Compounder CrossPoint Polymer Technologies LLC is the first new tenant in a massive Evansville, Ind., building that formerly housed production of Whirlpool Corp's top freezer refrigerators and icemakers.
We do custom compounding, specifically engineering grade resins. In particular, we use recycled plastics as feedstocks, said Ben Schmidt, president of CrossPoint, in a telephone interview.
The company will lease about 100,000 square feet of manufacturing and warehouse space and will offer custom color compounds, product development and lab services to injection molders and extruders. CrossPoint will employ 20 to start and expects to boost that to 50 employees within 12 months.
The company, which was founded last August, started as a broker to commercial customers. It will begin light production by the end of June and expects to be at full capacity by Aug. 1.
Schmidt said he and operations manager Todd Bitter both worked at local company QTR Inc. for 17 years. They left when QTR was bought by Citadel Plastic Holdings Inc. of Radnor, Pa., last year.
The new space is conducive to manufacturing and most of the remodeling is for office space, he said.
Most of the new equipment has been purchased. The company is installing a 72-millimeter side-feed twin-screw extruder, a 36mm side-feed twin-screw and a 40-1, 41/2-inch single-screw. The machinery is made by Nanjing Giant, according to Schmidt.
He said the lawn and garden, and telecommunications industries will be top customers.
Whirlpool eliminated 1,100 jobs when it closed its manufacturing facility in Evansville in mid-2010, but its Refrigeration Product Development Center continues to operate in the 1.2 million-square-foot facility. Evansville-based Kunkel Group Inc. purchased most of the facility April 1 and is implementing plans to convert it to a multiple-tenant development.
Kunkel is known for its large commercial development projects. Among those projects is another Evansville company, Berry Plastics Corp. Kunkel said it has invested $50 million in projects in the Evansville area.