YOUNGSVILLE, N.C., Feb. 19, 2014 (GLOBE NEWSWIRE) -- Xerium Technologies, Inc. (NYSE:XRM), a leading global provider of industrial consumable products and services, held a groundbreaking ceremony yesterday for its new state-of-the-art press felt manufacturing facility in Kunshan, Jiangsu Province, China.
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The new plant will solidify the company's current and future capacity to address the growing Asian market for premium press felt product technology. With an initial investment of approximately $35 to $40 million, the facility will employ the industry's most advanced press felt manufacturing technology capable of supplying Xerium's leading press felt product portfolio, such as Impact, Flomaxx and Strata series. Once operational, the project is expected to generate about 100 new jobs.
Xerium is building the facility in the Bacheng Industry Zone, one of Kunshan's largest industrial zones, about 60 km west of Shanghai. Building construction is expected to be completed in early 2015, with production expected to start mid 2015.
"We chose Kunshan because of its proximity to the markets these products will serve as well as its pool of educated workers, the availability of qualified subcontractors, and the exceptional work ethic of the area's people," said Mr. Harold Bevis, President and CEO of Xerium. "We are grateful for the efforts of all who have supported this project, and we look forward to being part of this community for the long term."
About Xerium Technologies
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. With 28 manufacturing facilities in 12 countries around the world, Xerium has approximately 3,200 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. Forward-looking statements involve risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. These risks and uncertainties include the following items: (1) our plans to build a new facility in China may not materialize, may cost more or may be delayed longer than we anticipate; (2) once operational, the facility may not provide the benefits we expect; and (3) the other risks and uncertainties discussed elsewhere in this press release, our Form 10-K for the year ended December 31, 2012, our Form 10-Qs for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013 and our other SEC filings. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement in this press release reflects our current views with respect to future events. Except as required by law, 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. Copies of our SEC filings are available from the SEC and in the investor relations section of our website at www.xerium.com.
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