CIMCO ANNOUNCES PLANT RELOCATION PLANS
CIMCO ANNOUNCES PLANT RELOCATION PLANS COSTA MESA, Calif., Sept. 24 /PRNewswire/ -- CIMCO Inc.
(NASDAQ: CIMC) today at its annual meeting of stockholders announced plans to relocate its large part molding operations from California to Nevada over the next year. The company has entered into a purchase agreement for 15 acres in the Dayton Valley Business Park, approximately 10 miles east of Carson City, Nev. Construction of a new manufacturing facility is anticipated to begin in March 1993, with initial operations to commence in the fall.
CIMCO said the total project will entail an approximate $5.5 million investment, for which an industrial development revenue bond financing application has been made. "Lower utility costs, state and local taxes, closer proximity to our customers and a more positive business environment were all deciding factors in moving our Corona, Calif., molding plant to Nevada," said Russell T. Gilbert, CIMCO's president and chief executive officer. "California remains our headquarters and home base for each of our three operating segments." CIMCO currently employs 148 people in its Corona plant and 825 company-wide. It is the company's present intention to integrate many Corona employees into both the new Nevada and existing California operations. Founded in 1959, CIMCO Inc. is a major developer and manufacturer of high precision plastic components for commercial/industrial and medical markets. The company also custom formulates and compounds reinforced thermoplastic materials. CIMCO supplies more than 100 original equipment manufacturers in the business machine, computer, commercial irrigation, automotive safety, telecommunications and health care industries. -0- 9/24/92 /CONTACT: S. Suki Shattuck, director of corporate relations of CIMCO, 714-546-4460; or Cecilia A. Wilkinson of Pondel Parsons & Wilkinson, 310-207-9300/ (CIMC) CO: CIMCO Inc. ST: California, Nevada IN: SU:
AL-LS -- LA018 -- 3339 09/24/92 17:59 EDT
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|Date:||Sep 24, 1992|
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