INTEST CORP
For the period ended Dec 31, 2023. Filed Mar 27, 2024.
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FY2023 · Filed Mar 27, 2024
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Item 2. PROPERTIES
At December 31, 2023, we leased thirteen facilities worldwide. The following chart provides information regarding each of our principal facilities that we leased at December 31, 2023:
| Location | Lease Expiration | Approx. Square Footage | Principal Uses |
|---|---|---|---|
| Rochester, NY | April 2028 | 79,150 | Process Technologies segment operations (principal facility for Ambrell) |
| Mansfield, MA | December 2024 | 52,700 | Environmental Technologies segment operations (principal facility for iTS), Process Technologies segment operations (principal facility for Videology) |
| Mt. Laurel, NJ | April 2031 | 33,650 | Corporate headquarters and Electronic Test segment operations |
| Penang, Malaysia | March 2027(1) | 25,000 | Applications engineering, product development and localized manufacturing for nearly all inTEST brands |
| Ontario, Canada | February 2028 | 16,437 | Electronic Test segment operations (primary facility for Acculogic Inc.) |
| Fremont, CA | November 2025(2) | 15,746 | Formerly Electronic Test segment sales and engineering |
All of our facilities have space to accommodate our needs for the foreseeable future.
| (1) | Expected to commence operations in the second half of 2024. |
| (2) | During the fourth quarter of 2020, we consolidated all manufacturing operations for our EMS segment into our facility in Mt. Laurel, New Jersey, as more fully discussed in Note 5 to our consolidated financial statements for the year ended December 31, 2022 in our Annual Report on Form 10-K that was filed with the SEC on March 22, 2023. In August 2021, we subleased this facility for the balance of the term. |
As described further in Item 1, “Business—Acquisition,” effective March 12, 2024, in connection with our acquisition of Alfamation, we leased an additional facility for that operation. That facility is approximately 51,817 square feet and is located in Milan, Italy. The initial lease term expires on March 12, 2030, and renews automatically unless terminated by either party.
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