Speedgrip Chuck Company Invests $200,000 Grant in Advanced Technologies for Manufacturers
The company was awarded a Manufacturing Readiness Grant by the Indiana Economic Development Corp. New machine tools provide Speedgrip with additional precision production capacity as it brings several new workholding technology products to market.
Posted: January 12, 2024
Indiana-based Speedgrip Chuck Company has been awarded a $200,000 Manufacturing Readiness Grant by the Indiana Economic Development Corporation (IEDC) to boost the company’s investment in advanced manufacturing technology and products.
The company will use the one-to-one matching grant as part of a $1.2 million machine tool investment that includes a 5-axis multitasking machine for turning and milling as well as a 5-axis grinding machine. The new machine tools will provide Speedgrip with additional precision production capacity as it brings several new workholding technology products to market that reduce cycle times to improve manufacturing productivity.
Speedgrip recently launched three new products: the NDS Quick-change Mandrel, QCR QuickChange Receiver and CSC Contactless Stroke Control. Designed to dramatically reduce the time required for workholding changeovers, all new products harness the capabilities of Industry 4.0.
“The grant accelerates our ability to enhance manufacturing technology,” said Speedgrip President Matthew Mayer. “Speedgrip Chuck Company is currently in the prototype stage of introducing additional groundbreaking products developed specifically to leverage cutting-edge Smart technologies.”
As a portfolio company of Stratford-Cambridge Group, Speedgrip is leveraging its 77-year tradition of master craftsmanship in providing high-quality clamping and gripping technologies to meet today’s challenges in advanced manufacturing.
Manufacturing Readiness Grants are available to Indiana manufacturers making capital investments that integrate smart technologies and processes to improve productivity. The grants are provided through the IEDC and administered by Conexus Indiana and the Next Level Manufacturing Institute.
About Speedgrip Chuck Company
Speedgrip Chuck Company was founded in 1946 and has been delivering premier engineered workholding solutions for manufacturers ever since. All Speedgrip products are produced in-house and in America at its Elkhart, Indiana facility. Speedgrip’s experienced, results-oriented engineering staff creates design solutions that hold tight tolerances and supply customers with the tools needed for efficiency on the manufacturing floor.
About Stratford-Cambridge Group
Based in Plymouth, Michigan, Stratford-Cambridge Group is a boutique private equity investment firm focused on acquiring niche industrial manufacturing companies located in the Midwest USA. Stratford-Cambridge Group makes control investments in manufacturers of engineered products with EBITDA of $2 million to $5 million. Since 2009, Stratford-Cambridge Group has established a track record of recruiting talent, identifying value creation opportunities and building stronger portfolio companies.
