FORT LAUDERDALE, Fla.,
Feb. 2, 2021 /PRNewswire/ --
Ocean Bio-Chem, Inc. (NASDAQ: OBCI), the parent company of Star
brite, Inc. and Kinpak Inc. —makers of marine, RV, and outdoor
performance and maintenance chemicals—announced today that its
subsidiary Kinpak Inc. plans to expand its manufacturing and
distribution facilities by an additional 69,000 sq. ft. on its
23-acre site. This planned expansion will bring the total facility
square footage to exceed 370,000 sq. ft. of dedicated space for
production, warehousing, and distribution. This is the second major
expansion of their facilities in less than five years.
Peter Dornau, the Company's
President and CEO commented: "As previously announced, our 2020
sales increased over 32% or $13.3
million to approximately $55.6
million from 2019 sales. Our 2017 plant expansion was
essential to support the increase in business we realized in 2020.
Without the plant expansion, we would not have had the capacity to
meet customer demands. Our current expansion plans are essential in
supporting our anticipated business growth in the future."
Located in the Gunter Industrial Park in Montgomery, AL, Kinpak Inc., OBCI's
manufacturing arm, is a full-service, vertical manufacturing
facility that handles all aspects of the process: blowmolding,
blending, filling, warehousing, and distribution. Kinpak produces
and distributes Star brite-branded and Star
Tron branded products, as well as Performacide, antifreeze,
and many well-known private label products for both outdoor and
home categories.
Since the acquisition by OBCI in 1996, Kinpak has undergone four
major expansions: in 1999, the first added approximately 80,000 sq.
ft.; the second, in 2003, added an additional 83,000 sq. ft.; the
2017 expansion of 84,000 sq. ft.; and now the current 69,000 sq ft
addition. The facility also has a rail spur that receives bulk
delivery of raw materials, and an on-site tank farm with a capacity
of approximately 550,000 gallons and space for expansion.
The announcement comes at a time when the local Montgomery economy—like other cities around
the US affected by the coronavirus pandemic—has experienced high
unemployment rates. Designated as an "essential business," the
Kinpak facility is able to continue operations, and has continued
operating throughout the lockdown.
Mr. Dornau continued, "Also as a result of growth of our
business we have directly supported the local Montgomery, AL economy during this time of
lower employment. Not only did we increase our hiring during 2020,
we now employ approximately 145 full time employees with
benefits—an increase of approximately 50% from the beginning of
2020".
He concludes, "We did well to navigate 2020 and its many
hurdles—taking our company, our sales, and our team to new levels.
And as we come into 2021, with both the boating and RV markets
taking off, we're excited for this expansion in preparation for the
growth we're expecting."
Kinpak is a wholly owned subsidiary of Ocean Bio-Chem Inc.,
Fort Lauderdale, Florida (the
"Company"), a publicly traded company on the NASDAQ stock exchange
(ticker symbol OBCI). Kinpak manufactures the Company's branded
products Star brite®, Star Tron® and
Performacide® as well as a full range of
private label products for multiple customers and markets. Star
brite® and Star Tron®
products are available at marine, automotive, power sports, outdoor
power equipment and hardware stores, as well as on-line, sporting
goods stores, agriculture, and RV stores.
For more information on Star brite® products, go to
www.starbrite.com, www.startron.com and www.performacide.com or
call (800) 327-8583.
Forward-looking Statements:
Certain statements contained in this Press Release constitute
forward-looking statements, including, without limitation, those
relating to our current manufacturing expansion plans are essential
in supporting our anticipated business growth in the future.
Our current outlook for 2021 for both the boating and RV markets.
In addition, our outlook for the expansion in preparation for the
growth we're expecting."
For this purpose, any statements contained in this report that
are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the generality of the
foregoing, words such as "believe," "may," "will," "expect,"
"anticipate," "intend," "has the ability" or "could," including the
negative or other variations thereof or comparable terminology, are
intended to identify forward-looking statements. These statements
involve known and unknown risks, uncertainties and other factors
which may cause actual results to be materially different from
those expressed or implied by such forward-looking statements.
Factors that may affect these results include, but are not limited
to, the nature of the coronavirus itself; the manner in which our
products are used; the highly competitive nature of our industry;
prices for raw materials that are petroleum or chemical based and
other factors addressed in our annual report on Form 10-K for the
year ended December 31, 2019.
Contact:
Peter Dornau
CEO & President
pdornau@starbrite.com
954-587-6280
Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280
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SOURCE Ocean Bio-Chem, Inc.