Injection molder Precision Plastics adding space, presses in Indiana

By Michael Lauzon
Correspondent

Published: April 24, 2014 2:54 pm ET
Updated: April 24, 2014 3:29 pm ET

Related to this story

Topics Automotive, Injection Molding, Injection molds

Custom injection molder Precision Plastics Inc. is expanding its Columbia City, Ind., operation.

“We are adding warehouse space to expand the production floor by about 20 percent,” said Precision Executive Vice President Ryan Richey in a phone interview.

Ryan Richey said the company plans to purchase two or three injection presses with about 200 to 500 tons clamp force this year. It is looking at adding a few more later and could install presses with up to 750 tons of clamping force, depending on customer requirements. It now runs 28 presses with clamps from 75 to 500 tons.

“We had good sales in the past couple of years and see that continuing in the future,” Richey explained.

Precision will seek more growth in its key automotive and defense sectors and wants to enter new markets for stringent food-grade molded goods, such as special packaging. To enter such markets it would need to convert part of its production space to meet standards in cleanliness, pest and microbe suppression and other hygiene-related issues.

Precision expects to complete its 12,000-square-foot warehouse addition in June. The $265,000 project will free up molding room in its 75,000-square-foot Columbia City plant. It also runs a tool room in the factory.

Precision, founded in 1955, is a fully employee-owned business. It now employs 120 and plans to create 15 more positions in the next three years as it expands. Its injection molding sales volume is running at about $16 million annually and its tool room generates another $3 million in revenue.

“Our analysis shows that Indiana has a cost advantage over surrounding Midwestern states in our industry,” noted Precision President and CEO Ron Richey in a news release. A skilled workforce, business-friendly attitudes in the state and Indiana’s central location for U.S. and global markets also swayed Precision to expand in Columbia City, Ron Richey explained.

The Indiana Economic Development Corp. is offering Precision up to $65,000 in training grants conditional on its job creation. Columbia City is considering additional tax abatement.


Comments

Injection molder Precision Plastics adding space, presses in Indiana

By Michael Lauzon
Correspondent

Published: April 24, 2014 2:54 pm ET
Updated: April 24, 2014 3:29 pm ET

Post Your Comments


Back to story


More stories

Magna hiring at two Michigan locations

July 28, 2014 11:43 am ET

Magna Interior Trim Components is adding a total of 169 jobs to two of its Michigan manufacturing facilities.    More

Image

Austrian mold maker seeking North American manufacturing partner

July 25, 2014 1:49 pm ET

An Austrian mold maker is looking for a manufacturing location in North America.    More

Investigation continuing into injury at Windsor mold maker

July 25, 2014 12:57 pm ET

Canadian authorities are investigating an incident in which a worker's foot got caught in a machine at Crest Mold Technology Inc. in Oldcastle,...    More

Image

Columbine Plastics moving to new Colorado site

July 25, 2014 11:38 am ET

Custom injection molder Columbine Plastics Corp. plans to move from Boulder, Colo., to the Colorado Technical Center in Louisville, Colo.    More

Image

Metals and plastics company NN to buy Autocam in $300 million deal

July 25, 2014 10:07 am ET

A Tennessee metals and plastics company said it has agreed to acquire auto parts supplier Autocam Corp. in a deal valued at $300 million.    More

Market Reports

Plastics Recyclers Data Report & Directory

This exclusive MS Excel database contains all the companies from Plastics News' ranking of top North American Recyclers and Brokers by reprocessed volume and also includes a directory with materials processes, services offered and company contact information. Data is based on primary research by PN editorial staff.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events