The investment will allow the company to make larger and more complex parts.
Representatives of the company said in a news release that they have not had to resort to layoffs or furloughs during the coronavirus pandemic. However, hours for some workers were reduced briefly.
Samuel Battaglia, its general manager, said that PFI Precision has 35 employees, with four hired during the pandemic. He said they are currently looking to add three more workers.
“When most companies are trying to survive the pandemic and economic slowdown, PFI is investing in our business and our people to better position the company for success in the future”, said Colleen Janek, president of PFI Precision.
The company expects a 25% increase in sales in 2021 compared to 2019, which saw a sales volume of $4.7 million. However, the coronavirus pandemic caused a slowdown for the business as orders were cancelled or pushed back during a 10 week period that started in mid-April, said Battaglia.
The company applied for and received a Paycheck Protection Program loan in the $150,000 to $350,000 range during that time, according to federal data released in July.
The loan can be forgiven and is aimed to help small businesses impacted by the pandemic retain workers.
The coronavirus pandemic caused an immediate economic impact starting in March. It also caused supply chain issues for the automotive industry, which represents roughly 60% of PFI Precision’s sales.
The company continued to make components for aerospace products during the pandemic. It also began production of components for the heavy truck market in April, Battaglia said.
He added that PFI Precision picked up additional nonautomotive work in March, making some of the parts needed to assemble CT Scanners. He said that they have continued to fulfill those orders.
Production picked up for the company in early August, as all employees are now back on a 40 hour weekly schedule. Battaglia said hours worked by individual employees did not dip below 32 hours before August. But, he noted, what reduction in hours did occur where on a person-by-person basis.
He added that regularly scheduled overtime resumed this month.
Battaglia said the hope is to rebound enough this year that the company can match sales volumes seen in 2019. They also expect an increase in 2021.
He said the expected growth follows a revamping of the company’s sales team in 2019 as well a highlighting areas where growth can occur. He said that put them in a better position to deal with the pandemic as well as recover quicker.
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