Custom injection molder Richardson Molding Inc. is investing $5.25 million in an expansion at its manufacturing facility in Philadelphia, Miss.
The project includes facility modification and updates as well as additional molding and material handling equipment to accommodate an increase in product demand. Steve Dyer, Richardson Molding CEO, said in a Feb. 16 email that $3 million or more is earmarked for equipment.
"This will include molding machines 750 tons up to 1,500 tons," he said.
Richardson Molding, a maker of injection molded parts primarily for the lead-acid battery market, currently has 52 injection molding machines. With the expansion, Dyer said the company will have close to 75, starting at clamping forces of 30 tons.
The company also expects to hire at least 53 workers during the next two years. Dyer said the expansion should be complete in 2021.
The Mississippi Development Authority, Tennessee Valley Authority and local economic development organization Community Development Partnership assisted Richardson Molding with tax incentives for the expansion.
"The outpouring of help at the local and state level has been incredibly helpful. Specifically, David Vowell with the Neshoba County Economic Development Authority and Tracey Giles with the state ... were instrumental in connecting us to the right people and programs to advance our agenda," he said.
Richardson Molding currently employs 145 at its Mississippi facility. The company also has two locations in Indiana: a manufacturing site in Columbus, offering injection molding and rotational molding for larger, lower volume products; and an engineering center in Indianapolis. Richardson Molding employs 245 people total across all three locations.
In January 2017, private investment firm Owner Resource Group in Austin, Texas, bought Richardson Molding for an undisclosed amount.
In a Feb. 14 news release, Dyer said Richardson Molding spent more than $1.2 million on facility upgrades in 2017.
"In this initial investment were key upgrades to tools and machines to ensure quality and service to our longstanding battery industry customers," he said in a follow-up email.
"Even though we've been around for a long time, we feel like we're just getting started," Dyer added.