LONDON, Feb. 20, 2018 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE:IGT) has completed a $15 million expansion to accommodate a new, state-of-the-art instant ticket press at its facility in Lakeland, Florida. The addition of approximately 45,000 square feet allows space for a new instant ticket TRESU press, extra production area, a new shipping and receiving area, secure office space, and secured finish goods storage.
Since the facility first opened in 2009, employment has grown by 112%, representing $11.7 million in annual payroll wages. The expansion is expected to increase full-time employment by an additional 24% by the end of 2021.
"This state-of-the-art facility is part of the economic engine for Lakeland," said U.S. Congressman Dennis Ross. "This facility benefits both employees and local businesses alike. From construction jobs to expand the facility to IGT using a number of local vendors ensuring the plant is kept up-and-running, the local economy is benefiting from IGT's investment in Florida, and the Lakeland community."
"Today is about a strong partnership we've developed with the Lakeland Economic Development Council (LEDC)," said IGT COO, Lottery, Jay Gendron. "Working together with the LEDC, IGT has developed relationships with Lakeland businesses and contractors, and we've created several new jobs as part of our expansion project. The substantial investment we are making now is a true indication of IGT's commitment to Lakeland in the years to come."
The new servo-controlled TRESU press is now operational and will increase IGT's printing capacity by approximately 30%. The TRESU is the newest in the industry, incorporating the latest advancements in flexography technology, and complements IGT's current servo-controlled Gallus press, which also utilizes flexography technology.
"The new TRESU press is very important to our printing business and allows us to service our lottery customers in a greater capacity," continued Mr. Gendron. "The TRESU will complement and expand our current production capabilities, scheduling flexibility, and capacity. In fact, the addition of this second press actually increases production capacity in the overall industry, something that has not been done in more than 13 years."
IGT (NYSE: IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has over 12,000 employees. For more information, please visit www.IGT.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2016 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. Nothing in this news release is intended, or is to be construed, as a profit forecast or to be interpreted to mean that the financial performance of International Game Technology PLC for the current or any future financial years will necessarily match or exceed the historical published financial performance of International Game Technology PLC, as applicable. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.
Robert K. Vincent, Corporate Communications, toll free in U.S./Canada (844) IGT- 7452; outside U.S./Canada (401) 392-7452
James Hurley, Investor Relations, (401) 392-7190
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