INSTEEL INDUSTRIES TO EXPAND TENNESSEE PLANT
INSTEEL INDUSTRIES TO EXPAND TENNESSEE PLANT MOUNT AIRY, N.C., March 27 /PRNewswire/ -- Insteel Industries Inc.
(AMEX: III), one of the nation's largest wire products manufacturers, today announced that it plans to expand its Gallatin, Tenn., plant to accommodate the relocation of galvanized fencing operations currently performed in the company's West Memphis, Ark., facility.
Construction of a 145,000-square-foot addition will begin at the Tennessee plant immediately, and the relocation is expected to be completed by the early part of 1993. During this period, operations will be gradually phased out at the Arkansas plant. "This relocation," said Howard O. Woltz Jr., chairman, "is required because of facility constraints at our West Memphis plant. The addition of fencing to the Tennessee plant product line will allow us to better utilize management resources and to reduce overhead. It is a logical move in that the infrastructure to support the relocated operations already exists at the Tennessee plant." Seventy-eight employees will be affected by the relocation. The company is offering a relocation plan for those eligible employees who wish to move, and a severance plan as well. Non-recurring costs related to the relocation are not expected to have a material impact on Insteel Industries' earnings, Woltz said. Insteel Industries Inc. produces welded wire reinforcement, industrial wire, galvanized fencing products, nails, specialty wire fabrics, and Insteel 3-D(TM) building panels. -0- 3/27/92 /CONTACT: Howard O. Woltz Jr., chairman of Insteel Industries, 919-786-2141/ (III) CO: Insteel Industries Inc. ST: North Carolina, Tennessee, Arkansas IN: MNG SU:
GK-OS -- NY017 -- 2281 03/27/92 10:04 EST
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|Date:||Mar 27, 1992|
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