– Tom Arquette, COO, Wright Plastics
Manufacturing | Press Machine
Manufacturer Invests in Mission-Critical Equipment with a Lease Line
Fast Facts
New Press Machines Needed to Fulfill Strategic Contracts
Wright Plastics, a custom injection molder, was looking to invest in three new press machines to expand their automation capabilities and fulfill incoming auto manufacturer contracts. Given the large investment and long lead time required to obtain the specialized equipment, they needed to secure financing quickly to keep the project on track. Although numerous finance providers were available, Wright Plastics sought a lessor who not only had manufacturing industry experience, but also cared about developing a long-term relationship.
“We had a key customer that had a unique lumbar support that we needed a new press for.”
– Marvid Schneider, Controller, Wright Plastics
“The process with First American has been wonderful, very good for a guy like me who just needs a machine here on a certain day with no hiccups, no delays.”
Success with a Streamlined & Flexible Lease Line
First American worked with Wright Plastics to structure a lease line, which gave them the flexibility to finance various types of equipment and meet the needs of their growing business. Using the lease line, Wright Plastics financed the presses across multiple schedules aligned to the equipment delivery timeframe, and First American made the necessary progress payments required by the vendors.
From start to finish, First American’s client service and digital tools made the leasing process easy for Wright Plastics. A dedicated First American Project Manager worked with more than a dozen equipment vendors and helped Wright utilize their online account to track project schedules and download invoices.
New Equipment Supports Operational Efficiencies and Continued Growth
The successful delivery of the new presses within a tight deadline was critical to fulfilling the contracts with two of Wright Plastics' strategic customers. Additionally, the presses allowed the manufacturing company to improve operational efficiencies and minimize labor challenges.
To date, Wright Plastics has worked with First American to finance more than $3,000,000 in equipment across their three locations, including automation equipment, robotic arms, injection molding machines, conveyors, cranes, wrap machines, and air compressors.
“The equipment that we purchased was key for growth.”
– Marvid Schneider, Controller, Wright Plastics
New Press Machines Needed to Fulfill Strategic Contracts
Wright Plastics, a custom injection molder, was looking to invest in three new press machines to expand their automation capabilities and fulfill incoming auto manufacturer contracts. Given the large investment and long lead time required to obtain the specialized equipment, they needed to secure financing quickly to keep the project on track. Although numerous finance providers were available, Wright Plastics sought a lessor who not only had manufacturing industry experience, but also cared about developing a long-term relationship.
“We had a key customer that had a unique lumbar support that we needed a new press for.”
– Marvid Schneider, Controller, Wright Plastics
Success with a Streamlined & Flexible Lease Line
First American worked with Wright Plastics to structure a lease line, which gave them the flexibility to finance various types of equipment and meet the needs of their growing business. Using the lease line, Wright Plastics financed the presses across multiple schedules aligned to the equipment delivery timeframe, and First American made the necessary progress payments required by the vendors.
From start to finish, First American’s client service and digital tools made the leasing process easy for Wright Plastics. A dedicated First American Project Manager worked with more than a dozen equipment vendors and helped Wright utilize their online account to track project schedules and download invoices.
“The process with First American has been wonderful, very good for a guy like me who just needs a machine here on a certain day with no hiccups, no delays.”
-– Tom Arquette, COO, Wright Plastics
New Equipment Brings Operational Efficiencies & Continued Growth
The successful delivery of the new presses within a tight deadline was critical to fulfilling the contracts with two of Wright Plastics' strategic customers. Additionally, the presses allowed the manufacturing company to improve operational efficiencies and minimize labor challenges.
To date, Wright Plastics has worked with First American to finance more than $3,000,000 in equipment across their three locations, including automation equipment, robotic arms, injection molding machines, conveyors, cranes, wrap machines, and air compressors.
“The equipment that we purchased was key for growth.”
– Marvid Schneider, Controller, Wright Plastics
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