RAVEN INDUSTRIES: Expansion of Extrusion Capacity in Engineered Films
Raven Industries, Inc. announced that it has finalized purchase orders totaling $7.5 million to expand its extrusion capacity in the Engineered Films Division (EFD) in Sioux Falls. This represents acceleration of an ongoing program to invest at least $8 million in EFD annually over the next three years. Total EFD investment plans for the fiscal year ending January 31, 2007 exceed $11 million. Raven President and CEO Ronald M. Moquist said, ‘We are following through with our commitment to invest in businesses that deliver outstanding returns, and Engineered Films certainly qualifies. This expansion will not only increase throughput capacity, but also widen our product offerings by allowing us to extrude seven-layer films. We currently provide protection from wind and moisture for construction applications. Seven-layer capabilities should allow us to develop films for industrial applications that provide a barrier against certain gases as well.’ The new equipment is expected to be operational by the end of October 2006.