Market Overview

WSI Industries Announces New Long Term Agreement

Share:

WSI Industries, Inc. (Nasdaq: WSCI) today announced that it had reached a
three-year agreement to provide engine components to an existing customer.
The agreement is an extension, for certain programs, of the three year
agreement that expired December 31, 2014, as well as the addition of a new
program that the Company began initial shipments for last fall.
Benjamin Rashleger, president and chief executive officer commented: "We are
pleased to report positive news in our powersports market. We recently
signed an agreement with our primary customer in this market to continue to
provide them with parts for two existing programs through the end of
calendar 2017. The agreement also includes the addition of a third new
program for WSI for the three year period. This new program, which also is
an engine component, began initial production runs for the Company last fall
and is expected to ramp up production over the coming quarters." Rashleger
continued: "This agreement provides support for WSI to invest in new
equipment that will increase manufacturing efficiencies. With the new
program that was awarded, WSI is making an initial investment in three new
machining centers in order to meet the forecasted needs of our customer."
Rashleger concluded: "This three year agreement with the existing and new
programs provides stability in our powersports market for the foreseeable
future. We anticipate that the three programs could potentially represent
30% of our total sales, and we are excited to have this level of our
business covered under this agreement."
WSI Industries, Inc. is a leading contract manufacturer that specializes in
the machining of complex, high-precision parts for a wide range of
industries, including automotive, avionics and aerospace, energy,
recreational powersports vehicles, small engines, marine, bioscience and the
defense markets.

 

Related Articles (WSCI)

View Comments and Join the Discussion!

Posted-In: News Press Releases

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com