Hardide PLC Major investment in new production facility in US (8056C)
22 Gennaio 2015 - 8:00AM
UK Regulatory
TIDMHDD
RNS Number : 8056C
Hardide PLC
22 January 2015
22 January 2015
Hardide plc
("Hardide" or "the Group" or "the Company")
Major investment in new production facility in North America
Hardide plc (AIM: HDD), the provider of advanced surface coating
technology, announces that it is to open a production facility in
Virginia, USA.
The Company has signed a lease on a 26,000 square foot building
in Martinsville, Henry County from where the Group will produce and
supply its range of specialist Hardide coatings to the North
American oil and gas, aerospace, flow control and advanced
engineering markets.
The total cost of the investment will be circa US$7m (GBP4.5m),
spread over three years, and will be funded from the Group's own
resources, in line with the announcement in August 2014 of the
successful equity placement, together with grant funding and other
incentives of potentially circa $1.5m (GBP1.0m) from the
Commonwealth of Virginia and Henry County. Production is expected
to begin in the fourth quarter of 2015, with an objective to create
29 jobs over the next three years. Fit-out of the building and
local recruitment is already underway.
The new facility is located within an Enterprise Zone in a state
where more than 230 aerospace companies, the Commonwealth Center
for Advanced Manufacturing and two Rolls-Royce facilities are
based. It will house new and bespoke chemical vapour deposition
(CVD) coating reactors as well as the latest pre-treatment,
inspection, quality assurance and finishing equipment.
Philip Kirkham, CEO of Hardide plc said: "Demand from customers
in North America is developing well and a local manufacturing
capability will increase the volume of business that is available
to us. This move is consistent with our previously announced
strategy of investing in capacity in the UK and US and will provide
a strong platform for developing additional business with our
existing customers as well as the diversification of our customer
base.
"Martinsville, Virginia was chosen after a long and detailed
evaluation of numerous locations in different states and we believe
it makes a compelling economic and business case. It is a community
that supports and encourages advanced manufacturing and will
provide us with an environment from which we can grow our existing
and projected customer base in North America."
Maurice Jones, Virginia Secretary of Commerce and Trade said:
"Hardide Coatings is a growing global company, and this significant
investment to expand its manufacturing presence to serve worldwide
customers is a great testament to the strong workforce and
infrastructure in place in Martinsville-Henry County and the
Commonwealth as a whole."
For further information:
Hardide plc
Philip Kirkham, CEO Tel: +44 (0) 1869 353 830
Jackie Robinson, Communications www.hardide.com
Manager
finnCap
Stuart Andrews / Grant Bergman Tel: +44 (0)20 7220 0500
www.finncap.com
Newgate Communications Tel: +44 207 653 9850
Adam Lloyd / Helena Bogle www.newgatethreadneedle.com
Notes to editors:
Hardide develops, manufactures and applies advanced technology
tungsten-carbide coatings to a wide range of engineering
components. Its patented technology is unique in combining in one
material a mix of toughness and resistance to abrasion, erosion and
corrosion; together with the ability to coat accurately interior
surfaces and complex geometries. The material is proven to offer
dramatic improvements in component life, particularly when applied
to components that operate in very aggressive environments. This
results in cost savings through reduced downtime and increased
operational efficiency. Customers include leading companies
operating in oil and gas exploration and production, valve and pump
manufacturing, nuclear, advanced engineering and aerospace
industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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