For Synergy Molding Technologies (SMT), the next stage of growth could be significant. The Michigan-based manufacturer specializes in injection and blow mold tooling, including innovative 3D-printed steel tooling designed to withstand high-volume production.
To support its expansion plans, the company recently turned to expertise provided by the Michigan Auto Supplier Transition Program (MAST-P), an initiative administered by the Michigan Economic Development Corporation (MEDC), that helps Michigan manufacturers strengthen their operations and diversify into new industries, including defense, aerospace, electric vehicles, clean energy and more. Through a statewide network of partners, participating manufacturers receive no-cost business assessments, financial guidance, technical consulting and educational resources to help them prepare for growth.
Clay Stephens, CEO of Synergy Molding Technologies, said MAST-P has helped connect the company with financial institutions and provided guidance as SMT evaluates financing options to support its expansion. The company is also exploring additional consulting support to strengthen its internal operations and standardize tooling contract terms.
“I’ve already been introduced to a few banks through MAST-P,” Stephens said.
Building the Financial Foundation for Expansion
Despite strong customer interest in its products and technical services, some prospective customers want SMT to manufacture both the molds and the finished plastic parts. Without its own injection molding capabilities, the company has missed opportunities to secure that business.
“We’ve been losing jobs by not having plastics,” Stephens said.
Adding injection molding capabilities could unlock 40-50% growth, according to Stephens. Beyond winning new business, bringing plastic-parts production in-house could provide a more predictable revenue stream through longer-term manufacturing contracts. To pursue that opportunity, the company is exploring a new facility, additional equipment and the operational infrastructure needed to support expanded production.
Expanding production requires significant investment, and Stephens wants to pursue growth without putting unnecessary pressure on the company’s existing cash reserves.
That’s where MAST-P comes in. The program is helping SMT navigate those financial considerations as it prepares for expansion. For Stephens, who manages much of the company’s day-to-day business himself, having access to experienced advisors through MAST-P is particularly valuable.
“Running a small business means wearing a lot of hats,” Stephens said. “Having access to experts who can help us understand our financing options, identify the right next steps and ask the right questions is incredibly valuable.”
Flexible Support for Long-Term Growth
Beyond financing, SMT is exploring ways to use MAST-P resources to strengthen its internal operations.
After discussing his company’s needs with the MAST-P team, he learned that support could potentially be applied to other financial and operational improvement projects.
SMT is now exploring opportunities to better integrate its accounting, quoting, purchasing and enterprise resource planning systems. These improvements could reduce repetitive manual work, strengthen financial reporting and give the company greater visibility into its operations as it grows.
“What impressed me most about MAST-P was how flexible they were in helping us address our specific business needs,” Stephens said. “As a small manufacturer, you don’t always have the time or resources to tackle every challenge on your own. MAST-P gives us access to expertise and support that can help us solve problems today while positioning the company for future growth. I’d encourage other manufacturers to take advantage of it.”
The company is also exploring whether MAST-P resources could support the development of standardized tooling contract terms to provide greater protection as it pursues new business.
For Stephens, these improvements are part of a larger objective to build a business that can scale efficiently while maintaining the financial stability that has supported its success to date.
With support from MAST-P, SMT is working to put the right pieces in place to pursue its next phase of growth, including new production capabilities, expanded customer relationships and potential job creation.
For other Michigan manufacturers facing similar challenges, SMT’s experience demonstrates how MAST-P can help businesses access expertise, explore financing options and identify opportunities to strengthen their operations—all at no cost to eligible participants.
Eligible companies include Michigan manufacturers with under 10 employees OR those owned by Socially and Economically Disadvantaged Individuals (SEDI), including those from underserved communities. If you are looking to strengthen your operations, access financing guidance or explore new industries, learn how MAST-P’s no-cost resources can support your business and find out if you qualify at automationalley.com/mast-p/.
