08:08 AM EDT, 07/17/2024 (MT Newswires) -- Mattr ( MTTRF ) said Wednesday that it commenced production at two new composite technologies manufacturing sites in Texas and South Carolina, "on time and on budget".

The Flexpipe facility is located in Rockwall, Texas, while the Xerxes facility is located in Blythewood, South Carolina. Total investment was $60 million. Each of the new sites were substantially completed during the first half of 2024, with both locations commencing production early in July.

Mattr ( MTTRF ) said the facilities will be initially populated with about 50% of the production equipment that their footprints are capable of accommodating, and are expected to approach normalized levels of production in 2026.

Mattr ( MTTRF ) said the facilities have the potential to deliver over $100 million of incremental annual revenue generating capacity. The company retains the option of adding further production equipment to each site in a phased manner in future years.

"These new facilities will enable us to keep up with the growing demand for our products and to serve our customers even more efficiently," said Martin Perez, group president of Mattr's ( MTTRF ) Composite Technologies segment.

In addition to these two new facilities, the company's total capital spend in 2023 and guidance for 2024 included a variety of incremental modernization, expansion and optimization initiatives. Also, the company said it expects to complete its new production sites in Fairfield, Ohio, and Vaughan, Ontario, by mid-2025.

Mattr's ( MTTRF ) share price closed 0.29% higher yesterday to $17.50 on the TSX.