Century Mold Co. Inc., which is continuing to grow even as its competitors struggle, is poised to see more than $100 million in sales in 2007, even in a difficult auto industry.
The Rochester, N.Y.-based injection molder just expanded into Mexico, buying Creative Engineered Polymer Products LLC's plant in Chihuahua. Century did not disclose the purchase price. CEP of Akron, Ohio, entered Chapter 11 bankruptcy protection in September, and announced plans to close its facilities by the end of the year.
Century now has 750 employees globally, with production in New York, Ohio, Tennessee and Mexico, and at a joint venture in Hengli, China.
``We're very proud of the fact that we are a growing manufacturer in a very challenging industry - the automotive industry,'' Chief Executive Officer Ron Ricotta said in a Dec. 4 news release.
Century specializes in under-the-hood, functional parts with an emphasis on nylon radiator end tanks. It claims to make parts used on more than 75 percent of the cars and trucks made in North America.
The company secured an additional $40 million in private equity financing earlier in 2006 that will help back its continued growth. Century had $27 million in sales in 2002, but credited its focused business strategy for helping it expand to $60 million by 2005.
In March, Ricotta predicted the company would top $100 million in sales by 2008. The Chihuahua plant will help push it to that level within 2007.
Now the firm is aiming at $250 million in sales and ``aggressively'' will pursue business outside the auto industry to help it meet that goal, Ricotta said. Century will look at opportunities in the consumer products, aerospace, defense and medical industries.