Superconductor Technologies (SCON) Announces Plans to Relocate Corporate Headquarters to Austin, TX
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Superconductor Technologies Inc. (Nasdaq: SCON) will relocate its corporate headquarters to a new facility in Austin, TX. This state of the art facility will also be the home of STI's Conductus superconducting wire manufacturing center of excellence. STI will continue to maintain an R&D and wireless operations presence in Santa Barbara, CA.
"STI was founded in Santa Barbara in 1987 and successfully built an innovative and world class technology team in southern California," said Jeff Quiram, STI's president and chief executive officer. "Although Santa Barbara has been a great home to STI, and we have benefitted from its scientific talent and entrepreneurial spirit, the execution on our strategic initiative to become a leader in the superconducting wire industry recently reached the inflection point where it was time to make a move. After considering the technical talent pools, facilities, and energy costs in a number of states, we determined that Austin was the best location for our Conductus superconducting wire center of excellence. We decided to co-locate our corporate headquarters with the superconducting wire operation since we expect this initiative to be STI's primary business going forward. We believe Austin is an ideal location to initiate the production of our Conductus superconducting wire on a commercial scale. STI is excited to become a contributor to the region's continued high-tech success."
The new facility addresses STI's growth expectations for the Conductus wire initiative. The opening of the new facility has been scheduled to coincide with the delivery of the first superconducting wire production-ready equipment. The new equipment is scheduled for delivery and installation in the first quarter of 2012.
The 94,000 square foot Class A semiconductor manufacturing facility, previously occupied by Applied Materials, requires minimal capital investment as it is already equipped with upgrades including state of the art clean rooms with loading gantries, HEPA filtration, automated HVAC air handlers and exhaust system, and processed chilled water.
As previously noted, this decision is not expected to affect STI's headcount in Santa Barbara or to result in any material charges.
"STI was founded in Santa Barbara in 1987 and successfully built an innovative and world class technology team in southern California," said Jeff Quiram, STI's president and chief executive officer. "Although Santa Barbara has been a great home to STI, and we have benefitted from its scientific talent and entrepreneurial spirit, the execution on our strategic initiative to become a leader in the superconducting wire industry recently reached the inflection point where it was time to make a move. After considering the technical talent pools, facilities, and energy costs in a number of states, we determined that Austin was the best location for our Conductus superconducting wire center of excellence. We decided to co-locate our corporate headquarters with the superconducting wire operation since we expect this initiative to be STI's primary business going forward. We believe Austin is an ideal location to initiate the production of our Conductus superconducting wire on a commercial scale. STI is excited to become a contributor to the region's continued high-tech success."
The new facility addresses STI's growth expectations for the Conductus wire initiative. The opening of the new facility has been scheduled to coincide with the delivery of the first superconducting wire production-ready equipment. The new equipment is scheduled for delivery and installation in the first quarter of 2012.
The 94,000 square foot Class A semiconductor manufacturing facility, previously occupied by Applied Materials, requires minimal capital investment as it is already equipped with upgrades including state of the art clean rooms with loading gantries, HEPA filtration, automated HVAC air handlers and exhaust system, and processed chilled water.
As previously noted, this decision is not expected to affect STI's headcount in Santa Barbara or to result in any material charges.
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