Plastikos Inc., a family-run custom injection molder in Erie, Pa., has won the Plastics News Sustained Excellence Award, which recognizes past winners of the Processor of the Year that have kept up their high performance levels in the years since.
Plastikos won Processor of the Year Award in 2010. The company focuses on electrical connectors molded with liquid crystal polymers, and medical products such as surgical devices, medical delivery systems, microfluidic pumps and eye care devices.
A sister company in Erie, Micro Mold Co. Inc., makes tooling.
Innovative Injection Technologies Inc. was a finalist for the Sustained Excellence Award.
Participants are asked to show proof of continued financial excellence, to describe one extraordinary development since winning Processor of the Year, and to name one key person, still at the company, who has played an important role in the firm's success.
Plastikos made a strong case for winning the Sustained Excellence Award, with solid progress in all three criteria.
Financially, Plastikos remains solid. Sales have grown by more than 50 percent since 2010, and the 2017 goal is $30 million. According to company officials, very strong growth with legacy customers, combined with the addition of new strategic medical accounts, has driven a rise in sales for four consecutive years. Plastikos remains profitable.
Compared to when it was the Processor of the Year award, Plastikos is a much more diverse plastics processor today. In 2010, just 4 percent of sales came from medical and 96 percent from connectors. But by 2016, medical accounted for 28 percent of sales.
Plastikos carries no debt and finances equipment purchases and facility upgrades through cash from operations. And the company has done a lot of expansion in the years since 2010. The big one: Building a 17,000-square-foot, Class 10,000 clean room complex housing eight Arburg injection molding machines. That $6 million investment began production in mid-2015.
The center has a dedicated medical mold changeover room and mold storage area, a medical-quality laboratory and a conference room. The result so far: annual sales of more than $1 million in new business with multiple global medical device customers, targeting diabetes care and insulin therapy, medication delivery and enteral feeding devices.
Since 2010, Plastikos has purchased 23 new injection molding machines, ranging in clamping force from 88 to 220 tons. Many are fully integrated with robots, RJG's eDart system to monitor mold cavity pressure, vision inspection systems and Husky hot runner controllers. The company has spent more than $5 million on new injection presses over the past seven years.
Plastikos has been standardizing on Arburg injection molding machines.