Photo Release -- Xerium Breaks Ground on New State-of-the-Art Press Felt Plant in China
February 19 2014 - 9:00AM
Xerium Technologies, Inc. (NYSE:XRM), a leading global provider of
industrial consumable products and services, held a
groundbreaking ceremony yesterday for its new state-of-the-art
press felt manufacturing facility in Kunshan, Jiangsu Province,
China.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=23673
The new plant will solidify the company's current and future
capacity to address the growing Asian market for premium press felt
product technology. With an initial investment of approximately $35
to $40 million, the facility will employ the industry's most
advanced press felt manufacturing technology capable of supplying
Xerium's leading press felt product portfolio, such as Impact,
Flomaxx and Strata series. Once operational, the project is
expected to generate about 100 new jobs.
Xerium is building the facility in the Bacheng Industry Zone,
one of Kunshan's largest industrial zones, about 60 km west of
Shanghai. Building construction is expected to be completed in
early 2015, with production expected to start mid 2015.
"We chose Kunshan because of its proximity to the markets these
products will serve as well as its pool of educated workers, the
availability of qualified subcontractors, and the exceptional work
ethic of the area's people," said Mr. Harold Bevis, President and
CEO of Xerium. "We are grateful for the efforts of all who have
supported this project, and we look forward to being part of this
community for the long term."
About Xerium Technologies
Xerium Technologies, Inc. (NYSE:XRM) is a leading global
provider of industrial consumable products and services. Xerium
utilizes a broad portfolio of patented and proprietary technologies
to provide customers with tailored solutions and products integral
to production, all designed to optimize performance and reduce
operational costs. With 28 manufacturing facilities in 12 countries
around the world, Xerium has approximately 3,200 employees.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. The
words "believe," "estimate," "expect," "intend," "anticipate,"
"goals," variations of such words, and similar expressions identify
forward-looking statements, but their absence does not mean that
the statement is not forward-looking. Forward-looking statements
involve risks and uncertainties, both known and unknown, that may
cause actual results to differ materially from those indicated.
These risks and uncertainties include the following items: (1) our
plans to build a new facility in China may not materialize, may
cost more or may be delayed longer than we anticipate; (2) once
operational, the facility may not provide the benefits we expect;
and (3) the other risks and uncertainties discussed elsewhere in
this press release, our Form 10-K for the year ended December 31,
2012, our Form 10-Qs for the quarters ended March 31, 2013, June
30, 2013 and September 30, 2013 and our
other SEC filings. If any of these risks or uncertainties
materialize, or if our underlying assumptions prove to be
incorrect, actual results may vary significantly from what we
projected. Any forward-looking statement in this press release
reflects our current views with respect to future events. Except as
required by law, we assume no obligation to publicly update or
revise these forward-looking statements for any reason, whether as
a result of new information, future events, or otherwise. Copies of
our SEC filings are available from the SEC and
in the investor relations section of our website at
www.xerium.com.
The photo is also available at Newscom, www.newscom.com, and via
AP PhotoExpress.
CONTACT: Phillip B. Kennedy
Investor Relations
919-526-1444
IR@xerium.com
Xerium (NYSE:XRM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Xerium (NYSE:XRM)
Historical Stock Chart
From Apr 2023 to Apr 2024