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Subsequent Event
6 Months Ended
Jun. 30, 2024
Notes  
Subsequent Event

8.  Subsequent Event – On July 1, 2024, the Company announced that it intends to close its manufacturing facility in Albia, Iowa on or before October 1, 2024. The closure will impact all 19 full and part-time employees at this facility. 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.