2 unchanged sentences
In addition, the Company operates overseas offices in Europe and Asia as further discussed below.
−Removed: The location, square footage and use of the most significant facilities at December 31, 2021 were as follows:
+Added: The location, square footage and use of the most significant facilities as of December 31, 2022 were as follows:
Owned Locations Square Footage Date of Acquisition/Build (1)
11 unchanged sentences
Holland, MI 242,300 2012 Manufacturing, Warehouse
+Added: Holland, MI 29,900 2021 Office
Erlenbach, Germany 90,000 2003 Office
Shanghai, China 25,000 2006 Office, Warehouse
−Removed: Shanghai, China 85,000 2017 Office, Warehouse (2)
+Added: Shanghai, China 85,000 2017 Office, Warehouse, Light Assembly
(1) Date of Acquisition/Build refers to first year of operations and does not refer to subsequent additions or expansions.
−Removed: (2) Light Assembly expected to begin at this location during 2022.
In 2021, the Company completed construction of a 36,000 square-foot addition to its main corporate office and manufacturing facility to expand its chemistry lab facilities, with a total cost of approximately $10 million, which was funded from cash and cash equivalents on hand.
−Removed: Additionally, in early 2022, the Company began construction on a 345,000 square-foot manufacturing facility located at a 140 acre site in Zeeland, Michigan, where the Company previously performed master planning and completed land infrastructure improvements.
+Added: Additionally, in the first quarter of 2022, the Company began construction on a 345,000 square-foot manufacturing facility located at a 140 acre site in Zeeland, Michigan, where the Company previously performed master planning and completed land infrastructure improvements.
The total cost of the building project is expected to be approximately $80 - 90 million and will be funded with cash and cash equivalents on hand.
−Removed: The facility is expected to be operational in early 2023.
−Removed: The Company also has leased sales and engineering offices throughout the United States, Europe, and Asia to support its sales and engineering efforts:
−Removed: Country Number of Leased Offices
+Added: The facility is expected to be operational sometime in 2023.
+Added: The Company has also begun construction on two building expansions during the second quarter of 2022.
+Added: The Company is expanding its current distribution center by an additional 300,000 square feet, with a total cost still expected to be approximately $40 - $45 million.
+Added: The Company is also expanding another of its manufacturing facilities by an additional 60,000 feet, with a total cost still expected to be $20 - $30 million.
+Added: Both of these expansion projects will be funded with cash and cash equivalents on hand.
+Added: The Company also has leased sales and engineering offices throughout the United States, Europe, and Asia to support its sales and engineering efforts, as well as a leased manufacturing facility in Grand Rapids, Michigan:
+Added: Country Number of Leased Offices/Facilities
United States 3
4 unchanged sentences
Nevertheless, the Company continues to evaluate longer term facilities needs.
−Removed: The Company estimates that it currently has building capacity to manufacture approximately 34 - 37 million interior automatic-dimming mirror units annually, based on current product mix (excluding the impact of the ongoing construction of the aforementioned distribution center).
+Added: The Company estimates that it currently has building capacity to manufacture approximately 34 - 37 million interior automatic-dimming mirror units annually, based on current product mix (excluding the impact of the above referenced construction).
The Company evaluates equipment capacity on an ongoing basis and adds equipment as needed.
In 2022, the Company shipped 28.7 million interior automatic-dimming mirrors.
−Removed: The Company’s automotive exterior mirror manufacturing facility has an estimated building capacity to manufacture approximately 15 - 18 million units annually, based on the current product mix (excluding the impact of the ongoing construction of the aforementioned distribution center).
+Added: The Company’s automotive exterior mirror manufacturing facility has an estimated building capacity to manufacture approximately 15 - 18 million units annually, based on the current product mix (excluding the impact of the above referenced construction).
The Company evaluates equipment capacity on an ongoing basis and adds equipment as needed.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.