Photo Release -- Thermon Opens New Manufacturing Building in San Marcos, Texas
SAN MARCOS, Texas, May 23, 2012 (GLOBE NEWSWIRE) -- In April, Thermon Group Holdings, Inc. (NYSE:THR) ("Thermon"), opened a new manufacturing building at its primary production facility in San Marcos, Texas. The expansion was completed over the course of one year at an approximate cost of $5.5 million.
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The new manufacturing building has approximately 48,000 square feet of floor space, including offices. In addition to purchasing new manufacturing equipment, Thermon has moved certain of its existing manufacturing lines to the new building, which it believes will create efficiencies in the cable production process. The new manufacturing building will enable Thermon to approximately double production capacity for its low temperature cables, as well as increase its high temperature cable production capacity by approximately 30%.
Management currently estimates that the facility expansion, when operating at full capacity, would support revenue levels of up to $400 to $500 million. This should satisfy Thermon's core cable growth needs for the next several years (assuming current trends in product mix).
"This investment will significantly increase our overall production capacity for high and low temperature cable and simultaneously streamline certain of our existing manufacturing processes. It will enable us to respond faster and more efficiently to the growing demands of the industrial electric heat tracing market, as well as pursue growth opportunities in adjacent markets," said Rodney Bingham, President and Chief Executive Officer.
A photo accompanying this release is available at https://www.globenewswire.com/newsroom/prs/?pkgid=12996.
About Thermon
Through its global network, Thermon provides highly engineered thermal solutions, known as heat tracing, for process industries, including energy, chemical processing and power generation. Thermon's products provide an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature maintenance, environmental monitoring and surface snow and ice melting. Thermon is headquartered in San Marcos, Texas. For more information, please visit www.thermon.com.
The Thermon logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=7808
Cautionary Note Regarding Forward-Looking Statements
The information in this press release includes forward-looking statements that are based on current expectations, estimates, forecasts and projections about our future performance, our business, our beliefs and our management's assumptions. Statements that are not historical facts are forward-looking statements, including forward-looking information concerning production capacity and growth estimates. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, known or unknown to Thermon, including, but not limited to, changes in vendor, payer and customer relationships and terms, competition, changes in economic and business conditions generally or in the markets served by the company, risks associated with new business initiatives and activities, the failure to obtain new contracts or extensions of existing contracts, risks associated with acquisitions and divestitures, the ability to realize anticipated results from capital expenditures and cost reduction initiatives, outcomes of legal and regulatory matters, changes in legislation or regulations or interpretations thereof, and those described in Item 1A "Risk Factors" of our most recent Annual Report on Form 10-K, which is incorporated herein by reference, and in other documents that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, Thermon does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date the statement is made, whether as a result of new information, future events, changes in assumptions or otherwise.
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
CONTACT: Sarah Alexander
(512) 396-5801
Investor.Relations@thermon.com
Released May 23, 2012