FORT WAYNE, IN (April 9, 2024) |
CPI Card Group Inc. (NASDAQ: PMTS) (“CPI” or “the Company”), a payments technology company providing a range of credit, debit, and prepaid card and digital solutions, including Software-as-a-Service (SaaS) instant issuance, today announced the construction of a new manufacturing facility in Fort Wayne, Indiana that will double the size for this location. This new facility exemplifies CPI's commitment to meeting the evolving needs of its customers and driving innovation in the payments technology industry.
“CPI is proud to continue operating in the Fort Wayne community, where we are locally engrained with a high-performing team” said John Lowe, President and Chief Executive Officer. “After years of planning, we are excited to announce this major milestone for our ‘Factory of the Future’. This is the first time in CPI’s nearly 30-year history that we’ve had the opportunity to build a manufacturing facility to our specifications. It’s a chance to provide our employees with the latest and most advanced tools, and will solidify CPI as a top workplace now and in the future.”
CPI will transfer operations from their current location where they’ve been for more than 16 years, having bought the former Didier Printers Incorporated, which was itself established in 1947. The new facility will be located at 6993 Lima Road, and site preparation is underway. Construction is set to begin this month, and operations are slated to commence in mid-2025. Fort Wayne employees are expected to complete their transition to the new facility by early 2026.
Key highlights of the new facility include:
- Digital Integration and Automation: A digital factory enables streamlining data and equipment management, boosting productivity, and allowing CPI to maintain highest quality production standards. The planning for this new building will include new software and automations such as co-bots (collaborative robots), conveyor systems, and inline production.
- New Equipment: New equipment will enable the best on-brand capabilities for quality, efficiency, and speed to market. Floor layout and material flow will be optimized. Coupled with process automations, a connected workforce can streamline tasks and improve throughput. These enhancements will be made without impact to existing employees' roles.
- Environmental Sustainability: CPI is committed to reducing its environmental impact and has incorporated several sustainability initiatives into our business strategy. The new facility presents an opportunity to maximize efficiency and minimize waste within our operations and day-to-day activities. We are also exploring renewable energy alternatives and LEED certification.