Clarkesville's Scovill Fasteners sold

LOS ANGELES - The Gores Group, a leading Los Angeles&#8208;based investment firm, is selling Scovill Fasteners to Morito, a global supplier of apparel fasteners, components for automobiles and cameras and other niche manufactured products. Founded in 1908, Morito is based in Osaka, Japan. The transaction is expected to close by the end of October.<br /> <br /> Scovill, founded in 1802 and based in Clarkesville, is a manufacturer of apparel fasteners and specialty fasteners serving customers globally in end-markets including apparel, medical, military, and sporting goods. <br /> <br /> The Gores Group acquired Scovill in June 2011. <br /> <br /> "I am excited that we are entering into this relationship with Morito, and I believe this recognizes the significant progress made and value created by our company. This begins the next chapter for our organization," said Craig Stoudt, CEO of Scovill. "I am extremely proud of what our organization has accomplished, which is a direct result of the hard work, dedication, and commitment of our management team and all of Scovill's employees worldwide. As we move forward, the only key change we expect to see is an improved capability to serve our customers. We will have greater resources available to further accelerate growth opportunities, which in turn will benefit our employees, customers, suppliers, and other key stakeholders."<br /> <br />

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