US fasteners manufacturer Fairchild is to spin off its non-aerospace businesses in 1998 after completing a $140 million stock-offering and debt-refinancing package. The restructured company will consist of manufacturer Fairchild Fasteners and its 64%-owned subsidiary, Banner Aerospace, which distributes fasteners and other aerospace parts. Aerospace accounts for more than 90% of Fairchild's annual sales of around $740 million, and the group says that each large airliner carries some $1 million-worth of its fasteners.

Source: Flight International