In a $14.8 million, five-year program, Protective Closures Co. plans to expand its Buffalo, N.Y., operations.
``We have no room for inventory or expansion,'' Charles Cole, Protective Closures president, said in a recent telephone interview. ``Our sales have been growing fantastically for 10 years, and we expect to grow more.''
He did not disclose sales figures.
Through three divisions, the company makes Caplug injection molded, extruded and vinyl dip molded protective products; Mokon temperature-control auxiliary equipment; and Clarke vials, primarily for the pharmaceutical industry.
The company's plans call for acquiring an 81/2-acre site next to its existing facilities in Buffalo and constructing a 45,000-square-foot manufacturing facility and 25,000-square-foot office building. The site currently is owned by Conair. The project should be under way by September.
Within three years, the company expects to add 50 position to its work force of 252.
As part of the project, Protective Closures, which now occupies about 158,000 square feet, also said it will demolish its existing offices and shorten a railroad siding that delivers railroad car shipments of polyethylene.
The firm decided to expand in Buffalo after looking at potential sites outside the region.
Local economical development incentives will total about $2 million. On June 11, the Erie County Industrial Development Corp. agreed to schedule a public hearing on possible tax abatements for the project. The company said New York's Empire State Development Corp. may offer $1.8 million in loans and grants.
Protective Closures is a unit of Mark IV Industries Inc. of Amherst, N.Y.
The parent reported profit of $56.1 million on sales of $2.1 billion for the 1997 fiscal year ending Feb. 28.