Precision parts manufacturer WSI Industries Inc. will expand its machining facilities in Monticello, Minn., Twin Cities Business reports. The announcement is driven by a need to increase capacity for its growing contract manufacturing services, the company says, citing figures showing third-quarter sales up 45 percent from the previous year to $9.5 million. The company also had “consistent annual growth,” posting $18.8 million in revenue for 2010 and $25 million in 2011; projections for this year exceed $30 million.
WSI machines precision parts for companies in the aerospace, energy, marine, defense, recreational vehicle and bioscience industries. The facility expansion will start later this month, doubling the existing space to 47,000 square feet. The facility will be completed in 2013.
“With the success we’ve had in diversifying our business with new customers and markets, as well as our current customers’ increasing demands, we have begun to stretch the capacity of our current facility, and are in need of additional manufacturing space,” WSI President and CEO Benjamin Rashleger said. “This building addition will double our manufacturing space and capacity, and give us substantial room for continued growth of our business – with both our current and new customers.”