TULSA,
Okla., Nov. 14, 2024 /PRNewswire/ -- AAON, Inc.
(NASDAQ: AAON) (including its affiliates, "AAON" or the
"Company"), a leader in high-performing, energy-efficient HVAC
solutions that bring long-term value to customers and owners, is
pleased to announce the expansion of the Company's production
capacity with the purchase of a new 787,000 square foot facility in
Memphis, Tennessee. This facility
will primarily facilitate the growing demand from the data center
market and is projected to create 828 skilled jobs at this location
over the next five years of operation. The expansion will also add
geographic diversification to AAON's current manufacturing
footprint, mitigating certain operational risks and better serving
our data center customers.
This facility will manufacture various types of thermal
management equipment for data centers under the BASX brand,
including air-cooled systems, computer room air handlers (CRAHs),
direct evaporative coolers, and liquid cooling distribution units
(CDUs), both liquid-to-liquid and liquid-to-air. The facility is
expected to have limited production in early 2025 and be fully
operational in approximately 12 months.
"The expansion of our production capacity through the purchase
of this new facility marks a new chapter for AAON," said
Gary Fields, AAON CEO, "Not only
will this allow us to continue to capitalize on the rapidly growing
data center market, it demonstrates the commitment we have to our
data center customers and the confidence we have in the vertical
strategy of this market. At the same time, we are thrilled to bring
new jobs and investment to the Memphis community and look forward to seeing
the positive impact it will have on both our company and the local
economy."
"After a rigorous due diligence process that included an
intricate site search and detailed analysis of costs, risks, and
return on investment, we are thrilled to announce the purchase of
this new facility," said Matt
Tobolski, AAON President, and COO, "This new capacity will
ensure we are able to meet the growing demands from our data center
customers, while also generating compelling returns on invested
capital for our shareholders. To date, AAON has successfully
supplied the highest performing, most efficient thermal management
solutions to this end-market, and we look forward to continued
success in the future."
AAON leadership extends appreciation to the State of Tennessee, the City of Memphis, the Greater Memphis Chamber,
and Memphis & Shelby County
EDGE. These impressive organizations, with top-notch teams and
competitive programs, were helpful in our decision and we look
forward to collaborative partnerships.
"Building a robust recruitment pipeline requires strong
relationships with both industry leaders and our economic
development partners," said City of
Memphis Mayor Paul Young,
"Welcoming AAON to Memphis
represents a significant step toward making our market even more
competitive on a national level. With AAON's commitment, we are
enhancing our local economy and elevating Memphis as a destination for high-quality jobs
and sustainable industry growth."
"Memphis is gaining recognition
for its speed and agility in attracting businesses. Paired with our
diverse workforce and manufacturing talent, Memphis is America's newest high-tech hub—the
Digital Delta," said Ted Townsend,
President & CEO of the Greater Memphis Chamber, "AAON embodies
a new chapter for Memphis. As a
dynamic, high job-creation company with a focus on data centers, we
are proud to welcome them to the Digital Delta."
"Memphis continues to prove
itself as a vibrant hub for economic growth and opportunity," said
Dr. Joann Massey, EDGE President,
and CEO, "We are committed to welcoming innovative companies, like
AAON, that invest in our community and support the creation of new
jobs, further strengthening the city's position as a key player in
the manufacturing and industrial sectors."
AAON was represented in their site selection and real estate
negotiations by John Beach and
Susan Arledge, SIOR with Newmark, a
global real estate service provider to large global corporations
and other occupiers of commercial real estate.
Through the dedication of our people, we push the industry
forward with innovative air solutions and pave the way for a better
tomorrow. Together, we're making a difference. For Memphis job and
career inquiries, email HelloMemphis@AAON.com.
About AAON
Founded in 1988, AAON is a world leader in
HVAC solutions for commercial and industrial indoor environments.
The Company's industry-leading approach to designing and
manufacturing highly configurable equipment to meet exact needs
creates a premier ownership experience with greater efficiency,
performance and long-term value. AAON is headquartered in
Tulsa, Oklahoma, where its
world-class innovation center and testing lab allows AAON engineers
to continuously push boundaries and advance the industry. For more
information, please visit www.AAON.com.
About BASX
BASX, a wholly owned subsidiary of AAON, is
an industry leader in the manufacturing of high-efficiency data
center cooling solutions, cleanroom systems, custom HVAC systems,
and modular solutions. For the past 40 years, the BASX team has
been recognized as leaders in the development of industry-changing
innovation such as changes in the way fans are applied in modern
air handling systems. Our team has a steadfast commitment to
customer service and delivering on our promises while providing the
highest quality products throughout the world. BASX's
state-of-the-art manufacturing facility is located in Redmond, Oregon.
Forward-Looking Statements
This press release includes
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "expects",
"anticipates", "intends", "plans", "believes", "seeks",
"estimates", "should", "will", and variations of such words and
similar expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties, and
assumptions, which are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made.
We undertake no obligations to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise. Important factors that could cause results to differ
materially from those in the forward-looking statements include (1)
the timing and extent of changes in raw material and component
prices, (2) the effects of fluctuations in the
commercial/industrial new construction market, (3) the timing and
extent of changes in interest rates, as well as other competitive
factors during the year, and (4) general economic, market or
business conditions.
Contact Information
Joseph
Mondillo
Director of Investor Relations
Phone (617) 877-6346
Email: joseph.mondillo@aaon.com
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