Resin distributor Global Polymers Corp. has struck a supply deal with One1Source, a new minority-owned resin distributor and injection molder in Lexington, Ky.
One1Source's injection molding operations consist of 26 injection presses molding parts primarily for the automotive market. The company employs six.
Louisville, Ky.-based Global will supply One1Source with its line card of PET and engineering resins, which One1Source then will sell to customers in the automotive market. One1Source hopes to capitalize on spending that major automakers have committed to minority-owned firms. Toyota alone spent $600 million on minority-owned business in 2002 and expects to increase that number to $1 billion in 2005, according to a recent story in Automotive News.
``We looked at those numbers and realized there's a real opportunity out there,'' One1Source President Eugene Young said by telephone Jan. 26. Young owns One1Source along with business partner Joann Bush. He also is the sole owner of Omni Industrial Services LLC, a construction firm that installs heavy equipment at auto plants.
One1Source launched its business in November and has set a target of $100 million in annual sales by 2006.
In a news release, sales Vice President John Castleberry said One1Source should benefit by targeting some of the same customers and markets served by Omni.
Global Polymers business development director David Whitmore said he expects One1Source to do more business with engineering resins than with PET, which provides most of Global's sales. Engineering resins currently make up less than 20 percent of Global's total, but the company is looking to grow that substantially in the next three to five years.