Injection molder Jaco Manufacturing Co. has changed its ownership structure and plans to add two new injection presses by the end of the year.
Berea, Ohio-based Jaco makes a wide range of molded parts and fittings for automotive, plumbing and other markets. On Jan. 2, Stephen Campbell "semi-retired" to become chairman of the board, a role in which he will act in an advisory capacity.
Joseph Coatter has been named Jaco's new CEO and president. Coatter, who joined the firm in 2001, and company executives Jeff Bowers, Rick Holop, Jason Campbell and Jared Campbell also are now shareholders in Jaco.
"For me personally, I have dedicated more than 45 years to Jaco and I am proud of how the company has grown and prospered," Stephen Campbell said in a statement to employees. "I am confident that the changes we are making will allow us to continue to build on our past success."
In a recent interview, Coatter said that two new 75-ton presses will be in place by the end of the year, building on Jaco's current total of 52 presses. The firm employs 79 people at two plants in Berea covering a total of 80,000 square feet.
Jaco has annual sales of between $10 million and $13 million and expects sales growth of 2-4 percent in 2020, Coatter said. The firm uses a wide range of engineering resins in its products, including nylon and acetal.
Jaco was founded in 1949 by Art Jacobs. The firm found early success in 1954 when it designed and manufactured a component for a plastic manifold system for NASA. Jaco has been located in Berea since 1966.