Injection molder Pyramid Plastics, a division of Pyramid Molding Group, has purchased three new injection molding machines and additional auxiliary equipment as a part of its three-year plan to expand operations with a $2 million total investment.
"Our plans are to add three to five injection molding presses per year in 2023 and 2024 in addition to needed ancillary equipment," Tim Peterson, president of Pyramid Plastics, told Plastics News in an emailed statement.
The Rockford, Ill.-based company now has 30 presses in its facility and has the ability to add square footage "if needed," Peterson said, but will "take a 'wait and see' approach."
"As the company grows, it may expand the current plant's manufacturing floor space" or purchase another building, he said.
"We are also working on plans for employee training and engagement as part of expanding overall service capabilities," Peterson added.
The most recent investment includes three new LS Mtron injection molding machines: two series 1,000-ton machines and one series 500-ton machine, according to a March 1 news release: "All three machines are equipped with smart factory features."
"The smart features on these hybrid servo-hydraulic machines will allow us to monitor processes in real time and gather valuable data that we can use to improve part quality and consistency as well as reduce cycle times," Chase McNitt, production supervisor, said in the release. "This is the future of our industry, and we want to make sure we are maintaining and improving on industry standards.
"We anticipate improving cycle times as well as reducing our energy costs," he added.
Pyramid hopes to offer "new, larger molding capabilities to customers in the automotive, medical, aerospace, defense, consumer and industrial products industries," Peterson said in the release. "We have typically built and run mostly small to midsized molds and very successfully through the years.
"Based on new market opportunities and the needs of our current customers, we're evolving and expanding our resources with new, smart technologies and a larger manufacturing footprint," he added.
Pyramid increased its production floor square footage by 12 percent to accommodate the new molding machines, the release said.
It also installed a new 7.5-ton Konecranes overhead crane.
Pyramid, with about $9 million in annual sales as of 2020, is also looking to add to its team this year, recruiting "from within and outside the manufacturing industry," the company said.