San Diego Business Journal

Maxwell Technologies Says It Has No Plans to Relocate Local R&D Staff

Sunday, January 5, 2014

Responding to a rumor of possible relocations, Maxwell Technologies Inc. said it will continue to house its research and development staff in San Diego.

That runs counter to a published newspaper column in which the mayor of Peoria, Ariz., said that Maxwell Technologies (Nasdaq: MXWL) will be moving an unspecified number of R&D jobs to its new 123,000-square-foot manufacturing facility in Peoria, near Phoenix.

Mayor Bob Barrett said in the column that Maxwell Technologies plans to relocate some of its R&D staff from San Diego to his city, in addition to previously announced expansion plans for the area.

The mayor made the statements in an article in the Peoria Times. He did not mention the number of jobs in the article.

Asked for comment on the claim, Maxwell spokesman Mike Sund said there are no current plans to put engineering jobs in Peoria. “All that’s firm is manufacturing,” Sund said.

The mayor’s column also said that Maxwell, a San Diego maker of ultracapacitors, plans to expand from one Peoria production line to three during the years to come. Maxwell held the grand opening for the Peoria plant in November.

Sund said Maxwell runs five production lines in San Diego, in a building that is smaller than the Peoria building. He said the Peoria plant had room for three lines.

A spokesman for the city of Peoria said Maxwell was receiving incentives to locate in Arizona.

The San Diego Business Journal reported on Maxwell’s plans to move some production to Arizona two years ago.

At the time, a Maxwell representative told the Journal that the cost of land, costs to operate the plant and taxes were less in Arizona. There was also the issue of supply security.

On Friday, Sund reiterated that a second manufacturing location was necessary to keep supply lines running. Maxwell did not want to concentrate activity in a single area that could be prone to a natural disaster.

Maxwell reported net income of $7.2 million, or 25 cents per share, on revenue of $159.3 million in 2012.