Joint Venture Tool & Mold LLC plans to double the size of its operations with a move to Meadville, Pa., by Oct. 1.
The Saegertown, Pa.-based company, which designs and builds close-tolerance injection and die-cast molds, is refurbishing a 46,000-square-foot facility in nearby Meadville, said Chief Operating Officer Richard Moroco.
The company has been operating out of a leased, 10,000-square-foot facility. Moroco said 20,000 square feet of the building is being readied for his company; the rest will used by three small tenants and a subcontractor.
``We will be able to more efficiently set up operations, and we will be able to own instead of lease. It just made sense,'' Moroco said.
Joint Venture employs 42 and is looking to hire six to eight more to expand its second shift.
The company serves the aerospace, automotive, computer, consumer electronics, communication, industrial, power and disposable medical industries.
Moroco said Joint Venture has a long history with Tyco Electronics and its predecessor. While Tyco currently accounts for about 80 percent of Joint Venture's business, the move should enable it to diversify.
Moroco said sales are projected to rise about 20 percent this year, which is in line with its historical pattern. The company does not release sales figures.
A combination of financing from local and state agencies is helping to fund the $750,000 project. The effort was led by the Meadville Area Industrial Commission.
Joint Venture was founded in 1988. Moroco, his brother Philip A. Moroco II and their father Philip A. Moroco, the chief executive officer, bought the company from founder Bill Boulton in August 2001. Boulton remains with the company as president.