Federal Screw Works Reduces Capital Expenditures
September 28
00:00
2001
Federal Screw Works Reduces Capital Expenditures
John Wolz
Federal Screw Works projects capital expenditures for additional equipment will be about $6.3 million for the year ending June 30, 2002. It is the lowest total in the past three years.
In a SEC report, the Detroit-based fastener manufacturer said that it plans to fund the expenditures with proceeds from operations and bank credit agreement borrowing.
Capital expenditures for fiscal 2001 were $12.4 million, primarily for purchasing equipment and expanding facilities to for production efficiency and increased capacity.
Capital expenditures in fiscal 2000 were $10 million, and $7.8 million for fiscal 1999, according to the filing. �2001 FastenerNews.com
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