TORRINGTON, CONN. (July 18, 1:30 p.m. ET) — Since being acquired by a private investment group last year, Seitz LLC has been able to focus on its growth and on building its value-added propositions.
The Torrington, Conn.-based company, formerly known as Seitz Corp., was purchased in October 2011 by Andlinger & Co. Inc., a private investment group with offices in the United States and Europe.
Seitz was recently cited by Connecticut Gov. Daniel Malloy with a mid-June visit to highlight the competitiveness of the state's businesses. It also was honored at a recent Diebold Inc. Supplier Summit in Canton, Ohio. Diebold, which makes ATMs, presented Seitz with its Gold and Supplier Innovation Awards.
“We're very proud of our relationship with Diebold,” said Seitz President and CEO Mike Sullivan, in a telephone interview.
He said that the infusion of equity capital along with a management gaining a minority stake in the company has allowed Seitz to focus on building its brand and the company's relationships with original equipment manufacturers. The company makes small-scale motion control and gear train systems. It does work in the business equipment, medical product and food and beverage industries, all of which Sullivan said are growth areas.
Sullivan said he joined the company five years ago as the family developed an exit plan and the investment of Andlinger was a key to provide funds for the future of the company.
“We have a three-year plan to grow the business,” said Sullivan, noting that it is looking at expansion plans next year.
The company founded in 1949 has 160 employees and operates out of an 85,000 square foot facility. It has 45 injection molding presses. It also owns Seitz Motion Control System Co. Ltd. in Changzhou, China.
“Seitz was awarded the Gold Award which exhibits their excellent performance with on time delivery, lead time reduction, innovative cost reductions and overall service to Diebold,” said Linda Parcher, Diebold's Chief Procuurement Officer, in a statement.
Diebold also said that the innovation award was based Seitz' work in co-developing solutions to product development issues.
Sullivan said that the company has transitioned from a “plain vanilla” supplier to one that works with its customers. It offers services ranging from product design and tooling to injection molding and assembly.