LONDON (Alliance News) - Pipe maker Tricorn Group PLC said Tuesday it has acquired a powder coat and wet spray painting line in the US from Precision Partners LLC for USD50,000 as it looks to expand its capabilities in the country.
The 47,000 square feet facility is located in the US state of Georgia, just a dozen miles from the North Carolina facility of Tricorn.
The building in which the facility is located is leased from the Development Authority of Rabun County. Tricorn has since secured a five-year lease from the authority, with the option to both extend by a further five years and add an extra 50,000 square foot of space.
Tricorn explained the custom-built, installed and fully operational painting line was believed to have cost over USD500,000 originally.
"We have seen increased demand from our customers for powder coated and painted parts," Tricorn Chief Executive Officer Mike Welburn said. "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."
Shares in Tricorn were 4.1% higher at 17.70 pence on Tuesday.