Wire manufacturer to spend $4.1 to $4.6 million on the project.
The wire manufacturing firm Encore Wire Corp., headquartered in McKinney, Texas, has announced plans for a 250,000-square-foot expansion to its existing aluminum wire manufacturing plant in McKinney. The company’s aluminum wire manufacturing plant presently measures 200,000 square feet.
Encore says it expects the cost of the expansion, as well as other upgrades to the McKinney facility, to cost from $4.1 to $4.6 million.
The company says the expansion project is part of its capital expenditure plan for 2014 and 2015, which will include the purchase of additional manufacturing equipment. Encore estimates its total capital expenditures for 2014 to be as much as $45 million.
Commenting on the announcement, Daniel Jones, president and CEO of Encore Wire, says, “Encore Wire has experienced steady growth throughout its history. In order to plan for our future and continue the long-term growth of the company, we have continued to increase our product offerings to our existing customer base in the building wire category.”
Phil Bilban, Encore vice president and CFO, says he expects the expansion to be completed by the end of the year. The expansion will add processing capacity, though there will be some flexibility to add other product lines if needed, Bilban says.
Encore has grown significantly over the past several years, Bilban adds, largely because of its ability to offer copper and aluminum wire.