9/7/2012 1:57:00 AM
NEWS BRIEFS
ITW Shuttering Facility in Connecticut
ITW Waterbury Buckle and two related companies in Waterbury, CT, will close by the end of the year, according to officials from Illinois Tool Works Inc.
ITW’s facility at 952 South Main St. also houses the ITW Plastiglide and ITW Military Products units, which collectively employ 21 people, the Republican American reports.
“The Waterbury Buckle facility …. in Waterbury, Conn., will cease operations by the end of the year,” ITW corporate communications manager Alison Donnelly said. “The company will be moving core product production to other plants with similar capabilities within the U.S.”
ITW will retain ownership of the four-story, 140,950 sq ft building that sits on 5.4 acres in an industrial zone. The building was last appraised at $1.7 million, according to the Republican American.
Founded in 1853, the Waterbury Buckle Co. was acquired by ITW in 1988. The company makes metal and plastic buckles, clasps, clips, hooks, loops, slides, tips and rings.
The facility closing comes five months after CEO David Speer indicated that ITW “is pursuing the consolidation of its more than 800 separate business units into larger operations with roughly $100 million in annual revenue.”
“Speer hinted that the consolidation could reduce the number of standalone businesses by as much as 60 percent in the coming years.”
In the opening six months of 2012 ITW revenue grew 3.5% to $9.2 billion, with operating income improving 7.7% to $1.47 billion. ©2012 GlobalFastenerNews.com
Related Links:
• ITW
Share: