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U.S. Cardinal Fastener Filed for Bankruptcy Protection

2011-07-04

The Cleveland-based bolt manufacturer Cardinal Fastener has filed for bankruptcy protection at the court according to U.S. Bankruptcy Code Chapter 11 and halted operations. It was a supplier to U.S. and European wind turbine industry. President John Grabner said, due to the impasse in the negotiation with its primary capital lender, the action to file for bankruptcy is necessary. Before that, it continued to see growing profits and revenue. Facing the problem of excessive supply in Europe and the Chinese products kept being subsidized by Chinese government, U.S. products continue to loose its competitiveness. Vie President Jeff Grabner said as well, last week Cardinal lose the opportunities to cooperate with European part suppliers and has reduces its workforce demand to 50 from 65 one year ago. In order to figure out a solution for U.S. suppliers to find a way out, Great Lakes Wind Network (GLWN) will call a national conference on 7-13-14.