Chicago Rivet & Machine Co (NYSE: CVR)

Chicago Rivet & Machine Co. designs, manufactures, and sells industrial fasteners and assembly equipment primarily for the North American automotive sector. The company specializes in producing rivets, cold-formed fasteners, screw-machine products, and automatic rivet-setting machines, serving as a key supplier to automotive manufacturers and their component suppliers.

Revenue is generated through the sale of fasteners and assembly equipment, with pricing determined by product specifications, order volumes, and service agreements. The company also earns income from the distribution of related parts, components, and tools used in its assembly machinery. Sales are conducted through a combination of in-house employees and independent sales representatives, targeting customers involved in automotive production and related industrial applications.

The company operates through the following segments:

• Fastener: This segment manufactures and sells rivets, cold-formed fasteners, components, and screw-machine products. It includes operations from the wholly owned subsidiary, H&L Tool Company Inc., and serves as a critical supplier of fastening solutions to automotive manufacturers and their tiered suppliers.

• Assembly Equipment: This segment focuses on the production of automatic rivet-setting machines, along with associated parts, components, and tools. These machines are used in high-volume manufacturing environments, particularly within the automotive industry, to enhance assembly efficiency and precision.

Chicago Rivet & Machine Co. competes in a fragmented industry characterized by numerous manufacturers of varying sizes, including divisions of large, diversified corporations. The company does not hold a dominant market position, but it differentiates itself through competitive pricing, product quality, and customer service. Key competitors include both specialized fastener manufacturers and broader industrial suppliers with greater financial resources. The absence of a single dominant player in the industry allows the company to maintain its market presence through ongoing product improvement and operational efficiency.

The company’s customer base is heavily concentrated in the automotive industry, with a significant portion of revenue derived from direct and indirect suppliers to automobile manufacturers. In 2025, the top three customers accounted for a substantial share of consolidated revenues. TI Group Automotive Systems, LLC represented 19% of sales, Martinrea International Inc. contributed 10%, and Cooper-Standard Holdings, Inc. accounted for 5%. Foreign customers also play a notable role, comprising 25% of total sales in 2025, up from 19% in the prior year.