The Project Description:
Canadian-owned North American Tapes was founded in Watertown, NY in 2003. It is the 2nd largest producer of hockey tape in the world, and its product is in use by every team in the NHL.
In 2013, the company completed a 19,000 square foot expansion that doubled the size of its facility, allowing the company to expand warehouse space; reallign production lines to optimize production capacity and work flow efficiency; and to facilitate easier shipping and receiving. That expansion was financed utilizing ESD’s Linked Deposit Program and subordinate financing from the Jefferson County Industrial Development Agency (JCIDA) and the North Country Alliance. To further optimize efficiencies, the company added another 8,900 SF in 2014 (again utilizing the Linked Deposit Program).
NAT sales have been growing approximately 15% per year, reaching $8.4 million in 2013. In May 2014, the Small Business Administration, Syracuse District Office, named company president Darrin Prance its 2014 Exporter of the Year.
The Project Need:
The company produces its own adhesive, which is then applied to the tape fabric. However, the company’s manufacturing process is limited by the speed of adhesive production. In order to capitalize on a new market opportunity and build on the momentum of the company’s current growth, a second extruder mill was needed, along with the accompanying heating and cooling system.
The Project Solution:
With assistance from the JCIDA, North American Tapes applied for and received funding for the additional extruder mill through the 2014 CFA process. This second mill will double production capacity, giving the company the potential to reach $20 million in sales, while adding 15 new jobs.