Insteel (IIIN) Industries announced that it will be closing its facility in Warren, Ohio, and moving the manufacturing to the Company’s remaining welded wire reinforcement production facilities. The Warren facility was acquired as part of Insteel’s recent purchase of Engineered Wire Products, Inc. The consolidation of the Company’s welded wire manufacturing operations is expected to result in the elimination of up to 35 positions at the Warren facility. It is anticipated that operations at the Warren facility will cease by the end of November 2024. Insteel expects to incur a restructuring charge of approximately $1.9 million related to the facility’s closure.
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on IIIN:
- Insteel unit acquires welded wire reinforcement firm EWP for $70M
- Insteel Industries Expands with Key Acquisition
- Morning Movers: TSMC surges and Elevance Health sinks after quarterly results
- Insteel reports Q4 EPS 24c vs. 29c last year
- IIIN Earnings Report this Week: Is It a Buy, Ahead of Earnings?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
