Hoffer Plastics Corp. is investing $1.6 million to buy four new injection molding presses along with auxiliary equipment as part of a growth plan that has seen it add 50 employees.
In addition, the Elgin, Ill.-based injection molder has another two presses expected to arrive in the spring, which will improve its capabilities in two-shot molding.
The Hoffer family believes in investing and reinvesting in the company, said Jack Shedd, vice president of business development, in a Feb. 16 telephone interview.
The family-owned company saw a 23 percent increase in revenues in 2010, and that was after coming out of the depths of 2009's recession nearly unscathed, seeing business dip by only 1 percent, Shedd said.
Hoffer Plastics has already added three 470-ton presses from Demag Plastics Group, with matched Wittmann-Battenfeld Inc. robots and an extended-daylight, 600-ton, high-speed KraussMaffei unit.
The presses will expand Hoffer's capabilities with efficient production equipment, he said, and orders for more presses are already booked.
The new presses can be used in a number of applications, but will mostly be used for packaging customers in the food, health and cosmetics, and pharmaceutical industries.
President William Hoffer said the company likes to upgrade its equipment every seven to eight years to keep pace with new technology. The presses will be part of a total fleet of 97 in production in a 360,000-square-foot facility in Elgin.
Hoffer Plastics' primary markets are packaging, automotive, appliance, consumer and industrial products. Growth has come from across all four segments, and the company is approaching $80 million in sales this year, Shedd said.
The company's in-house toolmakers repair and maintain molds. That ability won it new business as customers transferred tools from struggling companies to Hoffer, he said.