Business is improving sharply at Industrial Tools Inc., an Ojai cutting-tool manufacturer that has doubled in size in the past two years and expects to continue growing when it moves to a new, larger plant in Oxnard.
Privately held Industrial Tools, which now employs 150, expects its payroll to double again in the next two to five years, said Eric L. Nielsen, president and chief executive officer.
"We're fortunate enough to be well-respected in our field, and to serve markets that are expanding even in today's soft economy," he said.
Industrial Tools produces saws, cutting blades and machinery that can be positioned to within one-millionth of an inch. The company's markets include manufacturers of computer disk drive components and videocassette and audio tapes.
Sales have increased an average of 30% in each of the past three years and now amount to $16 million annually, Nielsen said.
"Because of the growth, we've been hiring actively in recent years," Nielsen added. "We've added people in the full spectrum of positions, from office to technological positions."
Almost all the people now working at Industrial Tools' plant on Bryant Street in Ojai have indicated they will stay with the firm when it moves to Channel Islands Business Center on Rose Avenue in Oxnard. Still, Nielsen said, he's "always interested in getting resumes from people who are interested in joining us."
Construction is due to start on the 80,000-square-foot building by the end of the year. Nielsen expects the $7.5-million structure to be completed late in the third quarter of 1993.
Industrial Tools was founded in 1961 by Nielsen's father, Wally Nielsen, who is now chairman of the board.