YOUNGSVILLE, N.C.--(BUSINESS WIRE)--Xerium Technologies, Inc. (NYSE:XRM), a leading global provider of industrial consumable products and services announced that it’s 100% owned subsidiary Xerium Asia Pacific (Shanghai) Limited (“Xerium Asia Pacific”) recently qualified to do business as a Regional Operation Center in the China (Shanghai) Pilot Free Trade Zone, joining a select group of qualifying companies. This is beneficial to Xerium from multiple angles, including (1) improving financial flexibility by more effectively managing its global cash and liquidity, (2) gaining the ability to access regional financial markets, and (3) reducing order lead times as a result of its strong customs rating and expedited customs clearance.
Furthermore, Xerium’s Asian headquarters will move to China, enabling it to consolidate Asian corporate functions through a shared service facility, which will simplify local customer relationships and generate cost savings. Harold Bevis, Xerium’s President and CEO, commented, “I am encouraged by this latest milestone and how this is another example of how our ongoing strategic initiatives will continue to optimize Xerium’s cost structure and capitalize on the transforming regional market dynamics.”
Xerium Technologies, Inc. (NYSE:XRM) is a leading global provider of industrial consumable products and services. Xerium utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. Xerium has 26 manufacturing facilities in 12 countries, 2 new plants under construction in 2 countries and employs approximately 3,100 employees.
This press release contains forward-looking statements. The words "believe," "estimate," "expect," "intend," "anticipate," "goals," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Actual results may differ materially from these forward-looking statements and estimates as a result of various important factors, including, without limitation, the factors discussed in our annual report on Form 10-K for the fiscal year ended December 31, 2014, and subsequent filings, all of which are on file with the SEC and are available in the investor relations section of our website at www.xerium.com. Any forward-looking statements are as of the date hereof, and we assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as may be required by law.