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SPS Closes Fastener Factory

September 26
00:00 2002
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SPS Closes Fastener Factory

Jason Sandefur

SPS Technologies Inc. announced it will close two manufacturing plants, including an automobile & industrial fastener factory; reduce international distribution of UNBRAKO fasteners; and eliminate 360 jobs worldwide in efforts to cut costs. The move comes in response to declining business in the aerospace and engineered fasteners & components markets, SPS stated in a press release. As a result, the company anticipates annual savings of $15.5 million.
SPS treasurer Margaret Zminda told FIN that both plants slated for closure are located in England. Likewise, SPS will close an UNBRAKO warehouse in Mexico and a licensed UNBRAKO manufacturer in India.
SPS expects to post a third quarter loss on charges of about $11 million in restructuring costs.
Jenkintown, PA-based SPS manufactures specialty fasteners, precision components and metalworking tools for industrial applications. Tel: 215 517-2000 Web: spstech.com �2002 FastenerNews.com

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