(Sharecast News) - Kettle safety technology and water filtration company Strix announced the opening of its new factory in the Zengcheng district of Guangzhou, China on Tuesday, with manufacturing fully operational.
The AIM-traded firm said the new factory would double its current manufacturing capacity, enabling it to grow and deliver its stated strategy of doubling revenues over the next five years.
Efficiencies and further in-sourcing arising from the new facility were expected to have a positive effect on margins.
The board said the decision to invest in the construction of a new factory was taken in 2018.
It added that the land was purchased in the summer of 2019, and external construction work began in late 2019, completing in December 2020.
Production and assembly lines were then installed, facilitating the start of operations, with the project completed on budget and to timetable.
"This is a landmark moment in the history of Strix," said chief executive officer Mark Bartlett.
"I am extremely proud of what Strix has achieved since we listed on AIM in 2017 and this marks a significant milestone to support our commitment to double the group's revenues over the next five years."
At 1106 BST, shares in Strix Group were up 1.14% at 379.78p.
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