Breaking News: Xspand Products Lab Signs Letter of Intent To Expand U.S.-Based Production Facility

Xspand Products Lab, Inc. (NASDAQ: XSPL), a full-service product development company, has signed a Letter of Intent to build a new facility in Alpha, New Jersey to expand its U.S.-based production.

The new facility will be approximately 80,000 square feet, as compared with the 30,000 square feet of the current facility. The expansion will enable Xspand to accept and produce orders which exceed its current capacity, which they currently outsource. The Company also anticipates consolidating all U.S.-based operations of its subsidiaries into the new facility, reducing combined overhead expense.

Xspand’s current line of Pirasta products are manufactured at the current New Jersey facility. Xspand has developed a new line of “made in the USA” products under the Pirasta brand, with several new brands launching during the upcoming holiday season.

“The new manufacturing facility being put in place will allow us to grow rapidly and service larger customers and orders, some of which we’ve needed to outsource in the past,” said Chris Ferguson, Chief Executive Officer of Xspand Products Lab, Inc.  “In addition, we are looking forward to consolidating both of our wholly owned U.S. subsidiaries—SRM and Fergco—into a central location, which is expected to create numerous cost savings and operational efficiencies.”

 

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