Boyd Technologies of Lee invests $1.5 milion in growth plan
LEE -- Boyd Technologies Inc. has invested $1.5 million in new facilities and capital equipment, the first phase of a five-year strategic growth plan begun last year that the company hopes will double the firm's top line revenue by 2017.
Founded in 1979, Boyd is an international supplier of advanced flexible materials that range from disposable medical products used in hospitals to functional components in car batteries.
The company plans to validate a new clean room in the third quarter of 2013, and immediately begin operations inside that facility.
Matthew B. Boyd, who was named the company's COO and executive vice president of business development in February, said the new ISO Class 7 clean room is an upgrade from Boyd's existing facility. Matthew's brother, Stephen, is Boyd's president. The company was founded by their father, Bronly S. Boyd.
Clean rooms are controlled environments frequently used in manufacturing or scientific research that contain low levels of pollutants such as dust, airborne microbes, aerosol particles and chemical vapors. The level of contamination is specified by the number of particles per cubic meter at a specified particle size. Only two classifications of clean rooms are rated higher than ISO 7 on the ratings scale for those kinds of facilities.
"Some of the finished products in particular that we're going to manufacture in that space need that level of clean room," Boyd said. "It's at the top level in the particular type of materials that we're working with."
"This is a focus on our core business," Matthew Boyd said. "This is not a move away from anything that we've done, or is dramatically different from anything that we've done in the past. We're advancing our capabilities."
Boyd's $1.5 million investment is geared toward the company's focus on the medical device industry, which had U.S. sales of $100 billion, and worldwide sales of $300 billion, in 2011. Boyd is involved in the biopharmaceutical filtration and advanced wound care sectors of that market.
"There's fast growth," Matthew said. "Throughout the economic downturn these markets continued to grow for us, while others stagnated or slowed down a bit.
"It all falls under the medical umbrella," he added. "The aging population, rising healthcare costs, all of those things you hear on the news are driving the growth in these markets and driving the focus for our medical growth."
Matthew declined to provide an exact figure for the total amount of capital that Boyd intends to invest in the company during the five year strategic plan. The company has a long track record of precision manufacturing in high tech markets, and has launched a number of health and oral care products.
"I want to be careful putting those numbers out there," he said. "We're going to continue to invest. We're a capital intensive business that needs to reinvest in its assets. We're trying to build a $100 million footprint for our business."
Boyd currently employs 65 at its facility on Route 102 in South Lee. But the company has the capability to employ as many as 150 workers there, and operate its equipment 24 hours a day.
"We have quite a bit of room," Matthew said.
The strategic growth plan may allow Boyd to increase the size of its sales force, Matthew said.
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