A producer of proprietary composite panels is reaching full production at its plants in Michigan and South Carolina.
Innovative Composites International Inc. is finding use for its glass-reinforced polypropylene panels in construction and is on the verge of selling them into the auto industry for load-floor applications, President and CEO Terry Ball said in a telephone interview.
The company says it has been awarded “several modest contracts” to supply load floors in the auto and is receiving purchase orders.
The firm makes the panels in Orangeburg, S.C., and in Sault Ste. Marie, Mich.
“We have all four lines going in Sault Ste. Marie,” Ball said.
The company uses a large volume of recycled PP in its products.
The panels are being used to make low-cost housing and shelters for emergency response situations, for sound barriers, fencing and for a hospital in Haiti, Ball said.
The company was formed in 2007 by Ball and Fraser Wray, both former executives of automotive parts producer Magna International Inc. of Aurora, Ontario.
Innovative Composites is publicly traded on the Toronto Stock Exchange.
The Toronto-based company reported sales of US$2.59 million for the nine months ended June 30 vs. $353,459 for the 2011 period. For the same nine months, it reported a net income loss of $6.98 million vs. $5.08 for the year before.