Chicago Rivet & Machine Co. (NYSEAMER:CVR) disclosed today that it will be closing its Albia, Iowa, manufacturing facility by October 1, 2024. The decision, affecting all 19 full and part-time employees, comes as the company aims to consolidate operations into its Tyrone, Pennsylvania facility.
The Albia site has been instrumental in supplying tooling for Chicago Rivet & Machine's range of riveting machines, catering to both existing and new customers. The company's Board of Directors sees the consolidation as an opportunity to streamline processes, improve delivery, and reduce costs, ultimately adding value for customers, shareholders, and stakeholders.
While the closure will incur one-time termination benefits and other associated costs, the company does not expect these expenses to materially impact its business. Chicago Rivet & Machine extends its gratitude to the Albia employees, their families, and the community for their significant contributions over the years.
The company's forward-looking statements regarding the facility closure are subject to risks and uncertainties that could cause actual results to differ. These include potential higher costs or delays in the closure process and the ability to effectively merge Albia's operations into the Tyrone facility. Chicago Rivet & Machine advises against placing undue reliance on these forward-looking statements, which reflect the company's views as of today.
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