Greensboro, N.C.-based Core Technology Molding Corp. is investing nearly $28 million to build a 104,000-square-foot facility to expand production capacity and create a dedicated space for the company's nonprofit STEM camp for students, Molding Kids for Success.
Core Tech has grown in all its market segments, Geoff Foster, CEO and president, told Plastics News in an interview, "but the real growth, as far as profitability, is with the biological pharmaceuticals."
Its current facility is "too crowded," Foster said, "which really impacts the flow of materials and finished goods."
The new location will replace its current 36,000-square-foot facility and expand capacity with the purchase of 14 new injection molding machines, bringing its total to 25 machines.
Due to the "exponential" growth in the biopharma market, he said, the company added a new clean room, new machines and robots to meet demand.
"We're able to compete due to the automation," Foster said. "Not just getting down to piece price, but you don't want everyone touching parts. … We produce just as much product during the weekend."
Core Tech's new facility, expected to be operational by August 2025, will create 26 new jobs over the next four years. The property also has 40,000 square feet available for future expansion.
"Our growth is a testament to the hard work and dedication of our team," Foster said in a July 18 news release. "This expansion will allow us to continue to serve our global OEM customers with the highest-quality products. We are committed to investing in our community and creating new job opportunities in the region."