HDD Hardide Plc

TIDMHDD

RNS Number : 0578L

Hardide PLC

07 January 2016

07 January 2016

Hardide plc

("Hardide" or the "Company")

New US site ready for production

Hardide plc (AIM: HDD), the provider of advanced surface coating technology, announces the opening of its new production facility in Virginia, USA. The plant is now starting production trials with existing customers to validate the coating process at the site with volume production expected to commence in calendar Q2 2016.

In January 2015 the company began an investment of up to $7million in Martinsville-Henry County to expand its production operations to North America. This expansion has been driven by increased demand from North American customers, with sales to the US and Canada more than doubling during 2015. The 26,000 square foot facility will service existing and new customers for the Company's patented range of hard wearing tungsten carbide coatings in the oil and gas and flow control markets. In addition, the Company also plans to expand in the aerospace and advanced engineering sectors and develop applications for its newly-patented coating for diamonds. The new facility is expected to create up to 29 jobs over the next three years.

Philip Kirkham, CEO of Hardide plc said: "Having a local production facility in North America will support the increased demand from existing customers and boost opportunities to expand provision of our coatings throughout the region. We have installed two large capacity chemical vapour deposition (CVD) coating reactors and work is already progressing well on some very exciting customer trials.

"Following the current trials, production for North American customers presently being carried out in the UK, will be gradually transferred to Virginia on a case-by-case and phased basis, taking load and capacity of both sites into consideration."

Terry McAuliffe, Governor of Virginia said: "I congratulate Hardide Coatings on the opening of its Virginia manufacturing facility in Martinsville. Growing jobs in the advanced manufacturing sector is a large part of our efforts to build a new Virginia economy, and these jobs will pay well above the average prevailing wage in a region that needs them. We welcome the company to Virginia and Henry County and look forward to a long partnership with the Commonwealth."

ENDS

For further information:

 
  Hardide plc 
  Philip Kirkham, CEO                Tel: +44 (0) 1869 353 
   Jackie Robinson, Communications   830 
   Manager 
 
   finnCap 
   Stuart Andrews / Grant             Tel: +44 (0)20 7220 
   Bergman                            0500 
 

Notes to editors:

www.hardide.com

Hardide develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components. Its patented technology is unique in combining, in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, nuclear, advanced engineering and aerospace industries.

This information is provided by RNS

The company news service from the London Stock Exchange

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