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A new entity, M3 Productions LLC, which is affiliated with mold maker International Engineering Group LLC, has purchased a 33,000 square foot building in Bellefontaine, Ohio, with plans to offer injection molding as well as mold making and repair.
"We plan to have 15 presses, but we will start with four and add two more shortly," said Danny Allen, vice president of operations of M3, in a telephone interview.
He said that the company will be using Arburg presses and that they will range from 110-550 tons. He expects the first presses up and running by March 1.
The company has five employees and is busy hiring more. It expects to grow to 15-20 quickly.
Allen said that the aim is to supply automakers such as Honda, which is nearby. He also said the appliance and gun industries present opportunities.
The building that M3 purchased had been used for warehousing, and the company is busy upgrading it with a new crane, LED lighting and other amenities.
Allen said that the company has made a big push to "go green," and that's why they chose the LED lighting. They will be using servo motors on the presses, as well as an RJG inspection system in the molds. The initial investment is about $2.5 million.
Owner Jim Moore formed IEG in 2004 and currently has its headquarters in Dublin, Ohio. The company supplies molds that are produced in China and shipped to the United States.
Allen said they plan to bring work back to the United States with the new facility. The site will also enable the company to repair molds.
IEG originally worked with the Ohio Tax Credit Authority for a planned expansion in May 2013 in Hilliard, Ohio, but after due diligence, that deal fell through.
The new location is about 45 miles from the company headquarters.
M3 worked with OhioJobs, a private nonprofit economic development agency, and with Bellefontaine officials to find the new location and were offered an incentive package.