Kaydon Corporation Announces Plans to Expand Its Custom Bearings Operations in Sumter, S.C.
ANN ARBOR, Mich.--Kaydon Corporation announced today that it will be expanding its Sumter, South Carolina operations to meet the growing demand for its custom bearings. Concurrently, it announced that it would discontinue manufacturing operations in Mocksville, North Carolina over the coming year. These steps are expected to optimize Kaydon Bearings’ manufacturing operations by more effectively utilizing resources and technology, improve plant processes, reduce redundant capacity and better align its capabilities with market expansion opportunities. This announcement is the culmination of a year long evaluation of alternatives.
“These strategic actions will help us reduce our costs, increase our productivity and grow our market share. Kaydon has found an excellent business environment in Sumter, and we are pleased to grow our operations there. We look forward to bringing the new manufacturing unit online and appreciate all the support we have received from state and local officials,�?? said James O’Leary, Chairman and Chief Executive Officer.
The net capital investment of $3.6 million will create at least 75 jobs in Sumter, South Carolina. Since 2006, Kaydon has added over 100 new jobs and invested over $27 million in new equipment in Sumter, as it expanded to support its military, machinery, semiconductor, and renewable energy businesses to meet market demands.
The existing Sumter facility was also recently certified to AS9100B, the international standard for the aerospace industry. AS9100B is based on ISO 9001:2000, but has more than 75 additional requirements specific to aircraft/aerospace and is required by the industry’s major manufacturers. This certification considerably furthers Kaydon’s strategic objectives to broaden its capabilities and enhance its competitiveness.
About Kaydon
Kaydon Corporation is a leading designer and manufacturer of custom engineered, performance-critical products, supplying a broad and diverse group of alternative energy, industrial, aerospace, medical and electronic equipment, and aftermarket customers.
This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 regarding the Company’s plans, expectations, estimates and beliefs. Forward-looking statements are typically identified by words such as “believes,�?? “anticipates,�?? “estimates,�?? “expects,�?? “intends,�?? “will,�?? “may,�?? “should,�?? “could,�?? “potential,�?? “projects,�?? “approximately,�?? and other similar expressions, including statements regarding pending litigation, general economic conditions, competitive dynamics and the adequacy of capital resources. These forward-looking statements may include, among other things, projections of the Company’s financial performance, anticipated growth, characterization of and the Company’s ability to control contingent liabilities, and anticipated trends in the Company’s businesses. These statements are only predictions, based on the Company’s current expectations about future events. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievements or that predictions or current expectations will be accurate. These forward-looking statements involve risks and uncertainties that could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
In addition, the Company or persons acting on its behalf may from time to time publish or communicate other items that could also be construed to be forward-looking statements. Statements of this sort are or will be based on the Company’s estimates, assumptions, and projections and are subject to risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. Kaydon does not undertake any responsibility to update its forward-looking statements or risk factors to reflect future events or circumstances except to the extent required by applicable law.