ORLANDO, FLA. (April 5, 7 p.m. ET) — Custom injection molder Venture Plastics Inc. of Newton Falls, Ohio, has purchased a third molding facility, which is its second in the Buckeye State.
The Middlefield, Ohio, plant features the only combination of brush tufting and injection molding in North America, according to Bryon Osborne, Venture's vice president of sales and marketing,.
“We needed capacity,” Osborne said in an April 4 interview at NPE2012.
In addition, the purchase came with customers.
Brush tufting and injection molding are key to the floor care industry. Products made at Middlefield are marketed as RELLEM brand of vacuum cleaner tools, brushes, dowel manufacturing and attachment kits. The brand has been around since 1947.
“We are able to tuft natural or synthetic filaments onto diverse brush holders,” Osborne said, “but we are also able to mold the actual brush holders, all within the same facility. Unlike other suppliers we do not have to outsource anything. That fact ensures consistency, quality, and also cost effectiveness.”
The 50,000-square-foot site in Middlefield has about 40 employees and 15 presses.
Venture's goal is controlled, measured growth. It had sales increases in the distressed environment of 2008 and 2009. The company has grown from $14 million in sales in the 2000-2001 period to $30 million now.
“We never let one customer or industry be more than 20 percent of our business,” Osborne said. “That risk strategy has worked well.”
Now, all the market segments served by Venture are experiencing growth. Those include appliances, automotive, industrial/consumer and truck/agriculture. The company now is up to 180 employees. It will keep its eye on potential distressed assets for future purchases.
But Venture also doesn't plan on growing too quickly.
“Fast growth is just as dangerous as no growth,” he said.