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Lindsay to Invest Over $50M to Expand, Modernize Manufacturing Facility
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PR Newswire
OMAHA, Neb., Jan. 17, 2024
Upgrades will improve efficiency, enhance product quality and achieve best-in-class performance and service
OMAHA, Neb., Jan. 17, 2024 /PRNewswire/ -- Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, has announced plans to invest more than $50 million over the next two years in its largest global manufacturing facility located in Lindsay, Neb.
"I appreciate Lindsay's longstanding role and commitment to the state of Nebraska." - Governor Jim Pillen
"We offer a best-in-class customer experience. That includes well-designed products, built by the industry's top professionals, in facilities that lead the industry in safety, quality and efficiency," said Randy Wood, President and CEO of Lindsay. "This investment will accelerate Lindsay's ability to bring its latest innovations, including the Smart Pivot, to market, and it aligns with our strategic growth plan and commitment to leveraging state-of-the-art technology across our global operations."
"Lindsay has grown to become a worldwide force in irrigation and infrastructure, all from smalltown Nebraska," said Governor Jim Pillen. "This historic investment will continue to drive innovation, improve efficiencies, and enhance products that will benefit agriculture and infrastructure projects across the globe. I appreciate Lindsay's longstanding role and commitment to the state of Nebraska."
Plans for the modernization of the facility include implementing Industry 4.0 technologies, including data connectivity, analytics, artificial intelligence and the additions of automation and robotics. The facility will house new equipment and the latest advancements in galvanizing, a core process for manufacturing pivot irrigation systems and road safety products. Lindsay will also expand the facility footprint by 40,000 square feet to allow for increased capacity and capabilities in metal forming.
"As part of our operational excellence journey, we are designing and implementing the factory of the future," said Rich Harold, Senior Vice President, Global Operations of Lindsay. "This investment will create additional value for our customers, employees and other stakeholders by allowing us to improve efficiency, enhance product quality through better monitoring and adjustment of production systems, be more responsive to cyclical market needs, address labor availability challenges and achieve best-in-class performance and service."
This investment is the largest in Lindsay's history. The company expects to begin capital spending in the second quarter of fiscal 2024 and complete the facility modernization by the end of 2025.
About Lindsay Corporation
Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology. Established in 1955, the company has been at the forefront of research and development of innovative solutions to meet the food, fuel, fiber and transportation needs of the world's rapidly growing population. The Lindsay family of irrigation brands includes Zimmatic™ center pivot and lateral move agricultural irrigation systems, FieldNET™ and FieldWise™ remote irrigation management technology, FieldNET Advisor™ irrigation scheduling technology, and industrial IoT solutions. Also a global leader in the transportation industry, Lindsay Transportation Solutions manufactures equipment to improve road safety and keep traffic moving on the world's roads, bridges and tunnels. For more information about Lindsay Corporation, visit www.lindsay.com.
FieldNET, FieldNET Advisor, FieldWise and Zimmatic are trademarks or registered trademarks of Lindsay Corporation and/or its affiliates.
Concerning Forward-Looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties, and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, company performance, and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that Lindsay Corporation files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations and those statements preceded by, followed by or including the words "anticipate," "estimate," "believe," "intend," "expect," "outlook," "could," "may," "should," "will," or similar expressions. For these statements, Lindsay Corporation claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Lindsay Corporation undertakes no obligation to update any forward-looking information contained in this press release.
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SOURCE Lindsay Corporation
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