Elkhart manufacturer makes investment in Industry 4.0
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A manufacturer of engineered workholding products headquartered in Elkhart is making a move toward the next generation of advanced manufacturing. Speedgrip Chuck Co. is investing $1.2 million in equipment it says will help develop new products that “harness the capability of Industry 4.0” by incorporating digital controls.
The investment includes a $200,000 Manufacturing Readiness Grant from the Indiana Economic Development Corp. and will result in a small number of new jobs.
Speedgrip, which was founded in Elkhart 77 years ago, makes clamping and gripping products used for metal cutting, including turning, drilling and milling operations, gear cutting and finishing, grinding, and more.
The company is currently prototyping new products that address what it says is a critical need to assess whether a workpiece is properly seated within a clamping device after being loaded by a robot.
Using air sensing and digital stroke control, Speedgrip said the technology can provide real-time feedback to the robot to confirm that the piece is properly clamped and monitor measurements throughout the machining process.
“This technology reduces the need for human intervention and significantly enhances efficiency on the manufacturing floor,” President Matthew Mayer said in an email to Inside INdiana Business.
The company has completed testing of the products and the funding is being used to purchase the necessary equipment to manufacture them on a larger scale.
“The successful implementation of this technology has already been proven at a customer’s facility, resulting in substantial savings, including a reduction in proximity switch adjustments and decreased downtime during workpiece changeovers,” Mayer said. “We anticipate similar benefits for other manufacturers, with potential savings exceeding $100,000 per year.”
Speedgrip currently employs 48 people in Elkhart and has already hired one new engineer and two production staff, with plans to add two more in 2024.
“We will provide training and educational opportunities to ensure that our employees are equipped with the knowledge and expertise needed to operate and maintain the new machinery effectively,” said Mayer. “This investment in human capital will not only empower our workforce but also enhance the skill set of our community, making it more competitive in the ever-evolving manufacturing landscape.”
Speedgrip was established in 1946 and, in 2015, was acquired by Michigan-based private investment firm Stratford-Cambridge Group.