Injection molder and tool maker Beach Mold & Tool Inc. will spend $23.4 million to expand its operations in New Albany, Ind.
The company plans to build a new 140,000-square-foot warehouse next to its existing manufacturing and assembly facility in New Albany, according to a news release from the Indiana Economic Development Corporation. The new facility, expected to be completed by July 2016, will allow the company to increase manufacturing capacity at its existing facility.
Driven by growth in existing business, the expansion will also include several new injection molding presses, other updated equipment and new staff, the release indicates. Hiring has already begun and the company expects to add 160 new jobs by 2019.
“As a result of our skilled and dedicated workforce in New Albany, we have seen sales growth from our existing customers,” William Beach, owner and CEO of Beach Mold & Tool, said in a statement. “We are fortunate to have an opportunity to provide parts and assemblies for a new program by a current customer, which will require us to expand warehousing, manufacturing space and employment. The city of New Albany, the Indiana Economic Development Corp. and One Southern Indiana have been highly supportive of this aggressive expansion and we appreciate their assistance.”
Privately held Beach Mold & Tool serves the automotive, consumer products, electronics and medical end markets. The company also has a manufacturing facility in Emporia, Va., according to the release. Its New Albany location includes an in-house tool shop serving both locations.
The company reported $134 million in sales in 2013, according to Plastics News data.