Insteel Industries Inc. announced its decision to close the manufacturing facility located in Warren, Ohio. This facility was recently acquired as part of Insteel's purchase of Engineered Wire Products, Inc., and its operations will be consolidated into the company's existing welded wire reinforcement production facilities.
The company anticipates that operations at the Warren facility will cease by the end of November 2024. This consolidation is expected to result in the elimination of up to 35 positions at the Warren site, reflecting a streamlining of operations.
Insteel expects to incur a restructuring charge of approximately $1.9 million related to the facility's closure. H.O. Woltz III, President and CEO, stated that this action is essential for reducing operating costs and strengthening the company's competitive position, citing low capacity utilization levels at the Warren facility.
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