Thermoset parts manufacturer Penn Compression Molding Inc. is spending $3 million to expand its Smithfield, N.C., headquarters operation.
Penn Compression President and CEO Daniel Leslie said his firm's strategy to help customers convert from metal parts to plastics versions is fueling much of the company's growth.
"We're finding a lot of success in growing the pie," Leslie told Plastics News in a phone interview.
Penn Compression will add equipment to increase capacity for injection, compression and resin transfer molding, Leslie explained. The firm's presses range from 75 to 750 tons and Leslie said it is considering adding higher-tonnage machines in the expansion program.
To house the growth, the company is adding 30,000 square feet to its 34,000-square-foot Smithfield operation. Groundbreaking is underway and completion is scheduled for late summer, Leslie noted. About 40 new jobs should be created from the project, nearly doubling employment in Smithfield.
Penn Compression was founded in 1969 and is owned by a trust. It runs another plant in Irwin, Pa., that employs about 80. It is ISO 9001 certified. Major markets include appliances, electrical, defense, medical and utilities. It processes bulk molding compounds, thick molding compounds and powder.
Smithfield Town Council and Johnston County Board of Commissioners approved undisclosed financial incentives for the project based on performance metrics.
