OXFORD, CONN. (April 24, 2:25 p.m. ET) — PTA Corp., dba PTA Plastics, is adding four new Toshiba presses in the next few months, according to PTA President and Chairman Ray Seeley.
“Our sales continue to grow,” Seeley said in a telephone interview from PTA's head office in Oxford, Conn. Most of the custom molder's business, about 70 percent, is in medical durables such as instrumentation.
PTA is adding three presses to its Longmont, Colo., operation, where its clamp tonnage goes up to 1,385. When the three machines are delivered, Longmont will have 18.
In Oxford, PTA will soon add a Toshiba to boost its press count to 12. Clamp tonnage there goes up to 610 tons. PTA is investing about $500,000 in the new machinery. Each plant has about 53,000 square feet of space and can accommodate the new presses without expansion.
PTA became an employee-owned company in September. Seeley sold his shares to an ESOP trust for employees.
“We are fortunate to have an incredibly talented and dedicated team who are groomed and ready to lead PTA Plastics through this next phase and beyond,” Seeley stated in a news release.
“I know Ray had some other options that would have been more of a personal financial benefit, but he chose to form the ESOP to preserve the culture and reward the contributions of his employees,” added PTA vice president of operations Rich Dorans.
The custom injection molder has current sales exceeding $35 million and 168 employees. Seeley bought the company in 1994 from Peter Cherry, who founded it in Connecticut in 1953. The Colorado operation was added in 1967.