Total Plastic Solutions LLC will invest $4.8 million in an expansion of its Lynchburg facility and create 60 new jobs, officials announced Friday.
TPS, a leader in the custom injection-molding industry, is expanding in anticipation of increasing its share of the medical manufacturing market. Components for medical devices accounted for 55 percent of the company’s sales in 2010, according to TPS.
“We see our future growth in medical equipment,” TPS President Ken Beck said during an announcement event Friday.
TPS has been awarded state and local incentives for its expansion, including a $150,000 grant from the Governor’s Opportunity Fund and a matching $150,000 grant from the Lynchburg Economic Development Authority.
The project will be eligible for benefits under the Virginia Enterprise Zone Program and will receive financial support from the Virginia Jobs Investment Program for employee recruitment and training.