Gentex Corporation Breaks Ground on New Manufacturing Facility
14 December 1998
Gentex Corporation Breaks Ground on New Manufacturing Facility
ZEELAND, Mich., Dec. 11 -- Gentex Corporation ,
the world-leading manufacturer of automatic-dimming mirrors and fire
protection products, has begun site work for the construction of a new mirror
manufacturing facility. The approximately $12 million, 170,000-square-foot
plant, which will be located on the Company's automotive manufacturing campus
in Zeeland, Michigan, is expected to create up to 500 new jobs over the next
several years. The facility is scheduled to be operational in the second
quarter of 2000.
Gentex is best known for pioneering Night Vision Safety(TM) (NVS(R))
Mirrors, which automatically darken to reduce glare from the headlamps of
vehicles approaching from the rear. The brighter the glare, the darker the
mirrors become, making nighttime driving safer.
The new facility represents a major corporate milestone to company founder
Fred Bauer, who today serves as Gentex chairman and CEO.
"Years ago, you could only find our automatic-dimming mirrors on the
biggest luxury cars around," said Bauer during a groundbreaking ceremony for
the new facility. "Skeptics wondered if the feature would catch on. But
today, our unit shipments continue to grow 20-25 percent a year, and you can
find our mirrors on vehicles in nearly every segment of the market, including
minivans, trucks, SUVs, and mid-sized cars. We believe, and the numbers show,
that the NVS(R) mirror is a safety feature that's just beginning to come into
its own."
Gentex estimates that worldwide, only six percent of the 52 million
vehicles produced in 1998 have automatic-dimming mirrors. The Company
believes that this figure could someday reach 50 percent, translating into a
$2.5 billion market.
Gentex's two existing manufacturing facilities are capable of producing
approximately 7 million mirror units annually. The new Riley Street facility,
as it will be called, will nearly double that capacity. It will be used to
manufacture the Company's high-volume interior, base-feature and added-feature
mirrors.
The Company expects to ship over 4.9 million mirror units in 1998, up 27%
over 1997.
"Increased demand for our mirrors stems not only from their auto-dimming
capability, but also from the added-value features we package in them,"
continued Bauer. "The mirror is an excellent location for displaying
information and locating advanced electronic features like compasses,
temperature readouts, map lights, remote keyless entry receivers and the like.
The trend in the automotive industry is to increase the vehicle's electronic
content, and our NVS(R) mirrors help manufacturers do exactly that."
"Today's groundbreaking is evidence of the tremendous success and
substantial growth that Gentex is undergoing," said Doug Rothwell, CEO and
Department Director of the Michigan Jobs Commission. "From the 500 new jobs
that will be created over the next several years, to the Company's $12 million
investment in Zeeland, this is truly a success not only for this community but
the entire state."
Gentex Corporation is an international company that provides high-quality
products to the worldwide automotive industry and North American fire
protection market. The Company develops, manufactures and markets proprietary
electro-optic products, including interior and exterior electrochromic,
automatic-dimming NVS(R) automotive rearview mirrors that dim in proportion to
the amount of headlight glare from trailing vehicle headlamps, and an
extensive line of fire protection products for commercial applications.
Gentex was the first company in the world to successfully develop and
produce a commercial electrochromic mirror for the motor vehicle industry.
The Company is the leading supplier of these mirrors to the worldwide
automotive industry. Gentex customers include Audi, Bentley, BMW, Daewoo,
DaimlerChrysler, Fiat, Ford, General Motors, Gulf States Toyota, Honda,
Hyundai, Infiniti, Kia Motors, Lexus, Mitsubishi, Nissan, Opel, Porsche, Rolls
Royce, Southeast Toyota Distributors and Toyota.
Founded in 1974, Gentex currently operates out of three facilities in
Zeeland, Michigan; an automotive sales office in Livonia, Michigan; automotive
sales and engineering subsidiaries in Germany and Japan; and five regional
U.S. sales offices for the Fire Protection Products Group. The Company is
recognized for its quality products, its application of world class
manufacturing principles, for its commitment to developing and maintaining a
highly skilled workforce, and for encouraging employee ownership of the
Company's stock.