Chicago Rivet & Machine Co. filed SEC Form 8-K: Regulation FD Disclosure
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Item 7.01Regulation FD Disclosure.
Chicago Rivet and Machine Co. (the “Company”), headquartered in Naperville, Illinois, has announced the closure of its manufacturing facility in Albia, Iowa, which is expected to occur on or before October 1, 2024. The closure will impact all 19 full and part-time employees. The Albia facility has supplied tooling for the Company’s full line of mechanical, hydraulic and pneumatic riveting machines serving both existing customers who own machines and customers purchasing new machines manufactured in the Company’s Tyrone, Pennsylvania. manufacturing facility.
After careful consideration, the Company’s Board of Directors determined that it is in the Company’s best interest to consolidate the operations of the Albia facility into the Tyrone facility. The strategic consolidation is seen as a step to streamline processes, improve delivery, reduce costs and add value for the Company’s customers, shareholders and stakeholders.
The Company anticipates incurring certain costs relating to one-time termination benefits and other costs associated with the closing and disposal of the facility and relocation of equipment, but these costs are not considered to be material to the Company’s business.
The Company wishes to thank all of the current and past employees, family members and community members in Albia who have contributed significantly to the Company’s success over many years.
This Current Report on Form 8-K contains certain “forward-looking statements” that are inherently subject to risks and uncertainties that may cause actual events to differ materially from those discussed herein. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan" and similar expressions, are based on the beliefs and assumptions of management based on information available to the Company at the time such statements are made. Factors that may could cause the Company’s actual results to differ from these forward-looking statements include, among other things, higher than anticipated costs associated with or delays in the closure of the Albia manufacturing facility, the Company’s ability to effectively consolidate Albia’s operations into its Tyrone facility, and the other applicable risks and factors disclosed under “Risk Factors” in the Company’s Annual Report on Form 10-K and in the other filings the Company makes with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to control or predict. The Company cautions that undue reliance should not be placed on forward-looking statements, which speak only as of the date made.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CHICAGO RIVET & MACHINE CO. |
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By: /s/ Gregory D. Rizzo |
Date: July 1, 2024 |
Gregory D. Rizzo |
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Chief Executive Officer |