Specialty compounder Ovation Polymers Inc. is sticking to its growth agenda in 2007.
The Medina-based firm started production on its second twin-screw extrusion line in late February and plans to launch a third line later this year.
``We're well on our way to accomplishing our goals,'' founder and President Asis Banerjie said in a recent interview at the firm.
The new compounding line has annual capacity of 6 million pounds.
On the new product front, Ovation in May plans to commercialize compounds aimed at the electrical market.
Ovation now has a list of 30 clients and is making compounds in lots of 5,000-150,000 pounds. The firm also is doing materials-testing work with the University of Akron.
In 2007, Banerjie said, Ovation expects to post sales of $5 million to $6 million after bringing in $3 million in 2006.
Ovation recently bolstered its board of directors with the addition of Stephen Myers, former chairman of Myers Industries Inc., an Akron, Ohio-based maker of plastic and rubber products for various markets.
Myers retired from his firm in mid-2005 and ``started to look for opportunities to invest in and participate with smaller companies,'' he said.
``I love small businesses, and [Banerjie] has a high level of creativity,'' Myers said. ``With Myers, I had experience with larger markets, but at one point we had been a niche player, so I'm comfortable with that concept.
``In niches, you can make money while occupying that niche and protecting yourself. A niche can give you durability and the opportunity to solve specific problems.''
Ovation recently started to use part of a second building to store resin used in making its compounds.
``We were running out of room in the main building,'' Banerjie said. ``We're fortunate that we have room to grow.''
Myers and Banerjie are joined on the company's board by four other members, including James Petras and James Ireland III. The two are managing directors of Early Stage Partners LP, a Cleveland investment firm that helped Banerjie launch Ovation in 2004.
Early Stage has invested $44 million in 16 industrial firms, including 14 in Ohio. In addition to polymers and advanced materials, Early Stage has made investments in firms involved with information technology and medical devices.
``Polymers is very squarely one of our areas of focus,'' Petras said.
Ovation employs 30 and makes compounds based on polycarbonate, nylon, acetal, polysulfone, thermoplastic elastomers, polybutylene terephthalate and similar materials at its 55,000-square-foot site. The firm uses cross-linking, grafting and other advanced technologies to make its products.