Steinwall Inc. has added presses and people and in mid-July intends to begin constructing an expansion that will add 30 percent to existing space.
``We believe the recession to be over because most of our customers are increasing orders. We're seeing quite a few new tool orders, also,'' Maureen Steinwall, owner and president, said via e-mail.
The Coon Rapids company is adding 20,700 square feet of space to its existing 68,000. The custom injection molder invested more than $600,000 to buy two used, 330-ton Cincinnati Milacron electric presses with shot sizes up to 27.8 and 18.4 ounces, and a used, 400-ton Milacron with a shot size up to 34 ounces.
In the fall, the company installed new auxiliary equipment such as dryers and temperature-control units.
``For the first 37 years of business, Steinwall only purchased new presses [mostly Van Dorn], but as of one year ago, the used equipment market clearly became a financial advantage after weighing the risks and benefits,'' she said. Now, Steinwall operates 26 presses of 28-500 tons, including three electrics.
The company has 92 employees, up from 70 last summer, and projects sales for the fiscal year ending Oct. 31 of $10 million, compared with its previous record high of $7.8 million last year.