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WSI Industries Announces Plant Expansion & New Equipment Investments
MINNEAPOLIS-(Business Wire)-May 20, 2008 - WSI Industries, Inc. (Nasdaq: WSCI) today announced that their facility in Monticello, MN will be expanded to accommodate future business growth. The planned expansion will increase manufacturing space by 32% with construction beginning this month and with an expected completion by October of this year. Funding for the expansion will be from available cash and debt.
Michael J. Pudil, president and chief executive officer, commented: "WSI is furthering our investment in the manufacturing facility due to the increased demand for our contract manufacturing services. Since purchasing our Monticello facility in 2004, WSI's sales have doubled and we have increased our headcount from 54 employees to our current level of 72 employees." Pudil went on to say: "WSI is also pleased to report that it is also furthering its investment in new technology. We have recently purchased two new machining centers including a larger horizontal machine and a large vertical turning lathe. Both machines will provide capabilities beyond what WSI currently possesses." Pudil concluded: "We have experienced exciting new opportunities and are pleased to announce these investments to further grow our business. The additional space and new equipment will allow for more efficient operations and will provide the opportunity for continued growth."
WSI Industries, Inc. is a leading contract manufacturer that specializes in the machining of complex, high-precision parts for a wide range of industries, including avionics, aerospace and defense, energy, recreational vehicles, small engines, marine, bioscience and instrumentation.
The statements included herein which are not historical or current facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. There are certain important factors which could cause actual results to differ materially from those anticipated by some of the statements made herein, including the Company's ability to retain current programs and obtain additional manufacturing programs, and other factors detailed in the Company's filings with the Securities and Exchange Commission.
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