CHICAGO RIVET & MACHINE CO. PURCHASES TOWNSEND AUTOMATION FROM TEXTRON INC.
NAPERVILLE, Ill., May 7 /PRNewswire/ -- Chicago Rivet & Machine Co. (AMEX: CVR) today announced that it has acquired, for cash, certain operating assets of Townsend Automation from Textron Inc. (NYSE: TXT). Chicago Rivet will transfer manufacturing operations from Townsend Automation's current location in Braintree, Mass., to Chicago Rivet's existing facilities in Tyrone, Pa., and Albia, Iowa. Chicago Rivet will maintain a sales and engineering office in Braintree. Townsend Automation was principally engaged in the manufacture of customized fastener installation and automated assembly equipment, standard rivet setting equipment, lacing hooks and cold-headed studs. Chicago Rivet, headquartered in Naperville, Ill., is principally a manufacturer of tubular rivets, cold-headed fasteners and automatic rivet setting machines. Textron Inc. is a multi-industry company with operations focused in three business sectors -- Aerospace Technology, Commercial Products and Financial Services. -0- 5/7/93 /CONTACT: John C. Osterman of Chicago Rivet, 708-357-8500/ (CVR TXT)
CO: Chicago Rivet & Machine Co.; Townsend Automation ST: Illinois IN: SU: TNM
SH -- NY058 -- 6035 05/07/93 14:41 EDT
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|Date:||May 7, 1993|
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