December 2, 2015 Updated 12/2/2015
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HPM North America Corp. HPM executives William Flickinger, left, and John Beary at the new building in Morrow County, Ohio.
HPM North America Corp. has acquired a 7-acre parcel of land with attached building and equipment in Iberia, Ohio.
The company, a subsidiary of Guangdong Yizumi Precision Machinery Co. Ltd., said the property in rural Morrow County includes 20,694 square feet of manufacturing space as well as six office sections.
Since Yizumi acquired former HPM’s intellectual properties in 2011 and established HPM North America, the company has been operating in two buildings in nearby Marion, Ohio, with 37,000 square feet of manufacturing space.
Yizumi deputy general manager Zhang Tao said the rented factory building is a few miles away from the office building. As a result, company employees have to commute between the two buildings, which not only wastes time but also causes inconveniences for management.
“The new property will enable us to integrate office space and manufacturing space, boost work efficiency, improve management, and establish a better foundation for HPM’s future growth,” Zhang said, “[We are] not only cutting down rental cost but also reserving land for future expansion.”
The company plans to complete upgrading and furnishing the new factory building and office “as soon as possible” and will gradually exit the current rental building.
HPM also emphasizes that it’s repositioning itself to focus on product development, sales and services. Machinery manufacturing will be carried out in Yizumi’s China factories.
The company said the move reflects on its confidence in North America manufacturing.
“Judging from customer orders and trade show feedback, we are seeing the North American manufacturing sector is continuing to recover,” Zhang added, “HPM’s acquisition of new land and buildings will help the company leverage the trend and further expand in this market.”
