Benzinga | Nov 1, 2021 08:35AM EDT

SG Blocks Reports Its ECHO Unit Entered Lease Deal For Added Manufacturing Facility In Durant, Oklahoma To Add 2 New Production Lines

SG Blocks, Inc. (NASDAQ:SGBX) ("SG Blocks" or the "Company"), a leading designer, innovator and fabricator of modular structures, announced today that SG ECHO has entered into a lease agreement for an additional manufacturing facility in Durant, Oklahoma to add two new production lines, which in turn is expected to triple the Company's manufacturing capacity.

The Company had previously announced plans to purchase the property but made the decision to pivot to a lease arrangement in order to deploy capital to other area of the business.

SG ECHO plans to hire locally within the Durant area, with a goal of welcoming 75 additional employees to the Waldron facility over a span of two years. "We continue to have a great experience with the local workforce and we're happy to do our part to add jobs to the community," Paul Galvin concluded.

The property sits on approximately sixteen acres of land with a 55,000 SF manufacturing facility comprised of two full production lines. The Company intends to utilize this production space during Q2 of 2022 and will manufacture projects for SGB Development Corp. as well as certain commercial projects.

"Having three production lines will allow us much greater flexibility in scheduling projects, and should reduce overhead and create greater effiencies in every aspect of our process. We are looking forward to growing our footprint in Durant with encouragement from both local and state government authorities." William Rogers, COO of SG Blocks explained.

The Company will provide additional updates as and when available.