An infusion of equity capital, along with management gaining a minority stake, has let Seitz LLC focus on its OEM relationships and on building its brand.
The injection molder makes small-scale motion-control and gear-train systems and does work in the business equipment, medical product and food and beverage industries, all of which President and CEO Mike Sullivan said are growth areas for the Torrington, Conn.-based firm.
The company, formerly Seitz Corp., was acquired in October by Andlinger & Co. Inc., a private investment group with its head U.S. office in Tarrytown, N.Y. Sullivan said he joined the company five years ago as the Seitz family developed an exit plan. The investment of Andlinger was key to providing funds for the company's future, he said in a telephone interview.
“We have a three-year plan to grow the business,” said Sullivan. He added that the company is looking at expansion plans as soon as next year.
He said Seitz has made a major switch from being a “plain vanilla” supplier to one that works with its customers, offering services from product design and tooling to injection molding and assembly. The company does an estimated $32 million in injection molding sales, according to a Plastics News estimate. It employs 160 at its 85,000-square-foot plant in Torrington and operates 45 presses. It also owns Seitz Motion Control System Co. Ltd. in Changzhou, China.
Diebold Inc., which makes ATMs, recently presented Seitz with one of its Gold and Supplier Innovation awards. “We're very proud of our relationship with Diebold,” Sullivan said.
Diebold's chief procurement officer, Linda Parcher, said the Gold Award recognizes Seitz for its “excellent performance with on-time delivery, lead-time reduction, innovative cost reductions and overall service.” The Innovation Award was based on Seitz's work in co-developing solutions to product development issues, Diebold said in a statement.
The company also was recently cited by Connecticut Gov. Daniel Malloy with a mid-June visit to highlight the competitiveness of the state's businesses.
Seitz was founded in 1949.