Cimco Plastics Firm Buys Building in Corona for Growing Subsidiary
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Cimco, a Costa Mesa manufacturer of high-technology plastic products, has paid $1.3 million for a 31,000-square-foot building in Corona that will be a headquarters and manufacturing facility for its growing Compounding Technology subsidiary.
Compounding Technology previously shared cramped quarters in a nearby building with a Cimco production unit.
“We owned other land in Corona, but we didn’t have time to build on it,” said Cimco President Russell T. Gilbert. He said the company “needed increased capacity in a hurry. We paid cash, had a two-week escrow and we can move right into this new building.”
The move is expected to be completed this summer. Gilbert said the expansion will allow Cimco to add another production line.
Compounding Technology will be able to expand its western production capacity by 30%, he said.
Cimco expects to report next week that fiscal 1988 revenues increased nearly 20%, to about $40 million, he said. Compounding Technology, a compounder of reinforced plastics, expects revenues to increase about 54%, to nearly $7.9 million.
Earlier this year, Compounding Technology opened a manufacturing plant in Charlotte, N.C.
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