STL [NSE: STLTECH], a leading global optical and digital solutions company, today formally announced the launch of its state-of-the-art manufacturing facility in Lugoff, South Carolina - The Palmetto Plant. Named after the state tree of South Carolina, this facility, also designated as STL's North American Headquarters, symbolizes STL's commitment to the US market.
The Palmetto Plant was inaugurated by Hon. Henry McMaster, Governor of South Carolina, in the presence of government dignitaries, key customers, and representatives from the Fiber Broadband Association, National Telecommunications and Information Administration, and local Chambers of Commerce.
This strategic investment and expansion efforts in the U.S. further reinforce STL's commitment to the Make in America vision. Addressing the market demand for 5G, FTTx, and the push for rural broadband, The Palmetto Plant, spanning over 168,000 sq. ft will specialize in future-ready optical solutions, including high fiber count cables with smaller diameters. The emphasis will also extend to pioneering designs, notably high-capacity ribbonized cables and ruggedized designs for rural deployments. To help operators tackle the industry-wide skills shortage, the new Lugoff facility is also prioritizing optical connectivity products that are simple to deploy, monitor, and maintain. Additionally, comprehensive on-site testing aligned with industry-standard GR20 guidelines ensures the high quality and reliability of its products.
STL has committed to being Net zero by 2030. Following in the footsteps of STL's other global manufacturing units, the Lugoff facility also aims to achieve zero waste and reduce energy consumption progressively.
The Palmetto Plant employs over 150 people, including skilled manufacturing associates and seasoned industry specialists leading the company's North American operations.
Remarking on the inauguration, Gov. Henry McMaster said, "The inauguration of STL's manufacturing plant marks a significant stride forward for our communities. This venture introduces not only cutting-edge optical fiber technology but also cultivates local talent and fuels innovation. This investment furthers South Carolina's leadership in connecting the unconnected across the country and ushering in an era of progress and prosperity for all."
Excited about this significant milestone, Paul Atkinson, CEO, Optical Networking Business at STL, said: "Our new cable plant in Lugoff, South Carolina, is a testament to our commitment to the US market and our customers in North America. This facility mirrors our ethos and STL's larger purpose - of Transforming Billions of Lives by Connecting the World. I am excited to see its impact on America's rural connectivity and digital landscape."
From glass to fiber, cabling, and optical connectivity, STL is one of only 6 players worldwide with end-to-end capabilities in this space. The company works closely with regional and national players and with industry associations like the FBA and the Power and Communication Contractors Association (PCCA) to create meaningful impact at scale.
Shares of Sterlite Technologies Limited was last trading in BSE at Rs. 165.20 as compared to the previous close of Rs. 166.60. The total number of shares traded during the day was 65250 in over 896 trades.
The stock hit an intraday high of Rs. 168.25 and intraday low of 164.50. The net turnover during the day was Rs. 10853699.00. |
