3/25/2009
NEWS BRIEFS
Chicago Rivet Revenue Declines
Chicago Rivet & Machine Co. reported sales dropped 24% to $28.5 million during 2008.
For the year the Naperville, IL-based fastener maker realized a loss of $1.25 million before taxes, and a net loss of $825,482.The outcome had been widely anticipated.
“With the possibility of a recession that would likely affect all the markets we serve, we expect customers will continue to demand higher quality and lower prices as their operations cope with a difficult economic environment,” the company stated at the beginning of 2008. “Our ability to increase revenues while diversifying our customer base will be significant factors determining our future success.”
Chicago Rivet produces rivets, rivet-setting machines, parts and tooling for the automotive and appliance industries. The company relies primarily on independent sales representatives.
Chicago Rivet has fastener operations in Naperville, IL; Madison Heights, MI; and Tyrone, PA.
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