new chapter, our drive for growth and success will continue—only now, with expanded resources, a broader reach, and even greater potential for all involved. We look forward to this next phase and are eager to continue our legacy of delivering top-quality products and services to our customers, while exploring new opportunities on a larger scale.”

“Thanks to this acquisition, we will be able to ensure a significant expansion of our production capacity while maintaining high-quality standards, thus becoming the largest fastener manufacturers in both the American and global markets,” added Fontana Gruppo CEO Giuseppe Fontana.

Founded in 1970 by Larry Berman, Utica, MI-based MNP employs approximately 1,000 people across five facilities in Michigan and Illinois. The company manufactures automotive, commercial, industrial and specialty fasteners and has its own steel processing, washer manufacturing and flat roll capability.

Founded in 1952 by Loris and Walter Fontana, Fontana Gruppo is a $1.5 billion company employing over 6,000 people to operate 32 locations — including 26 factories — across Europe, the Americas, and India. Fastener companies include Acument Global Technologies (formerly Textron Fastening Systems), Saturn Fasteners, and Camcar.