NEW YORK - Injection molder Ven-Tel Plastics Corp. is spending $7 million to build a new factory in Florida to accommodate its growing medical and automotive business.
The company's new, 105,000-square-foot molding plant will centralize operations that now take place at three much smaller plants, said Dick Keogh, vice president and general manager of the Clearwater, Fla., firm. He spoke in an interview at the Medical Design and Manufacturing East show in New York.
The slowing economy is not a factor, he said: ``We have no hesitation whatsoever. If anything, is there a way to get in there sooner?''
The company wants to occupy the new plant, which will double the current space at its three locations, in December, he said. The expansion will add 10 presses, giving the company 40, and some additional equipment for assembly operations. The company has presses with clamping forces of 80-550 tons, and it has a tool shop.
The expansion will give Ven-Tel a 22,000-square-foot, Class 100,000 clean room, he said. The company currently has a Class 100,000 clean room.
The new plant will be in Pinellas Park, near Clearwater.
The growth is being driven by the 1.3 billion flip-off caps that the company makes annually for medical products and by a latch component the company molds and assembles for a Dodge Durango sport utility vehicle compartment that holds tire jacks, Keogh said.
The company's automotive business slowed in January and February but came back to its previous volumes in March and April, Keogh said. The company's business in pumps for the chemical industry is down some, but Ven-Tel has no indication its automotive business will slow later this year, he said.
The privately held company does not disclose sales figures. It employs about 70.