Insteel Reports Fire At Gallatin Manufacturing Plant

(RTTNews) - Insteel Industries, Inc. (IIIN) said Friday that a fire occurred at its Gallatin, Tennessee prestressed concrete strand manufacturing facility on January 21.

There were no injuries reported and damage was limited to a portion of the facility.

The company noted that it maintains insurance which is expected to cover most of the cost to repair the fire damage. The completion date for the repairs has not yet been determined.

Insteel said it plans to curtail operations at the Gallatin facility on an interim basis until the necessary repairs are completed and shift a portion of the production to its other PC strand manufacturing facility located in Sanderson, Florida, which was operating at a reduced utilization level.

While the reduced operating levels at the Gallatin facility could adversely affect Insteel's financial results for the second and third quarters of fiscal 2014, the company said it does not currently anticipate the incident will have a material operational or financial impact.