(BRK.A), (BRK.B)
Berkshire Hathaway’s Johns Manville, a global building and specialty products manufacturer, has announced it will make a significant investment toward expanding capacity at its Defiance, Ohio, manufacturing facility.
The expansion will allow Johns Manville to increase the production of its fiberglass pipe insulation products, Micro-Lok® HP and Micro-Lok® HP Ultra.
“We are investing in our mechanical insulation business to meet increasing customer demand for our market-leading fiberglass pipe insulations,” said Mary Rhinehart, President and CEO of Johns Manville. “Our decision to make this investment is an intentional step that positions JM to support our customers in a growing industry.”
JM will begin the capacity expansion project early this year and anticipates the completion of the first new production line in 2020.
“Thanks to the support of our customers, we have seen continued growth in this business since we rebuilt the Defiance pipe insulation plant in 2007,” said Bob Wamboldt, President of JM’s Insulation Systems business. “The growth is a result of market demand and, more importantly, demonstrates a distinct preference for JM’s pipe insulation, Micro-Lok HP and HP Ultra.”
Mike McCann, the mayor of Defiance, said the pipe expansion will benefit the city.
“We are excited that Johns Manville has continued to support our community by investing in its business here,” McCann said. “Naturally, JM’s presence is good for the local economy, and the positive influence JM has on the people and families who live in Defiance is incredibly valuable.”
Jim Swift, the Plant Manager in Defiance, will lead the expansion project.
“JM has been part of the Defiance community for more than 60 years,” Swift said. “We are excited to create more jobs as part of this expansion and to continue supporting community organizations. Our employees have done an excellent job in driving the success of our pipe insulation, and we will continue to focus on providing a consistently high-quality product for our customers.”
© 2019 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.