Insight

The technologies we have acquired fit into our existing offering and can be picked up and worked on by the highly skilled people we have within the Group.” Ola Ringdahl joined Nord-Lock Group as CEO in 2013 having previously not worked in the fastener industry. “I have been part of all kinds of industries from health care and pharmaceutical to telecoms and agriculture sectors, I am not technically a ‘fastener person’. However, as CEO it is my responsibility to make sure as a Group we are always performing and developing,” explains Ola. “The key fastener experts are the sales engineers, application engineers, and manufacturing specialists, who are based in over 25 countries around the world supporting close to 30 subsidiaries.”

Since joining Nord-Lock Ola is clear that one of the key developments has been the growth of the business – including the expansion from a two technology group to a multi-technology group. “The technologies we have acquired fit into our existing offering and can be picked up and worked on by the highly skilled people we have within the Group. There were clear positive sales synergies of adding the new technologies and we now have customers that not only have one or two but three or four of our technologies all being used on the same project – I find that pretty exciting. Maybe I am slowly becoming a ‘fastener person’ after all,” laughs Ola.

Another important factor in Nord-Lock’s growth over recent years has been its expansion into more geographic markets. “We have focused on sales growth across all four technologies and across all markets. Thanks to this policy we have seen all our product technologies show growth, which is very positive. Some of them are still relatively new to our family, which is a short time to evaluate, but it is definitely a case of so far so very good.”

Over the last 3 – 4 years there has also been a big change in the markets Nord-Lock supplies. “Even in my short time at the company there has been a real shift in the markets. When I joined it was really the oil and gas, and mining industries that were booming. However, since then they have both gone through difficulties. Thanks to the wide appeal of the Nord-Lock range, and the quality and adaptability of our products, we have seen other industries grow. For instance, we are very active in the power generation industry. We have seen a tremendous growth in the wind sector, as well as many other power generation segments. The growth in railway also continues to be very exciting.”

Ola continues: “Geographically, in terms of percentage, the strongest growth is in Asia, which is becoming more and more important to us. We have existed for a longer time in Europe, as that is where we started, and we have established good growth in Europe, but an amazing growth in Asia. We also have strong growth in North America.”

 

From a Nord-Lock washer as small as 3mm to Superbolt tensioners weighing 900kg, the Group has a very wide span of products that can be used anywhere and everywhere – from white goods to nuclear plants. “That is why everybody can and should buy more,” says Ola with a smile. “The world would be a much safer place if they did.”

Across all its technologies, Nord-Lock is passionate about quality and ensuring it is supplying the products its customers need. “We have six manufacturing plants where we spend a lot of time guaranteeing quality and ensuring that every product is perfect. We do this through endless testing, as well as rigorous procedures when it comes to production and quality. That is why we now promise a lifetime warranty across our technologies. The warranty clearly demonstrates our confidence in the products we supply.”

“We don’t produce all products in all factories, instead factories are specialised. We have at least two production lines but preferably aim for two factories producing each of our technologies, which enables us to have a safe and quick supply. In addition to the quality of the products, we are also able to offer very strong delivery capabilities. We want to make sure we are the fastest and most accurate partner to all our customers. We can work in symbiosis with our partners and look to create very intimate relationships with both trade and end users. We feel that when they succeed we succeed.”

The split between Nord-Lock’s customer base is dependent on the technology. Nord-Lock washers are sold through distribution partners – who are the interface with the end user and are very important to Nord-Lock. “We work in cooperation with our distribution partners and often interact directly with their customers, if required, to ensure we provide the right solution for specific applications.”

For the more customised products such as Superbolt and Expander, Nord-Lock can either work through distributors, through engineering companies or their partners; as well as direct with the end user. “The Superbolt and Expander ranges are more engineering focused products, so they sometimes require a closer relationship,” Ola points out. “Often we find clients that have a problem with a certain application and they come to us with a challenge and we collaborate to find a solution.” Providing a complete service is also becoming vital. “We are working with the biggest companies in the world, solving their most demanding bolting challenges. Every year they are requiring more and more documentation, which is today’s world. We see this as a good development because if you are a strong company, as we are at Nord-Lock, you are able to meet these requirements.”

Another important service is the global availability of the products and service support. “Our customers don’t have borders, they have operations around the world and it is vital that you are able to offer the same service wherever it is needed. At Nord-Lock we have our own people in most countries, whether it be in the USA, across Asia or throughout Europe. This means that we can offer the support wherever it is needed. If something is designed in Europe and then manufactured in Asia, we can offer support in both areas. We can ensure that what is agreed in the design is implemented in the production. That is quite unique in this industry.”

Innovation lies at the heart of Nord-Lock, and for each of its technologies and acquired technologies it was the original inventor. “We are very proud of that heritage and we aim to keep that lifelong relationship with the founders of each technology. The success of the Nord-Lock Group is built on innovation – our technologies are patented. We spend a lot of resources on research and development as we want to ensure that we stay ahead of the rest.

That is what gives us knowledge leadership and the brand of being innovators in the industry, as well has having premium products – both in terms of innovation level and quality.” “Innovation is important because it shows that we are at the forefront. It also shows to our existing and potential future employees that Nord-Lock Group is an exciting employer. I want people to line up to apply for a job. That is how you get excellent people to join a business and through that you give excellent advice to customers, you get excellent sales performance and excellent quality from your factory.”

Nord-Lock Group is currently working on an exciting digital agenda that involves key areas of the business – which will impact how Nord-Lock reaches new customers and communicates with existing customers. “It is influencing our processes and how we analyse potential partnerships, as well as how we document quality and traceability.

We are investing heavily in the digital transformation of the Group and we have resources to do that. It is important to get the internal transformation correct and get the employees to join in the journey. It is only by fully embracing the digital transformation that you can transform the way you work.”

“What is clear is that Nord-Lock Group is turning into a high-tech company. Whether it is innovation, the application know-how, or the speed of design and delivery. We have been working with customers for 35 years, and I still think there is a lot of new markets for us to target with our ‘secure bolting solutions’.”