FMT Investing $7.2M In Findlay Operations
As published in the Toledo Business Journal.
Findlay Machine and Tool (FMT), a plastic injection molding company based in Findlay, is investing an additional $7.2 million to further expand operations. This will bring the total local investment to over $40 million over the past 36 months.
The company is expected to add over 50 jobs and additional modern injection molding equipment and infrastructure. With the expansion, the company is making significant new investment to its facility in the Tall Timbers Industrial Park at 2000 Industrial Drive, which will accommodate continued double digit annual growth.
Joe Klein, president, FMT, said, “FMT’s customer base and product mix is growing rapidly. Investment in a second facility, advanced equipment, more team members, state-of-the-art automation, and product innovation support are all necessary to continue our growth pattern.
The Ohio Tax Credit Authority (OTCA) approved a 1.276%, six-year Job Creation Tax Credit for this project. The company expects to generate $2.5 million in new annual payroll and retain $1.4 million in existing payroll as a result of the project.
FMT CEO Dave Feldman attributed the region’s talent base in advanced manufacturing and related industries as a key factor in the decision to expand in Findlay, as well as the area’s central location and access to key markets.
Findlay Machine and Tool has a total local investment in excess of $40 million over the past 36 months
“Being centrally located is critically important and a major advantage for our company,” Feldman said. “From a logistics perspective, we are within 600 miles of approximately 60% of the US population and our robust transportation network provides efficient access in and out.”
The company will add 15 additional high-tonnage presses, more than doubling its current capabilities.
“We are making considerable investments in our team and in the latest in modern, eco-friendly, fully-automated, advanced manufacturing technologies, combined with a focus in innovation and new product development. These investments are designed to provide our clients with industry leading solutions and unmatched value. Fifteen new, large tonnage presses are a major component of this expansion, and these will more than double our current manufacturing capacity,” stated FMT’s owner Nick Reinhart.
“The expansion into the Tall Timbers building allows us to initially install the 15 brand new, all-electric presses. The additional square footage and existing infrastructure also allows us the ability to add up to another 22 presses over the next 12-48 months, which will bring us to a total of 48 injection molding machines,” added Klein.
Between manufacturing and warehousing space, FMT owns and operates over 400,000 square feet of space. FMT also maintains an 11,500 square foot corporate headquarters and product development center in Sarasota, Florida.
FMT provides large tonnage injection molding services, in-house tool repair, warehousing and distribution services, collaborative product development, engineering and design, and 3D printing services. According to Klein, the company partners with many successful customers, including international-based entities and big box retailers. The company serves industries including agricultural, retail goods, marine, lawn and garden products, outdoor furniture, and home utility goods, among others.
“FMT’s differentiators are vast – eco-friendly initiatives, fully automated processes, autonomous forklifts, state-of-the-art manufacturing software, product innovation and prototyping capabilities, standardized all-electric presses, and integrated robotics,” said Klein. “Our growth is a direct result of investing in people, innovation, and the most technologically advanced, eco- and green-friendly manufacturing equipment available in today’s market.”
“The continued expansion of Findlay Machine and Tool is testament to the hardworking people of northwest Ohio,” Ohio State Senator Rob McColley said. “FMT’s status as a world leader in plastics is due to their dedication to American manufacturing and I am proud to see them continue to invest in Ohio’s workforce.”
“Findlay Machine and Tool and the people of the City of Findlay and northwest Ohio have a great partnership,” said State Representative Jon Cross. “This job creation and economic output show the trust the 83rd District has in FMT and the trust that FMT holds with our community.”
“Our region’s fundamental strengths in the advanced manufacturing and plastics industries continue to attract new investment and high quality jobs from leading companies across the country,” said Dean Monske, president and CEO, Regional Growth Partnership (RGP). “With significant support from JobsOhio, we thank FMT for its investment and commitment, and we look forward to its long-term growth in northwest Ohio.”
In addition to the RGP and JobsOhio, the City of Findlay and Findlay-Hancock County Economic Development offered significant support in marketing the existing site, workforce hiring, and facilitating the permitting process, noted officials.