SAINT-ÉPHREM-DE-BEAUCE, Québec, May 16, 2018 (GLOBE NEWSWIRE) — Sigma Industries Inc. (TSX VENTURE:SSG), a manufacturing company specializing in the production of composite components, announced today that it is expanding its operations in the U.S. with the acquisition of a 70,000 square foot facility in Surgoinsville, Tennessee.
The new facility will produce composite parts for existing and future customers and is strategically located near several key customers in the U.S. who will benefit from the same processes, quality and service they already enjoy and recognize. The cost of the facility and required building improvements are expected to be approximately US$2.5 million and the facility is expected to be operational by the end of the second quarter of calendar 2019.
In conjunction with this acquisition, Sigma Industries created an operating subsidiary in the U.S., RMC Advanced Technologies Inc. Over the next three years, RMC Advanced Technologies Inc. will invest approximately US$4.5 million in equipment and expects to employ up to 50 people when the facility runs at full capacity. RMC Advanced Technologies Inc. will bring to the U.S. the excellence its sister companies RMC and Faroex are known for throughout the industry.
“This expansion in the U.S. represents an important strategic milestone for us,” said Denis Bertrand, President of Sigma Industries Inc. “It is the first step in our strategy to grow our operations in the U.S. market. In essence, it will allow us to better serve existing customers while providing us with the opportunity to grow our business in a market of significant size. Furthermore, we are proud to be in a position to serve our transit industry customers with Buy America compliant products,” concluded Mr. Bertrand.
The project’s realization is made possible in part by the assistance from the Quebec Government’s Accelerated Growth Center program (Centre de croissance accéléré (CCA)) for which Sigma was chosen in May 2017. This program is part of the “Destination: U.S.” segment of the Ministry’s Québec Export Strategy for 2016-2020, a Government of Quebec program that offers personalized services to companies developing their U.S. markets. Furthermore, Sigma Industries would like to thank the Tennessee Department of Economic and Community Development, Hawkins County, Surgoinsville and the Tennessee Valley Authority Economic Development for their assistance and support.
About Sigma INDUSTRIES
Sigma Industries Inc. (TSX VENTURE:SSG), a manufacturing company specializing in the production of composite components, has two operating subsidiaries and employs 275 people. The Company is active in the heavy-duty truck, coach, transit, machinery and wind energy markets. Sigma sells its products to original equipment manufacturers and distributors in the United States, Canada and Europe.
This press release contains certain forward-looking statements about the Company. Such forward-looking statements are dependent on a number of factors and are subject to risks and uncertainties. Actual results may differ from those expected. The information contained in this press release is dated May 16, 2018, the date on which management approved the press release. Management does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information or future events, except as required by law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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