Injection molder Hi-Tech Mold and Tool LLC plans to spend $5.5 million on a new plant in Louisville, Ky., that will more than double its production space.
The project, set for completion by October, means the firm may venture into areas such as blow molding or nonplastics manufacturing, said President Gerald Cox.
``We're looking into a project right now for a customer, to determine whether it's feasible,'' Cox said by telephone. ``We may diversify into other manufacturing areas that are nonplastic. Our goal has always been to have a large, diversified customer base.''
The Louisville firm broke ground June 16 on the 85,000-square-foot plant. It will be adjacent to its 53,000-square-foot headquarters plant and employ 150. Its projected payroll is $3.5 million.
The Kentucky Economic Development Finance Authority approved $2.2 million in financial incentives over 10 years.
Hi-Tech currently operates 24 injection presses with clamping forces of less than 100 tons to about 1,200 tons. It also has its own tool shop and handles secondary operations such as decorating and assembly. Hi-Tech will grow to more than 40 presses with the expansion. Officials said they tend to stick with Mitsubishi, Nissei and Toshiba machines.
The firm's end markets include medical, industrial, aerospace, beverage and recreational and sporting goods. Cox also is owner and president of Sea-Long Medical Systems Inc. in Louisville. That business makes equipment for the hyperbaric therapy industry.
In the new building, nearly 35,000 square feet will be dedicated to a clean room, Cox said.
Hi-Tech reported $14.5 million in sales for 2003, up from $12.5 million in 2002. It employs 115.