Benzinga | Nov 19, 2021 12:06PM EST

Smith-Midland Reports Board Approved, Finalized Land Purchase Deals Totaling 33.15 Acres Of Land In Fauquier County, Virginia

Smith-Midland Corporation (NASDAQ:SMID) provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced the board approved and finalized land purchase agreements totaling 33.15 acres of land adjoined to the Company's Virginia manufacturing plant located in Fauquier County.

"Smith-Midland is growing, and we seized the opportunity to purchase land adjoined to our flagship manufacturing facility in Virginia which produces many of our innovative products including our patented JJ-Hooks highway barriers, and our proprietary SlenderWall cladding system. Two of the parcels of land recently became available presenting a prudent investment opportunity that supports our long-term expansion. The third parcel of land comprised of approximately 3.36 acres is developed, and in use by the Company today. Historically, we have rented the acreage from Rodney Smith for use as a storage area. This purchase will eliminate those monthly expenses. The 3.36 acre purchase agreement with my father, Rodney Smith, underwent a third-party appraisal to ensure a fair and independent valuation assessment. We are very optimistic as we execute against our long-term vision, and continue to drive value for our stakeholders," Chief Executive Officer, Ashley Smith concluded.

The Virginia manufacturing facility which included 45 acres prior to these land purchases serves several of Smith-Midland's strongest markets reaching from New York to North Carolina, and south to West Virginia. The purchase agreements include three parcels of land, the first is comprised of 1.51 acres, the second includes 28.28 acres, and the third is a 3.36 acre parcel of land which brings the total purchase to 33.15 acres. The purchase prices are $525,000, $2.8 million, and $295,000 respectively bringing the final cost to $3.6 million.