Queensland construction company Wagners (ASX:WGN) is seeking to raise $40 million to build US manufacturing plants for its composite fibre business.
The company will issue new shares to pay down debt and strengthen its balance sheet for the growth opportunities.
Wagners expects to spend $5-$10 million building the new plants over the next two years.
The initial facility will be located in either Texas or Wyoming and a decision of the plants position will be announced in the coming weeks.
Shares in Wagners (ASX:WGN) are trading 2.8 per cent higher at $1.82.