Tricorn Group PLC US Expansion (8731Y)
14 May 2019 - 4:00PM
UK Regulatory
TIDMTCN
RNS Number : 8731Y
Tricorn Group PLC
14 May 2019
14 May 2019
Tricorn Group Plc
("Tricorn", the "Company" or the "Group")
Tricorn Announces US Expansion
Tricorn Group plc (AIM: TCN.L), the tube manipulation
specialist, is pleased to announce that it has extended its
capabilities and facilities in the USA.
Tricorn has purchased, at a cost of $50,000 in cash, a custom
built, installed and fully operational, powder coat and wet spray
painting line from Precision Partners LLC ("Precision"). The paint
line, that was originally believed to have cost in excess of
$500,000, is located, and was operated by Precision, in premises in
Rabun Gap, Georgia (the "Premises"), which is located 12 miles from
Tricorn USA's facility in Franklin, North Carolina.
The Premises comprise a 47,000 square feet facility located
within a larger building occupying approximately 970,000 square
feet that is owned by the Development Authority of Rabun County,
Rabun Gap, Georgia. Tricorn has secured an initial 5 year lease
from the Development Authority with the option to extend for a
further 5 years as well as an option on an additional 50,000 square
feet of space within the building.
This facility and the associated paint line provide Tricorn USA
with the ability to pre-treat and paint its tubular assemblies
in-house. These processes had previously been sub-contracted by
Tricorn USA. The facility and the associated paint line are
expected to be fully operational by the end of July 2019.
Mike Welburn, Group Chief Executive of Tricorn, commented: "We
have seen increased demand from our customers for powder coated and
painted parts. I am delighted that this move enables us to bring
these processes in-house. The additional manufacturing floor space
also provides for the intended expansion of our capacity and a
broadening of our product offering."
For further information please contact:
Tricorn Group plc
Mike Welburn, Chief Executive Tel +44 (0)1684 569956
Phil Lee, Group Finance Director www.tricorn.uk.com
Stockdale Securities
Tom Griffiths Tel + 44 (0)20 7601 6100
Henry Willcocks
Notes to Editors:
Tricorn is a value-added manufacturer and specialist manipulator
of pipe and tubing assemblies to niche markets worldwide in the
Energy and Transportation sectors.
Headquartered in Malvern, UK, Tricorn employs around 300
employees and has five manufacturing facilities in China, USA and
UK.
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END
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