Economic Development Financing Collaboration Assists Business Expansion

Thermold Corporation (TC) is a 65 year old plastic injection molding company located in Canastota, NY.  They design and engineer prototypes and manufacture molded parts for a variety of industrial customers throughout the United States.  For many of these customers, TC fabricates multiple molded parts that are typically part of a larger assembly.

In March of 2008, Jeremy Schwimmer purchased the company.  As the new CEO he has made some substantial changes and improvements to the company and its operations.   These changes include  assembling an experienced management team, refocusing the company’s sales efforts with a dedicated in house sales team, establishing a customer service unit which provides start to finish support for customers’ projects and investing substantial new capital in the business allowing for many new hires.

TC currently leases a 30,000 sq. ft. office and manufacturing facility located just off Route 5 approximately two miles outside the Village of Canastota, NY.  As part of this project, TC restructured their existing debt with Rome Savings Bank.  In addition, they needed new production equipment as well as permanent working capital to support the growth in inventory and receivables for the new contracts secured by their sales team.   The new equipment includes two 600 ton injection molding machines, one 100 ton electric injection molding machine, a state of the art DMM machine with video measuring capability, laser welding equipment, molding associated robotics, and various molding related ancillary equipment.

According to Kipp Hicks, Madison County IDA Director, “Under the Thermold Management Team’s direction and their influence of renewed energy, Thermold is proving to once again, be a major contributor to Madison County’s economy.  We are happy to have partnered with our regional counterparts to assist with their business expansion goals.  This has been a win-win-win, for the County, the CNY region, and most importantly for Thermold’s continued success.”

Greater Syracuse Business Development Corporation (GSBDC) in partnership with the Central New York Enterprise Development Corporation (CNY EDC) and Madison County each provided $100,000 for a total of $300,000 from their Revolving Loan Funds to assist with the purchase of this new production equipment.    According to Chief Operating Officer Michael Reilly, “the turn-around and continued growth of Thermold Corporation is due primarily to three factors.  First; is the vision and commitment of the company’s owner, Jeremy Schwimmer, who strongly believes that Central New York can again become a viable manufacturing area.  He has taken a company that was on the verge of going out of business and invested a significant amount of his time and personal financial resources to save existing jobs, create new jobs, and build a strong foundation for a company that will be a viable contributor to the Central New York economy for many years.  Second; the Thermold Company employees have embraced Jeremy’s vision and enthusiasm and work tirelessly to ensure the continued growth and success of the company.  Third; is the support of Thermold’s financial partners, Rome Savings Bank, the Greater Syracuse Business Development Corporation, the Central New York Enterprise Development Corporation, and Madison County which have all assisted the company by providing vital financial resources for capital projects and working capital enabling the company to accelerate its planned expansion.”

Thermold Corporation currently operates three shifts a day, five days per week employing 42 people and is projecting to create 25 new jobs over the next two to three years.