Jason Sandefur

A week after de-listing its common stock, Federal Screw Works announced the April 30, 2005, closure of its fastener manufacturing facility in Chelsea, MI. The closure of the 1917 facility will eliminate 37 jobs and cost the company an estimated restructuring charge of $2.8 million.
According to Federal Screw’s fiscal 2004 annual report, the Chelsea location is an 86,000 sq ft facility that primarily makes piston pins, bushings, fittings, special fasteners, valve components, sleeves, shafts and gear blanks for OEMs.
On March 2, Federal Screw de-listed its stock, citing overwhelming regulation costs and the inability to pass on steel hikes to its customers.\ �2005 FastenerNews.com