MIDLAND, VA / ACCESSWIRE / January 11, 2024 / Smith-Midland Corporation (NASDAQ: SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, has commenced construction to double the size of its Reidsville, North Carolina plant.
Smith-Midland North Carolina is investing almost $2 million to expand its production facility to 30,000 square feet, including the addition of a 20-ton crane. This expansion will allow Smith-Midland to continue growing its market share in the Southeast region. The expansion is to the west end of their facility at 654 Freeway Drive, Reidsville.
"When we first expanded the North Carolina plant in 2018, we planned for additional future expansion, and are pleased to see it becoming a reality much sooner than expected," said Ashley Smith, Chief Executive Officer and President of Smith-Midland. The increased demand for our best-in-class products remains strong, as evidenced by our four consecutive quarters of double-digit, year-over-year revenue growth and near-record backlog, and we expect this expansion to further enhance our sales funnel."
This expansion will provide the necessary space to fulfill market demand and will also provide employment opportunities to the local area. North Carolina is one of the fastest-growing states regarding population and is utilizing the benefits of the Infrastructure Investment and Jobs Act passed by Congress to repair and expand highways and bridges for residents and travelers. Smith-Midland will have the capability to manufacture, deliver, and install multiple precast concrete products for use in these projects including, but not limited, to J-J Hooks® Safety barrier, SoftSound wall panels, retaining wall panels, and other custom highway precast concrete products.
Smith-Midland North Carolina originated in 1979 when the Smith-Midland Corporation expanded its operations to Reidsville, North Carolina. The Reidsville facility produces high-quality precast concrete products including J-J Hooks highway safety barrier, highway sound walls, Easi-Set precast concrete buildings, and many other custom precast products.
About Smith-Midland Corporation
Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.
Smith-Midland Corporation has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.
Forward-Looking Statements
This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from those discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, inflationary factors including potential recession, general business and economic conditions, our debt exposure, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Media Inquiries:
scrandall@midlandadvertising.com
(540) 439-8056
Sales Inquiries:
info@smithmidland.com
(540) 439-3266
Investor Relations:
Steven Hooser or John Beisler
Three Part Advisors, LLC
(214) 872-2710
SOURCE: Smith-Midland Corporation
View the original press release on accesswire.com
