CHICAGO—Processing Technologies Inc., a St. Charles, Ill.-based extrusion equipment manufacturer, plans to build a $3 million plant and sell its existing facility.
The company expects to move to a 60,000- to 70,000-square-foot plant in Geneva, Ill., by next fall. The company owns seven acres there and has the ability to expand the plant to more than 100,000 square feet. The plant will house PTI's manufacturing operations and corporate headquarters.
Within two to three years, the number of employees will double to more than 100.
``We're landlocked where we are and can't expand,'' President Dana Hanson said at Plastics USA in Chicago Oct. 7.
The company will sell its 40,000-square-foot plant in St. Charles next year. Its 50 employees will transfer to the new plant.
PTI manufactures 1.5-15 inch single-screw extruders for compounding, film and sheet, tandem- and single-foam, pipe and profile, fiber and reclaim applications.
``A lot of our systems are used in packaging applications,'' Hanson said.
PTI has sales of around $15 million, about 20 percent generated from foreign markets, Hanson added.
``We've experienced growth of 20-25 percent a year,'' he said.
The 10-year-old company claims to be the fourth-largest single-screw extruder maker in North America.