Numet to Relocate to New Facility in Orange, CT
February 1, 2012, Stratford, CT - Numet Machining Techniques has announced that it has entered into a long-term lease agreement on a 40,600 square foot production facility located at 235 Edison Road in Orange, CT. As part of the agreement, Numet will upgrade the electrical service, improve the lighting, and install all new flooring systems throughout the entire building.
Currently based in Stratford, Connecticut, Numet is a highly regarded manufacturer of precision machined components for jet turbine engines for a wide variety of commercial and military aircraft. The Company specializes in highly engineered complex turned and five-axis milled components and assemblies made from extreme temperature alloys with extremely demanding specifications both as to manufacturing tolerances and end use environments. Numet is a Tier 1 supplier to both General Electric Aviation and Pratt & Whitney.
Numet currently operates out of three facilities with aggregate square footage of 20,000 square feet. Management estimates that the improvements to the facility and the move from the current operations will be completed by the end of May 2012. In addition to fully refurbishing all of its existing equipment as part of the move, Numet will also be purchasing over $2 million in new equipment during the next year. The facility move and equipment investments are needed to support the strong demand that Numet is seeing from its OEM customers.
According to Andrew Gale, Numet President and CEO, "Based on contracts recently awarded, we project our 2013 sales to exceed $30 million, up from just $20 million in 2011. There is no way we could support a 50% growth in two years without this investment in facilities and equipment. We have also started recruiting for experienced CNC machinists to support our growth plans. In a competitive market for these skilled workers, this facility will be a major recruiting tool as it is one of the nicest working environments in the entire region. The new location also strikes a balance between where our current workforce lives and the I-91 corridor where we expect many of these new workers to come from."
Since its recapitalization in September of 2011 by Kidd & Company, a Greenwich-based private equity group, Numet's workforce has already grown from 24 employees to 30, with plans to hire an additional 6 employees by June 2012, and expects total staffing to approach 50 by the end of 2013.
In addition to its internal growth plans, Numet is actively looking to acquire other businesses that machine aerospace components or provide supporting processes. According to Gale, "The record setting orders for commercial aircraft in the past year has put a major strain up and down the supply chain as companies scramble to meet the increased demand. Many of these are smaller founder run companies that may not have the financial or managerial resources to meet these demands, while some have owners who are looking to retire and want an exit strategy. We see a great opportunity to be of service to these smaller companies while at the same time providing a more stable source of supply for our customers."