Chicago Rivet to Close Jefferson, IA, Plant
June 29
00:00
2006
Chicago Rivet to Close Jefferson, IA, Plant
Jason Sandefur
Chicago Rivet & Machine Co. will close its fastener facility in Jefferson, IA, which has been operating below capacity, the company stated in a Securities and Exchange Commission filing. The move is part of the company”s effort to cut costs.
Chicago Rivet intends to transfer production to its plant in Tyrone, PA, by the end of 2006.
The company anticipates one-time termination benefits of about $400,000 connected with the closing.
Chicago Rivet called 2005 “one of the more difficult years in the company”s history,” with fastener profit plummeting 93.7% to $180,156 despite a 4.5% rise in revenue to $33.95 million. Overall revenue gained 1.3% to $39.76 million. \ �2006
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