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Tricorn Group (TCN)

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Tuesday 14 May, 2019

Tricorn Group

US Expansion

RNS Number : 8731Y
Tricorn Group PLC
14 May 2019
 

 

14 May 2019

Tricorn Group Plc 

("Tricorn", the "Company" or the "Group")

Tricorn Announces US Expansion

Tricorn Group plc (AIM: TCN.L), the tube manipulation specialist, is pleased to announce that it has extended its capabilities and facilities in the USA.  

Tricorn has purchased, at a cost of $50,000 in cash, a custom built, installed and fully operational, powder coat and wet spray painting line from Precision Partners LLC ("Precision"). The paint line, that was originally believed to have cost in excess of $500,000, is located, and was operated by Precision, in premises in Rabun Gap, Georgia (the "Premises"), which is located 12 miles from Tricorn USA's facility in Franklin, North Carolina. 

The Premises comprise a 47,000 square feet facility located within a larger building occupying approximately 970,000 square feet that is owned by the Development Authority of Rabun County, Rabun Gap, Georgia. Tricorn has secured an initial 5 year lease from the Development Authority with the option to extend for a further 5 years as well as an option on an additional 50,000 square feet of space within the building. 

This facility and the associated paint line provide Tricorn USA with the ability to pre-treat and paint its tubular assemblies in-house. These processes had previously been sub-contracted by Tricorn USA. The facility and the associated paint line are expected to be fully operational by the end of July 2019.

  

Mike Welburn, Group Chief Executive of Tricorn, commented: "We have seen increased demand from our customers for powder coated and painted parts. I am delighted that this move enables us to bring these processes in-house. The additional manufacturing floor space also provides for the intended expansion of our capacity and a broadening of our product offering."

 

 

 

 

For further information please contact:

 

Tricorn Group plc                 

 

Mike Welburn, Chief Executive     

Tel +44 (0)1684 569956

Phil Lee, Group Finance Director

www.tricorn.uk.com

 

 

Stockdale Securities      

 

Tom Griffiths

Henry Willcocks

Tel + 44 (0)20 7601 6100

 

Notes to Editors:

Tricorn is a value-added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy and Transportation sectors.

Headquartered in Malvern, UK, Tricorn employs around 300 employees and has five manufacturing facilities in China, USA and UK.

 


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