Korean Owned Mould Maker Expands

A South Korean company that recently bought an Akron tyre-mould maker plans to spend $2 million to expand its area operations and add as many as 70 employees in the next 18 months. Saehwa Machinery Co. Ltd., which bought Universal Tire Molds Inc. last fall, expects to open a 45,000-square-foot factory this summer on 10 acres in the Massillon Road Industrial Park, which is part of the Akron-Springfield Township joint economic development district. The company’s new president and chief executive is Sun Yong Hong.

According to the Akron Beacon Journal, the new tyre-mould facility should open in July, though ground has not been broken. Universal Tire Molds will also invest about $2.2 million in computerized equipment and machinery in the plant, according to a news release. The new plant will include an aluminium foundry and model-making capabilities.

“We’ll be adding 30 (employees) before we get into the building,” Smith said. The company has about 30 hourly and six salaried employees. The company could add 40,000 more square feet of manufacturing capacity and increase its Akron-area work force to 180 within five years, according to a news release from the City of Akron. Some of Universal Tire Mold’s employees came from other Akron-area tyre-mould makers that have since gone out of business, Smith said.