Precision Colors — a new color concentrates maker — has opened its doors in Fort Wayne, Ind.
The firm began production Dec. 1 with one twin-screw extrusion line, as well as a continuous mixer, at a site covering about 10,000 square feet. Precision now has four employees, and is looking to add one more by the end of the year, owner Robert Mann said in a Feb. 17 phone interview.
Precision's initial products are color concentrates based on polyethylene and ABS. First-year sales are expected to be around $1 million, with production between 200,000 and 400,000 pounds.
“My own business philosophy is part of our business model,” Mann said. “We want to go after certain niche markets.”
Markets currently targeted by Precision include construction, consumer and medical. It plans to sell to all processors, including injection molders and profile and sheet extruders.
Mann — who owns the firm along with several business partners — has 20 years of industry experience. He worked for materials firm Color Master Inc. from 1994-99 and from 2003-12. In between those stints, he worked for sheet extruder Royalite — which was then acquired by Spartech Corp. — and for compounder Prime PVC.
Precision also can do compounding work. In addition to the extrusion line and mixer, the firm has three injection molding machines, two spectrophotometers, a two-roll mill and other lab equipment.
“Other color companies do their own thing and have their own niche, but I think our price structure is different and unique,” Mann said.