SIOUX FALLS, S.D., Jan. 17 /PRNewswire-FirstCall/ -- Raven Industries,
Inc. (Nasdaq: RAVN) announced today 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.
Raven is an industrial manufacturer that provides electronics
manufacturing services, reinforced plastic sheeting and flow control devices
to various markets.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act provides a "safe harbor" for
forward-looking statements. Certain information included in this press
release and other materials filed or to be filed by the company with the
Securities and Exchange Commission (as well as information included in
statements made or to be made by the company) contains statements that are
forward-looking. Although the company believes that the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, there is no assurance that such expectations will be achieved.
Such assumptions involve important risks and uncertainties that could
significantly affect results in the future. These risks and uncertainties
include, but are not limited to, those relating to weather conditions, which
could affect certain of the company's primary markets, such as agriculture and
construction, or changes in competition, raw material availability, technology
or relationships with the company's largest customers, any of which could
adversely impact any of the company's product lines. Results may be impacted
by equipment availability and technological challenges, which could affect the
timing or the success of installation of new equipment and the development of
new films. The foregoing list is not exhaustive and the company disclaims any
obligation to subsequently revise any forward-looking statements to reflect
events or circumstances after the date of such statements.
On the Internet, information is available at Raven's website,
http://www.ravenind.com .
SIC Codes: 3672, 3081, 3829
SOURCE Raven Industries, Inc.
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Related links:
http://www.ravenind.com
CONTACT:
Tom Iacarella, VP & CFO of Raven Industries,
Inc., +1-605-336-2750, or General Inquiries, Dennis Waite,
+1-708-246-6265, Analyst Inquiries, Leslie Loyet,
+1-312-640-6672, or Media Inquiries, Tim Grace, +1-312-640-6667,
all of Financial Relations Board
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