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The industry had been hearing of the acquisitions, but this was the executives’ first formal introduction to the industry.
In an interview with FIN, Del Santo said the consolidation movement will mean the industry will be seeing more of DDI.
recently completed its bank refinancing, converting the company’s approximately 5 million of bank and institutional debt to million of secured debt, with approximately million of debt extinguished.
The company’s senior lenders have extended a new million revolving credit facility to the company as part of a three-year commitment. Barnett, CEO, said “Our banks have provided consistent and extraordinary support from the beginning, not only as evidenced by their willingness to retire a substantial amount of debt but by investing a fresh million in the form of a new revolving credit agreement.” Web: ©2002/2012 Fastener Industry News 2003 FIN – Distribution Dynamics Names Polimeni CEO October 1, 2003 FIN – Distribution Dynamics Inc. Previously Polimeni was chairman and CEO of Questron Technology Inc.
“I think they will be impressed with our depth and breadth.” He cited the major OEM customer and “our nice mix of skills in product knowledge, customer service, finance and wholesale distribution” as key reasons to join DDI.“We didn’t create the market environment,” Del Santo said.He knows the situation from his more than 20 years of experience in the office products and specialty foods industries. “There is a special dynamic in the fastener industry today” Del Santo explained.Distribution Dynamics is not looking for retirees or turnaround situations. Employees will like Distribution Dynamics because of “our deep set of values and our constantly trying to make it a better opportunity to work and advance,” Kerester said.The Future OEM’s are DDI’s future, the executives say.