SARASOTA -- Sun Hydraulics Corp. (symbol: SNHY) is preparing to construct a new 76,000-square-foot facility on Tallevast Road and plans to spend $16 million to complete construction.
Sun Hydraulics' new facility will offer 60,000 square feet of manufacturing space, plus 16,000 square feet of space for offices, a release from the company explains.
Although Sun Hydraulics is working with builder Halfacre Construction to apply for necessary permits immediately, CEO Allen Carlson says the company has not decided on a start date for the new project.
“We know where we will build the new facility and generally what it will look like. By completing site preparation work now, we put ourselves in position to begin construction, when we are ready, without delay,” Carlson says.
Sun Hydraulics designs and manufactures screw-in hydraulic cartridge valves and manifolds for worldwide industrial and mobile markets. The company generated nearly $151 million in revenues in 2010 -- then topped that by more than $8 million through the first nine months of 2011. The company will release its fourth quarter and full-year earnings report March 12.
Less than a month into 2012, Sun has seen the price of its common stock appreciate by more than 16%, to a per share price of more than $27 in early Tuesday trading.