Custom injection molder Octex Corp. plans to move to a larger facility in Sarasota, Fla.
Octex qualifies for $2 million in state industrial revenue bonds. It will use the funds to buy 31/2 acres in Sarasota, and build and equip a plant there. Harry Lewis, vice president of marketing and development, said the 35,000-square-foot plant will be designed for cleaner, more-efficient molding.
The firm's current, leased facility has 33,000 square feet of space but its layout is inefficient and it is not climate controlled. Octex plans to relocate in April.
Lewis said Octex will replace three Toyo presses with new Toyos with clamping forces of 35-245 tons. It will move nine existing presses to the new plant.
Octex has annual sales of more than $4 million. Its main markets are industrial, medical and consumer products. Sally Weaver is owner and president and her husband, John, is secretary-treasurer for the 45-employee company.
The state bonds, called Enterprise Bonds, are sponsored by the Florida Development Finance Corp. Octex was the first company in Sarasota County to apply and qualify for the bonds.