Richardson Molding announces $5.25m investment
US plastics moulding company Richardson Molding announced a $5.25 million investment in its manufacturing facility in Philadelphia, Missouri on February 16, earmarking at least $3 million for equipment.
Richardson Molding makes plastic casing and injection-molded parts primarily for the lead-acid battery market, but it also supports other battery chemistries.
The announcement comes a month after Steve Dyer (pictured) was appointed CEO following the acquisition of the firm by private investment firm Owner Resource Group.
“We have served the lead-acid battery industry since its inception,” Dyer told BESB. “However, we are an energy storage solution provider. We are chemistry agnostic in that, regardless of chemistry, we can produce a polymeric product to contain the energy provided to the customer.”
Dyer said the money would be spent in two main areas: enhancing production capability (facilities and equipment) and “expanding machine and facility capacity to support new industries and customers to ensure Richardson Molding’s long-term financial health.
“The investment is being made to support many strategic initiatives,” said Dyer. “We are experiencing strong demand in our core markets and have seen a nice recovery in stationary stand-by power applications.
“One certainly doesn’t garner external financial investment without a sense of confidence in a return for that investment. Given the install base of lead-acid batteries globally, combined with the industry’s incredibly high recyclable rate, and the technology’s competitive power ratios, we believe strongly that the lead-acid battery industry has a lot of life left in it.”
Dyer began his more than 25-year career in the lead battery business as a quality analyst.
“I have found that investing in people and processes, speaking with data, and striving daily for incremental continuous improvement typically leads to increasing value,” he said.
“When one can create real value for the customer, that breeds an environment that produces sustainable results. We serve some of the best customers on the planet and my commitment from day one of appointment has always been to enhance our service to our long-term partners.”
The Mississippi Development Authority, Tennessee Valley Authority and Development Partnership, a local economic development organization Community, have agreed tax incentives to help the firm with the expansion.