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WIRE

Encore Wire

$56.25 /

-0.35 (-0.62%)

16:23
02/18/20
02/18
16:23
02/18/20
16:23

Encore Wire says expansion plans to proceed in two phases

Daniel Jones, Chairman, President and CEO of Encore Wire Corporation, said, "This is an exciting time for Encore's employees, customers and stakeholders. We've been under construction since inception and we continue to grow today. Our two-phase expansion plans will extend our reach and increase manufacturing capacity to meet the growing needs of our customers. We anticipate total capital expenditures to range from $85 - $95 million in 2020, $70 - $90 million in 2021, and $60 - $80 million in 2022. Our strong balance sheet and ability to consistently generate high levels of operating cash flow should provide ample allowance to fund planned capital expenditures." Phase one will begin late in the first quarter of 2020 with the construction of a new 720,000 square foot facility located at the north end of our existing campus. This facility will act as a service center, modernizing logistics to allow for increased throughput and provide the bandwidth necessary to capture incremental sales volumes. "Phase one will allow us to compete at a higher level in the marketplace while further strengthening our industry-leading customer service and order fill rates. We expect to complete construction in the second quarter of 2021. Phase two of our expansion plans will commence following phase one and will focus on repurposing our existing distribution center to expand manufacturing capacity significantly and extend our market reach. Phase two completion is anticipated in 2022," the company added.

  • 19

    Feb

  • 26

    Mar

WIRE Encore Wire
$56.25 /

-0.35 (-0.62%)

06/03/19 Sidoti
Encore Wire upgraded to Buy from Neutral at Sidoti

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