NEWMARKET, Ontario, Dec. 11, 2018 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) announced today that its Rubber Solutions segment is expanding its mixing capabilities at its plants in Scotland Neck, North Carolina and Kitchener, Ontario.
AirBoss has operated a 150,000 square-foot rubber compounding facility in Scotland Neck, North Carolina since 2004. As announced by the North Carolina government earlier today, AirBoss will be the recipient of a performance-based grant from the One North Carolina Fund to help facilitate the expansion of this facility. The expansion will consist of the addition of a new rubber compounding line which is expected to double this facility's rubber mixing capacity and should be fully operational by July of 2019.
In addition to the Scotland Neck, North Carolina expansion, an additional expansion is planned at AirBoss' one-million-square foot plant in Kitchener, Ontario. AirBoss’ Kitchener facility is already one of the largest custom rubber compounding facilities in North America and will soon be poised to better serve the specialty compound market. The expansion at this plant will consist of the addition of a new dedicated white and colour mixing line. This state of the art mixing line is expected to increase AirBoss' market penetration in the areas of white and coloured specialty rubber compounds driven by improved quality and decreased production costs for these types of products. This new mixing line is expected to be fully operational by March of 2019.
The aforementioned expansions are part of the overall strategy for AirBoss Rubber Solutions that has driven the need to build greater regional capacity in the United States, while also installing unique assets that will allow for enhanced penetration in the higher-end colour and specialty product market.
AirBoss of America Corp. is a group of complementary businesses using compounding technology and engineering expertise to create value for its customers. With a capacity to process approximately 400 million turn pounds of rubber annually, AirBoss Rubber Solutions is one of North America’s largest custom rubber compounding companies and a leading supplier of essential calendered and extruded products for a broad range of applications. AirBoss Engineered Products is a world leader in the supply of life saving products for the military and a leading supplier of innovative anti-vibration solutions to the North American automotive market. The Company’s shares trade on the TSX under the symbol BOS. Visit www.airbossofamerica.com.
AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMER
Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “is expected to”, “believes”, “anticipates”, “forecasts”, “plans”, “intends” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.
Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions; dependence on key customers; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof, changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on acceptable terms; environmental damage and non-compliance with environmental laws and regulations; potential product liability and warranty claims and equipment malfunction. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.
All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly this forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.