Investment and Reshoring: The Formula for Success
Injection moulding and tooling specialists, Formula Plastics, recently appointed 10 new members of staff to support a rapid increase in production. Despite difficult trading conditions, the company has secured work in new sectors as well as increasing orders with existing clients.
Formula Plastics is an established and respected injection moulding business, based in County Durham, and has been producing high-tolerance precision moulded components for over 20 years. The company’s technical expertise in specialities such as twin-shot moulding has established them as a leading moulder within the automotive industry, whilst also serving other sectors such as electronics, packaging and construction.
During the current testing market conditions for manufacturers, Formula Plastics has successfully secured several new customers in a range of sectors and has also seen an increase in business with its existing customers. Formula has increased its overall production levels during the uncertainty of 2020 enabling the company to take on new staff members.
In fact, to meet demand, the company has hired ten new members of staff over recent months, to meet the rapid increase in production requirements.
Taking on ten new staff members, all of whom are production-based, allowed Formula to solve the uncertainty and immediate issues within the supply chain of one of its customers. A customer required an urgent tool transfer to alleviate supply chain issues they faced due to the ongoing global situation. Within one week, the customer received their new products, with production, quality, and the entire tool transfer handled by Formula.
Over the last few years, Formula has also invested in quality production equipment, resulting in an impressive machinery suite in its 41,000sq. Ft facility in Newton Aycliffe. The company operates eleven Engel injection moulding machines ranging from 50T to 650T, with associated automation, as well as two Engel twin shot presses, at 90T and 130T. Formula maintains the highest standards required for automotive moulding when serving customers in other sectors.
So, with quality so high on the agenda, it is no surprise to see market-leading machinery and equipment form a core of the business.
Gill Rice, Business Development Manager at Formula Plastics, commented on the new arrivals: “We’re delighted to be able to welcome ten new staff members to the company in what is a difficult period for the industry. By continuing to invest in our equipment and our personnel we ensure we’re best equipped to support our customers, whether that is a reshoring project or a tool transfer, or to bring a new product to market, we have the capacity to grow with the needs of our customers.”
Formula also sees the trend in reshoring production from Asia to the UK is not only encouraging for the company but the industry as a whole. Due to the situation regarding the Coronavirus pandemic, more companies are analysing their supply chains and safeguarding against future disruption by bringing production back to the UK.
Not only does this mitigate the risk of long lead times, transport delays, currency fluctuations or quality issues, by bringing production back to the UK, customers also support UK manufacturers and safeguard jobs during this difficult period. Formula Plastics has the experience and expertise to arrange tool transfers from both the UK and abroad and are able to manage the entire process for its customers. These projects form part of Formula’s ongoing strategy and is an area it hopes to grow with its increased workforce into 2021 and beyond.
Operations Director, Geoff Hodgson comments: “This year has definitely been testing for most manufacturers, so we have seen a need to target a more varied client base from all sectors. The testing market has inevitably caused concerns in the supply chain. We have managed new customers through the by pandemic removing any risks they encountered in their supply chain, ensuring they continue to fulfil their customer demand.
“We never just want to win a job; we want to help others and build long-lasting relationships. 2020 has allowed us to help others and grow our business while doing so.
“We welcome discussions with new customers, whether this is to bring a new product to market or to alleviate a supply or quality issue they face. I’m proud of the team I have at Formula and look forward to working with them, helping others long after 2020 has ended.”
To find out more about Formula Plastics, visit the company website.
To discuss how Formula can help with any supply issues you currently face contact Geoff Hodgson, Operations Director, on 01325 375864.
Formula Plastics
+44 (0) 1325 304104
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