Injection molder Thermold Corp. is about to expand under new ownership.
The Canastota, N.Y., firm plans to invest about $1 million in new machinery, according to Jeremy Schwimmer, its new owner and chief executive officer. In the plans are injection presses in larger tonnages, more electric presses, and tooling capabilities, he said recently by telephone.
Now the company runs 16 injection presses with clamping forces of 50-400 tons.
Schwimmer said he also plans to boost employment, currently at 35, to about 75 within a year. He is confident the firm can capture more business, including work now being performed in-house by original equipment manufacturers, he said.
Schwimmer was drawn to buy an injection molding company because he thinks molding is still viable in the United States
``This business can succeed,'' Schwimmer said. It can compete with China because of low freight costs, more control over mold building and production, and lack of a language barrier, he said.
Schwimmer was on the hunt for companies with succession problems and found Thermold to be one. Its former owners, Ronald Farley and E. Huntington Ethridge III, could not convince family members to carry on the business.
Farley and Ethridge continue to work with Thermold to smooth over the transition to new ownership. They own the 40,000-square-foot building and land, and are leasing it to Schwimmer.
``I'd like to acquire a few other companies around the country,'' Schwimmer said. He sees companies with succession issues as fertile ground for his search. Now he is in talks with a Florida firm and one on the West Coast. He might be able to self-finance any acquisition as he did with Thermold because he can draw on reserves of his family's steel business, Roth Steel Corp. of Syracuse, N.Y.
Thermold is a custom molder specializing in precise, engineered parts. Thermold logged sales of $4.3 million for the year ended March 31, 2007.