(Alliance News) - Tricorn Group PLC on Wednesday said it was ahead of schedule in bringing its new powder coating and wet spraying line in the US into operation.
Tubing manufacturer Tricorn said it was "ahead of plan" in its US expansion, having bought the coating and spraying line and secured a five-year lease for 47,000 square feet of space within a larger building.
At present, the facility and associated paint line are "fully operational", which puts Tricon ahead of its target as the paint line was previously not expected to be operational until the end of July.
Tricorn has the option to extend the lease by another five years and to lease another 50,000 square feet of space inside the building.
"Our US team has done a great job of getting the facility up and running well ahead of plan. We have approval from our key customers to ship parts from the facility and are already seeing some of the benefits of moving the pre-treatment and painting of assemblies in-house. The manufacturing floor space secured also provides for the intended expansion of our capacity and a broadening of our product offering in the USA," said Tricorn Chief Executive Mike Welburn.
Shares in Tricorn were down 1.1% at 18.30 pence on Wednesday morning.
