22nd Jan 2015 09:22
LONDON (Alliance News) - Surface coating technology provider Hardide PLC on Thursday said it has signed a deal to open a new production facility in the US in Virginia.
Hardide said it has signed a lease on a 26,000 square foot building in Martinsville where it will handle the production and supply of its coatings for the US oil and gas, aerospace, flow control and advanced engineering markets.
The company said it will invest USD7 million in the centre, spread over three years, and will fund the investment via its existing cash resources. It also will receive a grant of around USD1.5 million from local authorities in Virginia. It expects production to start at the site in the fourth quarter.
"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," Hardide Chief Executive Officer Philip Kirkham said.
Hardide shares were up 3.9% to 1.35 pence early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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