Par 4 Plastics Inc. is expanding custom injection molding capacity to meet growing automotive part sales.
The Marion, Ky., firm plans to spend nearly $4 million on a new facility and equipment in the next year, according to Joe McDaniel, president and founder. It also penciled in another $2 million in capital investment for further expansion beginning in 1999.
McDaniel said his firm plans to move into a new, 50,000-square-foot plant in August because its leased 32,000-square-foot facility in Marion is getting too crowded. The plant houses 15 injection presses, including a Cincinnati Milacron machine with clamping force of 600 tons installed last month.
McDaniel said in a telephone interview he expects to install another four or five presses, either Milacrons or Van Dorns, when his firm moves to the new site. It plans to add a new, 750-tonner and other presses with clamping forces of 300-600 tons when it relocates. The company also wants to expand its finishing capabilities, boost its use of robots and automation, and install an overhead crane to allow it to use big-tonnage presses.
Par 4's major business is molding automotive lighting components on presses of 75-600 tons. Other major markets include appliances, tobacco containers and display components. McDaniel said his firm expects to capture more business with existing accounts and new customers since it got ISO 9002 and QS-9000 registrations last month. It reported sales of $3.7 million in 1996.
McDaniel sees Par 4's employment growing to about 125 by the year 2000 from its current level of about 50. His firm expects low-interest loans and tax assistance for the expansion from Kentucky's Economic Development Finance Authority and other agencies.
McDaniel founded Par 4 in 1991 and remains its majority shareholder.