MOSCOW, RUSSIA--(Marketwired - Feb 8, 2017) - Thermon Group Holdings, Inc. (NYSE: THR) ("Thermon") today announced that its indirect subsidiary, Thermon Eurasia LLC, will begin local production of key products in the greater Moscow region beginning in 2017.
The new production facility will focus on manufacturing, fabrication, packaging and quality control of high-temperature self-regulating heating cables, low-temperature self-regulating heating cables, series constant watt cables, mineral insulated heating circuits, power and splice boxes, mechanical thermostats, electronic control modules, heat tracing kits and accessories, control panels and power distribution boards. Thermon is in the process of obtaining a Certificate of Conformity to the Technical Regulations of the Customs Union ("TR CU"), which enables marketing and installation of approved products in the territory of the Eurasian Customs Union without any additional certification requirements, assessments or permissions. The production facility will maintain rigorous quality control procedures and aims to be certified according to ISO 9001:2015.
Alexey Ratushniy, General Director of Thermon Eurasia LLC said, "We are excited to add local production capabilities to complement the existing services offering supported directly from Moscow. The investment in a new production facility reinforces Thermon's commitment to long-term success in Russia and the surrounding countries. Thermon's customers in the region will now enjoy a broad local content offering for both products and services, including sales support, logistics, engineering, technical support, project management, and field services for electric and steam heat tracing, as well as other industrial process heating applications."
"Russia and the adjacent Eurasian countries represent a very important and promising market opportunity for Thermon and the new production facility is a key strategic investment for Thermon," said Bruce Thames, Thermon's Chief Executive Officer. "The ability to deliver local content is a critical factor in exceeding the needs of our customers in the region and for success on important regional projects. The expansion of our local capabilities and presence in Russia reinforces Thermon's vision of becoming the world's leader in industrial process heating."
Through its global network, Thermon provides highly engineered thermal solutions, known as heat tracing, for process industries, including energy, chemical processing and power generation. Thermon's products provide an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature maintenance, environmental monitoring and surface snow and ice melting. Thermon is headquartered in San Marcos, Texas. For more information, please visit www.thermon.com.
Cautionary Note Regarding Forward-Looking Statements
The information in this press release includes forward-looking statements that are based on current expectations, estimates, forecasts and projections about our future performance, our business, our beliefs and our management's assumptions. Statements that are not historical facts are forward-looking statements, including forward-looking information concerning production capacity and growth estimates. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, known or unknown to Thermon, including, but not limited to, changes in vendor, payer and customer relationships and terms, competition, changes in economic and business conditions generally or in the markets served by the company, risks associated with new business initiatives and activities, the failure to obtain new contracts or extensions of existing contracts, risks associated with acquisitions and divestitures, the ability to realize anticipated results from capital expenditures and cost reduction initiatives, outcomes of legal and regulatory matters, changes in legislation or regulations or interpretations thereof, and those described in Item 1A "Risk Factors" of our most recent Annual Report on Form 10-K, which is incorporated herein by reference, and in other documents that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, Thermon does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date the statement is made, whether as a result of new information, future events, changes in assumptions or otherwise.