Haynes International Inc. (HAYN), a maker of high-performance alloys, said Monday its Board has okayed a new $61 million capital expenditure growth plan.
The new plan will enable it to expand capacity for its tubular products and flat products, amid an strong demand in the aerospace, land-based gas turbine and chemical processing industries.
The company plans to invest about $37 million to expand by an about 60% the specialty titanium and high-performance nickel alloy tubular production capacity of its Arcadia, Louisiana facility.
It also plans to invest nearly $24 million to expand by an estimated 20% its capacity to produce specialty high-performance alloy flat products at its Kokomo, Indiana facility.
The company has commenced initial planning and design and expects to complete both projects within the next two years. Benefits from the tubular project are expected to emerge in twelve to fifteen months, and for the Kokomo project, in nine to twelve months.
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