Kaydon Corporation Announces Plans to Expand Its Custom Bearings Operations in Sumter, S.C.
Resource from: CBCC Likes:2930
May 19,2010
Kaydon Corporation /quotes/comstock/13*!kdn/quotes/nls/kdn (KDN 40.51, -0.80, -1.94%) announced today that it will be expanding its Sumter, South Carolina operations to meet the growing demand for its custom bearings. Concurrently, it announced that it would discontinue manufacturing operations in Mocksville, North Carolina over the coming year. These steps are expected to optimize Kaydon Bearings' manufacturing operations by more effectively utilizing resources and technology, improve plant processes, reduce redundant capacity and better align its capabilities with market expansion opportunities. This announcement is the culmination of a year long evaluation of alternatives.
"These strategic actions will help us reduce our costs, increase our productivity and grow our market share. Kaydon has found an excellent business environment in Sumter, and we are pleased to grow our operations there. We look forward to bringing the new manufacturing unit online and appreciate all the support we have received from state and local officials," said James O'Leary, Chairman and Chief Executive Officer.
The net capital investment of $3.6 million will create at least 75 jobs in Sumter, South Carolina. Since 2006, Kaydon has added over 100 new jobs and invested over $27 million in new equipment in Sumter, as it expanded to support its military, machinery, semiconductor, and renewable energy businesses to meet market demands.
The existing Sumter facility was also recently certified to AS9100B, the international standard for the aerospace industry. AS9100B is based on ISO 9001:2000, but has more than 75 additional requirements specific to aircraft/aerospace and is required by the industry's major manufacturers. This certification considerably furthers Kaydon's strategic objectives to broaden its capabilities and enhance its competitiveness.
About Kaydon
Kaydon Corporation is a leading designer and manufacturer of custom engineered, performance-critical products, supplying a broad and diverse group of alternative energy, industrial, aerospace, medical and electronic equipment, and aftermarket customers.
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