Richardson Electronics, Ltd. Upgrades Headquarters to Accommodate Growing Green Energy Solutions Business Unit

Rhea-AI Summary

Richardson Electronics, Ltd. (NASDAQ: RELL) announces completion of upgrades to its LaFox, IL Headquarters, adding 16,000 sq ft of manufacturing space for Green Energy Solutions. Sales from this segment increased 110.5% from $22.6 million in FY22 to $47.6 million in FY23. An open house and presentation for investors is planned for August 22, 2023.

Positive

• Sales from the Green Energy Solutions segment have increased by an impressive 110.5% from $22.6 million in FY22 to $47.6 million in FY23, indicating a significant growth trajectory for the company's green energy business.

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• None.

Investor open house and presentation planned for August 22, 2023

LAFOX, Ill., July 24, 2023 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (NASDAQ: RELL), a global provider of engineered solutions for the green energy, power management, custom display and healthcare markets, announced today the completion of recent upgrades to its LaFox, IL Headquarters after investing several million dollars to expand its design, manufacturing and test capabilities and capacity. The expansion adds more than 16,000 square feet of manufacturing space and will serve as a showcase for the Company’s Green Energy Solutions (“GES”) production.

“We continue to add new, innovative products to support global green energy markets including wind, solar, electric vehicles, and other green power management applications such as lab grown diamonds. Post-COVID, we did not mandate a return to the office for many of our employees. This left us with excess administrative space, which we converted to a state-of-the-art manufacturing floor to support the growth of our GES business unit. We are extremely excited by the long-term potential of our GES business, as sales from this segment have increased 110.5% from $22.6 million in FY22, to $47.6 million in FY23,” said Edward J. Richardson, Richardson Electronics Chief Executive Officer.

Richardson Electronics will manufacture its patented ULTRA3000^® and ULTRAPEM™ multi-brand Pitch Energy Modules; the patent-pending ULTRAUPS3000™, designed to replace lead-acid batteries in wind turbine generators and other power management applications; battery start modules for numerous applications including EV locomotives; and other products in the expanded area. Total manufacturing space in LaFox is now 160,000 square feet.

The Company plans to host an open house and presentation for investors on August 22, 2023, to showcase its products and upgraded facilities. To request an invitation, contact stefanie@smberger.com.

About Richardson Electronics, Ltd.
Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All of our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics, Ltd. common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

About Richardson Electronics – Green Energy Solutions
Richardson Electronics Green Energy Solutions combines our key technology partners and engineered solutions capabilities to design and manufacture key products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair—all through our existing global infrastructure. GES’s focus is on products for numerous green energy applications such as wind, solar, hydrogen and electric vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing. For more information, visit us at: https://www.rell.com/business-units/green-energy-solutions/

Forward-Looking Statements

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on August 1, 2022, and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events or otherwise.

For Details Contact:	40W267 Keslinger Road
Wendy Diddell	PO BOX 393
Chief Operating Officer	LaFox, IL 60147-0393 USA
Phone: (630) 208-2323	(630) 208-2200 | Fax: (630) 208-2550

FAQ

What are the recent upgrades announced by Richardson Electronics, Ltd.?

Richardson Electronics, Ltd. has completed upgrades to its LaFox, IL Headquarters, adding more than 16,000 square feet of manufacturing space to support its Green Energy Solutions production.

What is the sales growth for the Green Energy Solutions segment of Richardson Electronics, Ltd.?

Sales from the Green Energy Solutions segment have increased by 110.5% from $22.6 million in FY22 to $47.6 million in FY23.

When is the investor open house and presentation planned?

The open house and presentation for investors is planned for August 22, 2023, to showcase the products and upgraded facilities.

How can investors request an invitation to the open house and presentation?

Investors can request an invitation by contacting stefanie@smberger.com.