GSE Holding Announces Groundbreaking of New Manufacturing Facility in China
HOUSTON, Jan. 9, 2013 /PRNewswire/ -- GSE Holding, Inc. (NYSE: GSE), a leading global provider of highly engineered geosynthetic containment solutions for environmental protection and confinement applications, today held a groundbreaking ceremony at the site of its new manufacturing facility located in the city of Suzhou, Jiangsu Province, in China. In addition to company officials, the ceremony was attended by representatives from the provincial and municipal governments and GSE's customers in the area.
"We are excited to begin construction on our first manufacturing facility in China, which keeps us on track towards achieving our stated objective of expanding our presence in faster growing, emerging markets," said Mark Arnold, President and Chief Executive Officer. "We look forward to being able to better serve China, and the entire Asia-Pacific region as those areas experience continued development and industrialization."
The manufacturing facility is expected to add 44 million pounds of new capacity and be completed in late 2013. Once completed, the facility will have the ability to manufacture the company's entire line of geomembrane products and service the growing demand for landfill expansions, industrial waste containment, coal ash containment and oil and gas fracking in the region. The company anticipates it will incur all of the expenses associated with the construction of the facility in 2013.
About GSE Holding, Inc.
GSE is a global manufacturer and marketer of geosynthetic lining solutions, products and services used in the containment and management of solids, liquids, and gases for organizations engaged in waste management, mining, water, wastewater and aquaculture.
GSE has a long history of manufacturing quality geosynthetic lining systems and developing innovative products. The Company's principal products are polyethylene based geomembranes, geonets, geocomposites, geosynthetic clay liners, concrete protection liners and vertical barriers. GSE manufactures products primarily to line or cap hazardous and non-hazardous waste landfills, contain materials generated in certain mining processes; and contain water, liquid waste and industrial products in ponds, tanks, reservoirs, sewers and canals. Headquartered in Houston, Texas, USA, GSE maintains sales offices throughout the world and manufacturing facilities in the US, Chile, Germany, Thailand and Egypt.
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These statements may include words such as "anticipate," "believe," "may," and other words and terms of similar meaning, including in connection with any discussion of the timing or nature of future financial performance or other events. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by GSE from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, GSE's actual results may differ materially from those indicated or implied by such forward-looking statements. Except as required by law, GSE disclaims any obligation to publicly update such statements.
Director, Financial Reporting, Planning & Analysis
SOURCE GSE Holding, Inc.