American woodmark announces $65 million investment to expand capacity in north carolina and monterrey, mexico
Winchester, va.--(business wire)--american woodmark corporation (nasdaq: amwd) will increase its stock kitchen and bath cabinet capacity for east coast markets. the project will represent a total expected capital investment of approximately $65 million over the next two years and result in the creation of more than 500 new jobs. the company expects to pay for this investment with cash on hand and borrowings from its revolving credit facility. “our company strategy is focused on growth, digital transformation and platform design or “gdp”. following a comprehensive review of our platform, we identified the need for additional capacity in our stock kitchen and bath cabinetry product lines. by adding a fourth facility in mexico and expanding the hamlet, north carolina location, we will strengthen our overall supply chain and allow for incremental capacity in both categories on the east coast, which is one of the largest repair/remodel and new construction markets,” said scott culbreth, president and chief executive officer. the investment is expected to deliver north american job growth of 500+ teammates through a 500,000+ square foot expansion in north carolina and mexico. the expansion yields additional capacity in both component manufacturing and cabinet assembly. “american woodmark is excited to expand our stock manufacturing operations,” said rob adams, senior vice president, manufacturing and technical operations. “finding strategic locations and having access to a skilled workforce are critical areas of focus that we continue to consider as we implement our strategy.” about us american woodmark celebrates the creativity in all of us. with over 10,000 employees and more than a dozen brands, we’re one of the nation’s largest cabinet manufacturers. from inspiration to installation, we help people find their unique style and turn their home into a space for self-expression. by partnering with major home centers, builders, and independent dealers and distributors, we spark the imagination of homeowners and designers and bring their vision to life. across our service and distribution centers, our corporate office, and manufacturing facilities, you’ll always find the same commitment to customer satisfaction, integrity, teamwork, and excellence. visit americanwoodmark.com to learn more and start building something distinctly your own. safe harbor statement under the private securities litigation reform act of 1995: all forward-looking statements made by the company involve material risks and uncertainties and are subject to change based on factors that may be beyond the company's control. accordingly, the company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. such factors include, but are not limited to, those described in the company's filings with the securities and exchange commission, including our annual report on form 10-k. the company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
AMWD Ratings Summary
AMWD Quant Ranking
You've reached your free article limit.
Want To Read More Articles?
See what it all means for your stocks with premium tools
Stockprices is a weekly video covering what moved markets
this week, featuring a panel of Stockprices editors. It is published by the
close of trading on Fridays. Hosted by Nathaniel E. Baker, contributing editor,
and featuring: Aaron Task, VP Contributor Content and co-host Stockprices's Alpha
Trader podcast; Brad Olesen, VP News; Steve Alpher, Managing Editor News, co-host
Alpha Trader.
Unsubscribe From All
You successfully activated
“Only Essentials”
Confirm Upgrade
Your subscription will be moved to the annual plan. Service will automatically renew unless cancelled. No Refunds. Click upgrade to confirm.
Stockprices uses Plaid to connect you account
Connect effortlessly
Plaid lets you securely connect your financial accounts in seconds
Your data belongs to you
Plaid doesn't sell personal info, and will only use it with your permission