New Chinese factory now fully operational

RNS Number : 0974K

Strix Group PLC

31 August 2021

 

31 August 2021

Strix Group Plc

("Strix", the "Company" or the "Group")

New Chinese factory now fully operational

Strix Group Plc (AIM: KETL), the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, is pleased to announce that the opening ceremony for its new factory within Zengcheng district in Guangzhou, China, took place on Friday 27 August 2021 and that manufacturing is fully operational. The new factory will double the Group's current manufacturing capacity enabling it to grow the business and deliver its stated strategy of doubling revenues over the next five years. Efficiencies and further in-sourcing arising from the new manufacturing facility are expected to have a positive effect on margins.

The decision to invest in the construction of a new factory was taken by the Board in 2018. The land was successfully 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 commencement of operations. The project has been completed on budget and to timetable.

Mark Bartlett, Chief Executive Officer, said:

"This is a landmark moment in the history of Strix. I would like to thank everyone who helped in the construction of this factory , it is an outstanding achievement that has been accomplished, and all executed during a global pandemic, remaining on time and budget. I also want to thank all of our associates for ensuring our manufacturing, customer service and our quality never once deteriorated during the transition. 

"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."

To view the factory opening visit: https://player.vimeo.com/video/594392884

For further enquiries, please contact:
Strix Group Plc Mark Bartlett, CEO Raudres Wong, CFO	[phone]
Zeus Capital Limited (Nominated Advisor and Joint Broker) Nick Cowles / Jamie Peel / Jordan Warburton (Corporate Finance)	[phone]
Stifel Nicolaus Europe Limited (Joint Broker) Matthew Blawat / Francis North	[phone]
IFC Advisory Limited (Financial PR and IR) Graham Herring / Tim Metcalfe / Florence Chandler	[phone]

ABOUT STRIX GROUP PLC

Isle of Man based Strix, is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration.

Strix's core product range comprises a variety of safety controls for small domestic appliances, primarily kettles. Kettle safety controls require precision engineering and intricate knowledge of material properties in order to repeatedly function correctly. Strix has built up market leading capability and know-how in this field since being founded in 1982.

Strix is admitted to trading on the AIM Market of the London Stock Exchange (AIM: KETL).

 

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