Unique Fabricating to close Fort Smith, Arkansas manufacturing facility
Unique Fabricating announced it will close its manufacturing facility in Fort Smith, Arkansas to further streamline the company's operations, improve efficiency and better position its production assets geographically to support growth. The company expects to close its Fort Smith manufacturing facility in June 2018 and plans to transfer scheduled production to the company's other existing manufacturing facilities, including plants located in Evansville, IN and Monterrey, MX. The decision will impact approximately 20 employees. Unique Fabricating has committed to providing severance and transition assistance to all affected employees. In connection with this closure, the company expects to incur charges of approximately $150,000 - $250,000 related to severance costs and approximately $400,000 - $500,000 related to equipment relocation, and other closing considerations. The cost savings to be realized as a result of the closure are expected to be approximately $600,000 - $700,000 annually. The Company will provide an update to investors during their fourth quarter and year-end 2017 earnings conference call. Following the closure, the company expects to market the facility, which currently has a net book value of approximately $700,000, for sale.