GI Plastek Corp. is adding two large tonnage injection molding machines and building a larger automated paint line as part of more than $2 million in investments to expand its capabilities.
The company has ordered 1,100 and 500 ton presses, according to Rick Collopy, vice president of sales at GI Plastek of Wolfeboro, N.H. He did not reveal the brand but expects that they will be delivered in June.
The two presses are being added to help with growth among existing customers as well as a response to interest from prospective new customers.
“We've been successful in winning new business and our existing customers are growing tremendously,” Collopy said.
The company currently runs 11 presses at its 91,000-square-foot facility.
GI Plastek was formerly known as GI Plastek Wolfeboro LLC, but changed its name after being purchased by Gladstone Investment Corp of McLean, Va., and certain members of management, in August.
Collopy said that a new multi-booth paint line is under construction alongside its current paint line that is running 24 hours a day. The new automated line is expected to be ready by August.
“Many of our customers utilize our in-house paint and decorating capability to provide the large, high aesthetic parts that are a key part of their product,” said GI Plastek President and CEO Daniel Mills in a statement.
For GI Plastek, it is its second capacity expansion in the last few years. In 2014, it spent over $3 million while adding 38,000 square feet of space to improve workflow, prepare for more machinery, and add office space.