Item 2.05. Costs Associated with Exit or Disposal Activities.
The information set forth under Item 8.01 below is hereby incorporated into this Item 2.05 by reference.
Item 8.01. Other Events.
On
Under the terms of the purchase agreement, Insteel acquired, among other assets,
STM's accounts receivable, inventories, production equipment and facility
located in
Insteel plans to close the
The consolidation of facilities is expected to result in the elimination of up
to 42 positions at the
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. When used in this Current Report, the words "believes,"
"anticipates," "expects," "estimates," "appears," "plans," "intends," "may,"
"should," "could" and similar expressions are intended to identify
forward-looking statements. Although we believe that our plans, intentions and
expectations reflected in or suggested by such forward-looking statements are
reasonable, they are subject to a number of risks and uncertainties, and we can
provide no assurances that such plans, intentions or expectations will be
implemented or achieved. Many of these risks and uncertainties are discussed in
detail and are updated from time to time in our filings with the
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All forward-looking statements speak only to the respective dates on which such statements are made and we do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.
It is not possible to anticipate and list all risks and uncertainties that may
affect our future operations or financial performance; however, they include,
but are not limited to, the following: potential difficulties that may be
encountered in integrating the assets purchased in the Acquisition into our
existing business, consolidating our PC strand facilities and realizing the
anticipated synergies in connection with the Acquisition; competitive and
customer responses to our expanded PC strand business; general economic and
competitive conditions in the markets in which we operate; changes in the
spending levels for nonresidential and residential construction and the impact
on demand for our products; changes in the amount and duration of transportation
funding provided by federal, state and local governments and the impact on
spending for infrastructure construction and demand for our products; the
cyclical nature of the steel and building material industries; credit market
conditions and the relative availability of financing for us, our customers and
the construction industry as a whole; fluctuations in the cost and availability
of our primary raw material, hot-rolled steel wire rod, from domestic and
foreign suppliers; competitive pricing pressures and our ability to raise
selling prices in order to recover increases in raw material or operating costs;
changes in
--------------------------------------------------------------------------------
Item 9.01. Financial Statements and Exhibits
(d) Exhibits Exhibit 99.1 News Release datedMarch 17, 2020 announcing the Acquisition.
--------------------------------------------------------------------------------
© Edgar Online, source