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Precision Plastics, Inc. Expanding in Columbia City

April 23rd, 2014

News Coverage:

April 23, 2014

News Release

COLUMBIA CITY, Ind. - Precision Plastics, Inc., a custom plastic injection molder, announced plans today to expand its operations here, creating up to 15 new jobs by 2017.

The homegrown-Hoosier company will invest $265,000 to construct a 12,000 square-foot warehouse adjacent to its current 75,000 square-foot plastics facility, which is expected to be complete by June. Precision Plastics will move product storage into its new warehouse, allowing the company to add additional injection molding presses to its manufacturing floor.

"Indianas economy is molded by homegrown companies like Precision Plastics," said Eric Doden, president of the Indiana Economic Development Corporation. "Through their dedication to growth, they are helping to put more Hoosiers to work. Indiana provides an ideal and affordable business climate where companies are free to pursue their goals in a state that works."

Precision Plastics, which currently employs approximately 120 full-time Indiana associates, plans to begin hiring for manufacturing positions in August. Interested applicants may apply at Peoplelink Staffing Solutions in Columbia City.

"Indiana provides an ideal business climate," said Ron Richey, president and chief executive officer of Precision Plastics. "We are very excited to continue our expansion in the state of Indiana. Our analysis shows that Indiana has a cost advantage over surrounding Midwestern states in our industry. As a right-to-work state, our community provides a world-class workforce that is educated and motivated. Also, most of our global customers like our central location and our easy access to international markets."

Founded in 1955, Precision Plastics produces high quality durable injection molded product, primarily serving the automotive, defense and industrial markets. The company operates 28 injection molding presses, growing rapidly from its early days with just two injection presses and two employees. With its growth, the employee-owned company plans to establish a production area where it can manufacture plastics at a food grade level.

The Indiana Economic Development Corporation offered Precision Plastics, Inc. up to $65,000 in training grants based on the company's job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Columbia City will consider additional tax abatement at the request of the Whitley County EDC.

"On behalf of Columbia City, we are pleased to support Precision Plastics expanding the company's capabilities to include food grade production," said Columbia City Mayor Ryan Daniel. "This project demonstrates that our partnership efforts encouraging local expansions and business attractions continue to bring economic success stories to our community."

Earlier this month PDQ Tooling, an indexable cutting tool manufacturer, announced plans to locate operations in Columbia City. Serving the production machining industry, the company plans to invest $7.2 million to lease, renovate and equip a 17,000 square-foot facility, creating 45 new jobs.

About Precision Plastics

Formed in 1955, Precision Plastics started with two injection presses and two employees. Today Precision Plastics, Inc. is housed in a new 75,000 sq. ft. facility owned and operated by more than 120 highly trained owner/employees.

Precision Plastics engineering expertise is highly sought after in the safety critical automotive market and defense industries. Today, Precision Plastics molded plastic components can be found around the world, in your car, or in your home. For more information, visit www.pplastic.com/home.htm.

About IEDC

Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.

The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.

Source: The Indiana Economic Development Corp.

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