UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 30, 2006
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Chicago Rivet & Machine Co.
(Exact name of registrant as specified in its charter)
Illinois 0-1227 36-0904920
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
901 Frontenac Road, Naperville, Illinois 60563
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (630) 357-8500
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.05. Costs Associated With Exit or Disposal Activities
On May 30, 2006 the Board of Directors of Chicago Rivet & Machine Co. determined
that the Company would close its fastener operation in Jefferson, Iowa and
transfer production activities to its facility in Tyrone, Pennsylvania. The
Jefferson, Iowa facility had been operating below capacity, and the Company
determined to close the facility as part of its cost savings efforts. While the
exact timing is unknown at this time, it is expected that the transfer will be
complete by December 31, 2006.
The Company anticipates one-time termination benefits in connection with the
closing will amount to approximately $400,000. The Company does not anticipate
that it will record a material charge related to asset impairment as a result of
this closing. Additional costs associated with the relocation of equipment and
closing and disposal of the facility are anticipated, but the amount of such
costs are unknown at this time.
This report contains certain "forward-looking statements" which are inherently
subject to risks and uncertainties that may cause actual events to differ
materially from those discussed herein. Factors which may cause such differences
in events include, those disclosed under "Risk Factors" in our Annual Report on
Form 10-K and in the other filings we make with the United States Securities and
Exchange Commission. These factors, include among other things: conditions in
the domestic automotive industry, upon which we rely for sales revenue, the
intense competition in our markets, the concentration of our sales to two major
customers, the price and availability of raw materials, labor relations issues,
losses related to product liability, warranty and recall claims, costs relating
to environmental laws and regulations, the loss of the services of our key
employees and difficulties in achieving expected costs savings. Many of these
factors are beyond our ability to control or predict. Readers are cautioned not
to place undue reliance on these forward-looking statements. We undertake no
obligation to publish revised forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CHICAGO RIVET & MACHINE CO.
/s/ Michael J. Bourg
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Date: May 31, 2006 By: Michael J. Bourg
Its: President and Treasurer