38,800 sq ft Facility Expansion

Pictured: Senator Pat Toomey PA and Scott Hanaway discuss the technology and intricate tolerances used in precision mold building for complex injection molded parts.	U.S. Senator Pat Toomey visits Tech Molded Plastics, Inc of Meadville, PA Reported by Keith Gushard, Meadville Tribune February 22, 2011 "It's hard not to be impressed," U.S. Senator Pat Toomey said Tuesday following a tour of Tech Molded Plastics, Inc. "It's an incredibly sophisticated operation." Tech, a maker of precision molded plastics parts for the medical, electronics, and automotive industries, has more than 100 employees. It announced an expansion with the purchase of an adjacent 38,800 sq ft building for manufacturing and will add about two dozen workers this year.
Pictured: Sen. Toomey listens as Scott Hanaway describes the injection process for close tolerance plastic components.	In 2010, Tech’s growth included over a million dollars in self-funded improvements in plasticizing technology, computerized monitoring of plastics processes, and training. The acquisition of the co-located production facility includes over 1.5 million dollars of additional improvements for specialized molding capabilities in a clean, climate controlled environment for precision products including over-molding of close tolerance, thin wall connectors produced with high performance engineering grade resins. A corridor will connect the two buildings and serve as the primary gateway for efficient flow of finished goods. However, a concern remains for rising commodity prices, according to Tech's President Scott Hanaway.
Pictured: Scott Hanaway expresses concern over rising oil costs that affect resin pricing.	Toomey, who was elected to serve Pennsylvania in the U.S. Senate in November, said that rising material costs for firms like Tech have been a concern of his for a long time. "It's not just oil," Toomey said in a brief interview following the tour. "Precious metals are at record highs, agricultural commodities are at record highs. Upward pressure on commodities - affecting both consumer and business costs - has been happening in part because of the monetary policy of the Federal Reserve, which oversees the nation's money supply and banking system." Another pressure point has been the federal government itself, according to Toomey.
"The federal government is spending way too much money, way beyond its means, running up hugh amounts of debt. Frankly, this creates all kinds of distortions as well," said Toomey. "It creates an incentive for the Fed to print money to pay for all of it." "The geopolitical problems in the Middle East are pressuring prices and could cause a real spike in oil and other commodities prices if there was a disruption in supply," Toomey said. "We can't control what will happen with the government of Egypt or Libia, but we could have an energy policy that makes us less dependent on the oil we need from that part of the world," he said. Job opportunities are expanding as companies slowly build confidence. Although significant challenges remain, “I am cautiously optimistic,” stated Scott Hanaway, President/CEO of Tech. “There is a lot of uncertainty for sustainable economic recovery due to inflation, spikes in the resin markets due to foreign oil concerns and a number of legislative issues like pending tax hikes and healthcare requirements. The cloud of issues is a distraction from greater advances in hiring and reinvestment.” Newly elected U.S. Senator Toomey visited Tech on February 22, 2011 to tour the high precision operation and discuss the economic and political conditions that have subdued the economy over the past few years. Hanaway expressed the sentiment that Tech, like many other manufacturing companies, has been actively recruited to relocate to other business-friendly states and low cost off-shore countries. “We are in a very challenging global economy with real people and real families, that depend on stable sources of employment. This is our home and we are cautiously moving forward with strategic growth plans to reinvest in our community, our people and advanced technology in plastics processing. But, our elected officials need to remain focused on increasing America’s competitiveness in the world so we can continue to add value to our customer's products and create jobs at home.” The company was founded by William and Eva Hanaway with the drive for precision in mold building, custom molded plastics, and skilled people. Problem solving talent has grown the company from a garage shop to an international operation that ships products to countries across the globe.
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