Expanded Production In-Line with Company’s Installation Schedule
DALIAN, China, April 15 /Xinhua-PRNewswire-FirstCall/ -- Fushi Copperweld, Inc. (Nasdaq: FSIN), the leading global manufacturer of bimetallic wire used in a variety of telecommunication, utility, automotive and other electrical products, today announced that the Company added 6,000 metric tons per year of Copper-Clad Aluminum (“CCA”) production capacity to its Dalian facility at the end of its 2008 first quarter ending March 31, 2008. The expanded production marks the completion of the first stage of a three-phase relocation project, which will bring online an additional 22,000 metric tons of annualized CCA and CCS capacity to the facility upon its scheduled completion in first quarter of 2009.
“This major expansion of our production capabilities is another step in our continuing efforts to bring our Dalian facility to its fullest potential of productivity and quality for our customers,” commented Chris Wang, President and Chief Financial Officer of Fushi Copperweld. “In addition to alleviating some overcapacity issues at our Dalian facility, the new CCA production lines, which utilize Copperweld’s industry leading proprietary cladding technologies, will allow us to manufacture higher quality products designed to meet the ongoing needs of our growing global customer base. Increasing the quality of our products at our Dalian facility is a key step as we continue to further diversify our sales from the telecommunication wire market into additional growth areas which include the global automotive and utility markets.”
The new production capacity has increased Fushi Copperweld’s total CCA annual production to 33,600 metric tons at its Dalian facility. In addition to its installed capacity, Fushi Copperweld also has CCS and CCA production capacity in transit as part of its three-phase relocation project of machinery to its facility in Dalian, China from its Fayetteville, Tennessee plant. The second phase, scheduled for completion by year-end 2008, calls for the refurbishment and relocation of 10,000 metric tons of CCS production capabilities, and the third and final phase, scheduled for completion in first quarter of 2009, plans a further addition of 6,000 metric tons of CCA capacity to the Dalian facility. Upon successful completion of the relocation project, the Dalian facility expects to realize increased capacity of approximately 80%, or total annual production of 49,600 metric tons, when compared to production at the end of fiscal 2007.
Mr. Wang concluded, “Global demand for our bimetallic wire applications continues to remain strong. We believe this relocation project further strengthens our position as the world-wide leader in the bimetallics industry. We continue to focus on manufacturing both high quality and low-cost products at our facilities around the world, which will further enhance our new business opportunities with new and existing customers and solidify our leadership position in the bimetallic wire market.”
ABOUT FUSHI COPPERWELD INC.
Fushi Copperweld, Inc., through its wholly owned subsidiaries, Fushi International (Dalian) Bimetallic Cable Co. Ltd. and Copperweld Bimetallics, LLC, designs, develops, manufactures, markets, and distributes bimetallic composite wire products, principally copper-clad aluminum (“CCA”) and copper-clad steel ("CCS") wire. CCA and CCS wire offers greater value than solid copper wire in a wide variety of applications such as coaxial cable for cable television (CATV), signal transmission lines for telecommunication networks, distribution lines for electricity, electrical transformers, wire components for electronic instruments and devices, utilities, appliances, automotive, building wire, and other industrial wire. For more information on Fushi Copperweld, visit the Company’s website: http://www.fushicopperweld.com/
Safe Harbor Statement
This press release may contain forward-looking statements concerning Fushi Copperweld’s business and products. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, and additional competition from existing and new competitors, changes in technology, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in Fushi Copperweld’s reports filed with the Securities and Exchange Commission. Fushi Copperweld undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release
For more information, please contact:
Nathan Anderson
Director of Investor Relations & Corporate Development
Fushi Copperweld, Inc.
Tel: +1-931-652-2433
Email: ir@fushicopperweld.com
Bill Zima
ICR, Inc.
Tel: +1-203-682-8200
