Loose Plastics positioned for ‘easy growth plans'

Loose Plastics Inc., a custom sheet extrusion manufacturer based in Gladwin, Mich., is on a path to grow the business.

For 2020, the company is projecting sales to increase by 10 percent, according to President Joshua Loose.

"Our sales growth is attributed to our amazing staff at LPI, which we consider family," Loose said in emailed responses to Plastics News.

The privately held, family-owned company declined to disclose sales figures but said the business has grown nearly 60 percent since 2015. Loose's father, Scott, established the company in 1985 and is still fully active in the day-to-day operations.

"Our team isn't scared to try new things, and they are always looking for ways to improve upon or solve — with plastics — all of today's challenges," Loose said of the company's 114 employees. "It really helps having a team that knows what they are doing and doing it very well, I must add. They are truly capable to make the biggest changes to capabilities with the quickest turnaround time I've ever seen."

Loose also cited the company's focus on quality, flexibility and old-school customer service as catalysts for growth and success in addition to its recycling efforts. The company recycles and reuses more than 1,000 trailer loads of plastic scrap each year, he said.

Loose Plastics specializes in extruding multilayer and monolayer sheet and roll stock. The company extrudes ABS, high density polyethylene and polypropylene, among other materials. Its plastic sheets are used in a wide range of products, including shower and bath surrounds, automotive components, packaging, headliners, all-terrain vehicle and recreational vehicle parts and accessories, and truck bed liners.

The company's 120,000-square-foot Gladwin headquarters houses the olefin processing equipment. Nearby, in Beaverton, Mich., Loose Plastics has a 24,000-square-foot plant for its rigid plastics processing.

"Both plants are located on plenty of acreage, which will make for easy growth plans well into the future," Loose said.

Loose Plastics is also receiving more than $1.3 million from the Michigan Economic Development Corp.'s Michigan Strategic Fund to supplement a $4.6 million equipment term loan from Horizon Bank. The funds will cumulatively provide "the necessary capital to refinance the company's existing debt," Loose said.

"The new financing structure with Horizon will create an environment that allows Loose Plastics to continue providing industry-leading products and customer service, while providing the infrastructure for strategic growth and long-term sustainability," he explained.

In addition, the company is investing $5.5 million of its own funds toward a project that includes adding eight full-time workers over the next several months and another eight workers over the next two years, according to MEDC.

Loose said the project includes the purchase of some new equipment, including ancillary equipment, as well as component upgrades.

"Through these investments — in addition to better diversifying our product offerings along with drastically improved efficiencies — we have realized growth all across the board. LPI is working day and night with our strategic distribution partner to cultivate new opportunities in which the increased capacity can flourish," he said. "We continue plans to upgrade and install existing as well as new equipment at both of our facilities, which will support growing future requirements with our partners and future partners."