PH Group Inc., which makes Trueblood vertical molding presses, is looking to build or buy a larger headquarters in central Ohio.
In other news, the company reported that sales of its Trueblood insert molding machines reached $6.6 million in 1997, a 70 percent increase over $3.9 million the year before.
The Columbus, Ohio-based firm disclosed the news in its annual report, filed March 30.
PH Group reported it will relocate a company it bought last year, St. Lawrence Press Inc., from Romulus, Mich., to PH Group's new centralized factory in Ohio. St. Lawrence Press makes compression molding presses to process sheet molding and bulk molding compounds.
PH Group's top executive, Charles T. Sherman, said the company hopes to make a decision on the new headquarters in 30-45 days. PH Group wants a building measuring 45,000 to 60,000 square feet and equipped with cranes able to handle 40-65 tons, he said in an April 2 telephone interview from Columbus.
The machinery company also makes metal-stamping presses. Sales of those machines, the PH Hydraulics business, totaled $6.9 million in 1997, up nearly 38 percent from $5 million in 1996. This segment also includes St. Lawrence Press compression molding machines.
Companywide, PH Group reported 1997 sales of about $13.8 million, up 51 percent, from $9.1 million in 1996. Profit was $604,846, almost a 65 percent gain over 1996.
The company's backlog was more than $6.5 million at the end of 1997.
To expand, the company has hired a Detroit investment banker, First of Michigan Corp., to raise $3 million by issuing new preferred stock this year, Sherman said. The move is subject to shareholder approval.
PH Group also wants to move up a notch in the investment world, from its status on the Nasdaq Electronic Bulletin Board to the Nasdaq Small Cap Market. To do that, its tangible net worth must reach $4 million. Also, at least 1 million shares of common stock must be owned by people outside of the control group.