INSTEEL INDUSTRIES INC (IIIN): restructuring charge — Insteel Industries to close Warren, OH facility, cut 35 jobs, take $1.9M charge

INSTEEL INDUSTRIES INC

Closing Warren, Ohio facility acquired via Engineered Wire Products purchase; moving manufacturing to other welded wire reinforcement plants.
Up to 35 positions eliminated; operations expected to cease by end of November 2024.
Restructuring charge of ~$1.9M includes $0.6M equipment relocation, $0.2M employee separation, $0.5M asset impairment, $0.6M other costs.
Cash expenditures for charge expected in first quarter of fiscal 2024 and remainder of the fiscal year (per filing).

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

INSTEEL INDUSTRIES INC announced a restructuring with charges of approximately $1.9 million affecting Warren, Ohio facility (up to 35 positions).

Type: restructuring
Charge: approximately $1.9 million
Affected area: Warren, Ohio facility
Headcount: up to 35 positions

Exact text from the filing

Insteel expects to incur a restructuring charge of approximately $1.9 million related to the facility's closure.

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INSTEEL INDUSTRIES INC filing history →

Source: SEC EDGAR

accession 0001437749-24-035612

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