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Trex Residential
+Added: Nevada/ Arkansas
Warehouse, Research and
−Removed: Development, Storage, Training and Manufacturing
+Added: Development, Storage,
+Added: Manufacturing Facilities
Trex Residential
2 unchanged sentences
Storage and Office Space
−Removed: Trex Commercial
−Removed: Warehouse, Facility and
We regularly evaluate our various facilities and equipment and make capital investments where necessary.
−Removed: In 2021, we spent a total of $159.4 million on capital expenditures, primarily at our Trex Residential facilities, including $126.3 million related to capacity expansion and general plant cost reduction initiatives, $24.9 million for other equipment expenditures and production improvements and $6.4 million for general support initiatives.
−Removed: In order to keep pace with demand, in June 2019, we announced a capital expenditure program to increase production capacity at our Trex Residential facilities in Virginia and Nevada.
−Removed: The multi-year capital expenditure program involved the construction of a new decking facility at the existing Virginia site and the installation of additional production lines at the Nevada site.
−Removed: The investment, completed in 2021, allowed us to increase production output for future projected growth related to our strategy of converting wood demand to Trex Residential wood-alternative composite decking.
−Removed: In addition, our engineering team installed incremental decking lines within our new Virginia facility that further expanded our production capability.
−Removed: Additionally, we recently announced plans to develop a third U.S.-based Trex Residential manufacturing facility on approximately 300 acres in Little Rock, Arkansas.
−Removed: We plan to invest approximately $400 million in this project over the next five years, funded primarily through ongoing cash generation.
−Removed: With the potential to become our largest manufacturing facility over time, the Arkansas manufacturing campus will address increased demand for Trex Residential outdoor living products.
−Removed: Construction is slated to begin early in 2022 with a modular development approach calibrated in alignment with demand trends.
−Removed: We expect initial production output to begin in 2024 and, over time, the facility will employ approximately 500 people.
−Removed: These expansion activities provide Trex Residential with additional capacity to flex with demand by adding capacity as needed, while providing bandwidth to pursue opportunities to expand domestically and internationally as we continue to drive wood conversion and capture incremental market share from the strength of Trex products and the brand.
+Added: In 2022, we spent a total of $176.2 million on capital expenditures, primarily at our Trex Residential facilities, including $85.7 million related to construction of our Arkansas facility, $39.2 million related to general plant cost reduction initiatives at our Virginia and Nevada facilities, $19.1 million related to our new corporate office development, and $17.6 million for general support, safety and environmental initiatives.
+Added: In October 2021, we announced plans to add a third U.S.-based Trex Residential manufacturing facility located in Little Rock, Arkansas, that will sit on approximately 300 acres of land.
+Added: The development approach for the new campus will be modular and calibrated to demand trends for Trex Residential outdoor living products.
+Added: Construction began on the new facility in the second quarter of 2022, and in July 2022, we entered into a design-build agreement.
+Added: As previously announced, we anticipate spending approximately $400 million on the facility and the budget for the design-build agreement is contained within this amount.
+Added: Construction for the new facility will be funded primarily through our ongoing cash generation or our line of credit.
For information about our leases, see Note 10 to our Consolidated Financial Statements appearing elsewhere in this report.
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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.