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.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=23673
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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts