Xerium Asia Pacific Qualified to do Business as a Regional Operation Center in the China Pilot Free Trade Zone
April 07 2015 - 4:20PM
Business Wire
Xerium Technologies, Inc. (NYSE:XRM), a leading global provider
of industrial consumable products and services announced that it’s
100% owned subsidiary Xerium Asia Pacific (Shanghai) Limited
(“Xerium Asia Pacific”) recently qualified to do business as a
Regional Operation Center in the China (Shanghai) Pilot Free Trade
Zone, joining a select group of qualifying companies. This is
beneficial to Xerium from multiple angles, including (1) improving
financial flexibility by more effectively managing its global cash
and liquidity, (2) gaining the ability to access regional financial
markets, and (3) reducing order lead times as a result of its
strong customs rating and expedited customs clearance.
Furthermore, Xerium’s Asian headquarters will move to China,
enabling it to consolidate Asian corporate functions through a
shared service facility, which will simplify local customer
relationships and generate cost savings. Harold Bevis, Xerium’s
President and CEO, commented, “I am encouraged by this latest
milestone and how this is another example of how our ongoing
strategic initiatives will continue to optimize Xerium’s cost
structure and capitalize on the transforming regional market
dynamics.”
ABOUT XERIUM
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. Xerium has 26 manufacturing facilities in 12
countries, 2 new plants under construction in 2 countries and
employs approximately 3,100 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. Actual results may differ
materially from these forward-looking statements and estimates as a
result of various important factors, including, without limitation,
the factors discussed in our annual report on Form 10-K for the
fiscal year ended December 31, 2014, and subsequent filings, all of
which are on file with the SEC and are available in the investor
relations section of our website at www.xerium.com. Any
forward-looking statements are as of the date hereof, and 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, except as may be required by law.
Xerium Technologies, Inc.Cliff Pietrafitta, 919-526-1544Chief
Financial OfficerCliff.Pietrafitta@Xerium.com
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