SARASOTA, Fla., Jan. 28, 2019 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB: UNIR or the “Company”) today announced that it has completed plans for the transformation of its Earby UK manufacturing plant to a state-of-the-art vinyl sheet production facility. When Uniroyal Global purchased the former Wardle Storeys facility, it envisioned a manufacturing site with high-tech equipment to better service its existing customer base and to expand capacity to allow it to penetrate new markets with improved quality and price competitive offerings. Since the acquisition, the company has invested over $11 million (£9 million) on new equipment and upgrades to modernize the production floor. A viable business plan for the Calender Operations, which produces extruded thin films and represents 5% of consolidated revenues, could not be economically developed or modernized and a decision has been made to de-commission the equipment and no longer offer Calendered Film product. Uniroyal plans to minimize the impact on our employees affected by this closure by offering retraining programs and we hope to move them to other production areas within the facility. This plan will be implemented over an extended period to permit its existing customer base time to arrange for alternate sources of product or for them to switch to our Coated Fabrics solution from our state-of-the-art production facility.
“Our plan is to improve and align our assets within our marketplace and to better meet our current and future production requirements and demands of our customers,” said Howard R. Curd, Chairman of Uniroyal Global Engineered Products, Inc.
About Uniroyal Global Engineered Products, Inc.:
Uniroyal Global Engineered Products, Inc. (UNIR) is a leading manufacturer of vinyl-coated fabrics that are durable, stain resistant, cost-effective alternatives to leather, cloth and other synthetic fabric coverings. Uniroyal Global Engineered Products, Inc.’s revenue in 2017 was derived 67.5% from the automotive industry and approximately 32.5% from the recreational, industrial, indoor and outdoor furnishings, hospitality and healthcare markets. Our primary brand names include Naugahyde®, BeautyGard®, Flame Blocker™, Spirit Millennium®, Ambla®, Amblon®, Velbex®, Cirroflex®, Plastolene® and Vynide®.
Except for statements of historical fact, certain information contained in this press release constitutes forward-looking statements, including, without limitation, statements containing the words “believe,” “expect,” “anticipate,” “intend,” “should,” “planned,” “estimated” and “potential” and words of similar import, as well as all references to the future. These forward-looking statements are based on Uniroyal Global Engineered Products, Inc.’s current expectations. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that a variety of factors could cause the Company´s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company´s forward-looking statements. The risks and uncertainties which may affect the operations, performance, development and results of the Company´s business include, but are not limited to, the following: uncertainties relating to economic conditions, uncertainties relating to customer plans and commitments, the pricing and availability of equipment, materials and inventories, currency fluctuations, technological developments, performance issues with suppliers, economic growth, delays in testing of new products, the Company’s ability to successfully integrate acquired operations, the Company’s dependence on key personnel, the Company’s ability to protect its intellectual property rights, the effectiveness of cost-reduction plans, rapid technology changes and the highly competitive environment in which the Company operates. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.
Uniroyal Global Engineered Products, Inc. Public Relations:
TTC Group, Inc.
Vic Allgeier, 646-290-6400