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Cymat Announces Senior Management Addition and Intiates Plant Optimization Capital Investment Program
Cymat Announces Senior Management Addition and Intiates Plant Optimization Capital Invest...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n \n \n \n Cymat Announces Senior Management Addition and Intiates Plant Optimization Capital Investment Program\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n MISSISSAUGA, ON\n \n ,\n \n Oct. 18, 2021\n \n /CNW/ - Cymat Technologies Ltd. (TSXV: CYM) (the \"\n \n Company\n \n \" or \"\n \n Cymat\n \n \") is pleased to announce the appointment of\n \n Mario DeAngelis\n \n as its new Chief Operating Officer (COO). In addition, Cymat announces that it has recently embarked on a major capital investment program to increase both plant capacity and efficiency, as well as improve production reliability.\n \n \n \n \n \n \n \n \n \n \n Mario DeAngelis\n \n , a professional engineer, is a seasoned international automotive  executive with over 25 years of experience. Mario was most recently responsible for the European operations of a major North American automotive parts company with responsibility for 7 plants across the continent. He is an accomplished business manager with expertise in both production efficiency initiatives  and new technology  deployments.\n \n \n Cymat's major capital investment program is being undertaken to accommodate significant anticipated growth in all of its three major commercial verticals: architetural products, automotive and military. The Company will invest approximately\n \n $2M\n \n , for which it is currently well capitalized to execute, to upgrade and modernize its\n \n Mississauga Ontario\n \n plant and to facilitate various R&D/product development initiatives. This program is expected to increase the plant's output to approximately\n \n $75M\n \n (on a staged basis) as well as deploy automation and new technology to improve its overall cost structure. The Company's production upgrades will address equipment reliability issues that have intermittently hindered Cymat's operations in the past. These initiatives are particularly germain to Cymat's automotive aspirations as production capacity, output reliability and process robustness are essential prerequisites for successf...