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Jim Westman gave up his investment banking career in Atlanta in 2009 to return to Sarasota, the town he was raised in, so he could run a company that made something.
Two years later, Westman has made economic development officials salivate. Indeed, the firm he bought, Octex, which manufactures injection-molded plastic components for a variety of industries, is on a revenues and hiring spurt. “We had a great 2011,” Westman tells Coffee Talk. “We hope to have a great 2012.”
For one, the firm grew revenues 36%, from $12.2 million in 2010 to $19 million this year, says Westman. Octex projects at least $22 million in 2012 sales. Octex also hired 23 employees in 2011, and it began construction on a $5.5 million expansion at its 33,000-square-foot facility. The firm plans to add 26,000 square feet.
At just less than 60,000 square feet, the larger plant will provide space to do at least $40 million a year in business, says Westman. It will also allow the company to consolidate various storage areas it has been using. Construction could be completed by March.
On the jobs front, meanwhile, Octex, founded in 1990, hopes to hire 20 more people in 2012. The firm currently has about 80 employees. Says Westman: “We are experiencing a great deal of demand from new and existing customers.”
Those clients are mostly in the medical, electronic and industrial sectors. Westman especially sees potential for growth in the medical industry, both with current clients and in targeting new ones. “We are pulling hard to be a premier provider for the medical device industry,” says Westman. “We want to appeal to that market.”
The Economic Development Corp. of Sarasota County will aid the Octex expansion with a $200,000 performance-based incentive grant. BB&T Bank provided other financing.
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