Twin Disc Signs Lease Agreement for Office Location in Milwaukee
Twin Disc, Inc. (NASDAQ: TWIN) has announced a new 8,100 square foot office lease in Milwaukee, WI, aimed at optimizing its assets. The relocation will accommodate around 25 employees and is set for early 2023, following the tentative sale of its current location in Racine. CEO John Batten emphasized that this move aligns with reducing the company's footprint and increasing shareholder value. Twin Disc will maintain its manufacturing operations in Racine and continue distribution at its Sturtevant facility, focusing on marine and industrial power transmission products.
- Lease of new office space in Milwaukee to optimize assets.
- Reduction of company footprint expected to increase shareholder value.
- Maintaining manufacturing operations in Racine and Sturtevant ensures continued production.
- None.
RACINE, Wis., Sept. 23, 2022 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ: TWIN), a global leader in power transmission technology for marine, land-based and oil & gas applications, has announced the lease of an office space in Milwaukee, WI.
The 8,100 square foot space on the fourth floor of an office building located on Erie Street in Milwaukee’s Historic Third Ward will accommodate approximately 25 employees. The Company expects to relocate its corporate team to the new location in early 2023.
The lease of an office space in Milwaukee, and tentative sale of its location at 1328 Racine Street, is part of Twin Disc’s asset optimization strategy. “We continue to find ways to reduce our footprint and provide more value for our shareholders, customers and employees,” said John Batten, President & Chief Executive Officer, Twin Disc, Inc. “We assessed several locations for the new office space and found that downtown Milwaukee better suits this subset of employees.”
“Having transitioned manufacturing and assembly functions to more modern and efficient facilities in the Racine area, our current space is not being fully utilized,” continued Batten. “We truly believe that the community will be better served if our building on Racine Street is redeveloped into a space that provides more jobs or amenities.”
It’s Wisconsin-based manufacturing and assembly facilities, located at 4600 21st St, Racine, WI, will continue to produce industrial products, marine transmissions for the commercial and pleasure craft markets, and land-based transmissions used in off-road applications. The Company will continue operations at its North American Aftermarket Distribution Center, located in Sturtevant, WI.
About Twin Disc
Twin Disc, Inc. designs, manufactures and sells marine and heavy-duty off-highway power transmission equipment. Products offered include marine transmissions, azimuth drives, surface drives, propellers, and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches, and control systems. The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government, and industrial markets. The Company’s worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network. For more information, please visit www.twindisc.com.
Contact: Jeffrey S. Knutson
(262) 638-4242
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