MINNEAPOLIS—Diversified Plastics, Inc. (DPI), a custom plastic-injection molder and digital manufacturer of high-precision thermoplastic components, was named winner of the 2019 Plastics News Excellence in Employee Relations Award. According to Plastic News, the Excellence in Employee Relations Award is given to companies that excel in this individual category of the Processor of the Year Award. Winners were announced February 26 at the annual Plastic News Executive Forum in Naples, Fla.
Citing their industry-wide reputation as an employee-first company, Diversified Plastics, Inc. CEO Kevin Hogan said, “I am privileged to receive this award on behalf of all DPI’s outstanding employee owners. DPI has a rich history of employee excellence. We were founded 42 years ago by a group of 13 employees, known as the baker’s dozen. As we look toward the future, we honor our legacy, and make sure there’s always a plan for increasing value for the employee owners.”
Employee ownership began with founder and former CEO James “Jim” Dow who met with potential buyers of DPI in 2011. Concerned that the company culture and progress would be negatively impacted in the hands of new ownership, Dow created the employee stock ownership plan (ESOP) for DPI.
“We all thought the company was going to be sold,” said Janel Rosine, sales engineer and customer service representative at DPI. “And we worried about our jobs. Finding out that Jim sold the business to us gave us all a stake in the company.”
“The fact that DPI is an ESOP means a great deal,” said Gary LaTraille, director of quality assurance at DPI, “and this is also a great place to work.” There’s a jovial attitude, and everybody loves their job.”
The employee-owners have a lot to love about their company. DPI was recently a finalist in the Association for Corporate Growth’s BOLD Awards and received the 2015 Company of the Year Award from the Minnesota/Dakota Chapter of the ESOP Association.
DPI realized exceptional revenue growth in 2019. In addition, the ESOP stock price has climbed 72 percent over three years, with revenue per employee up 12.4 percent. The average tenure of DPI employees is an impressive 12 years. Focused on rapid, profitable growth, DPI is an industry-leading producer in a wide variety of markets, including medical devices, water filtration, industrial components and more.
Employee relations and revenue are not the only areas where the company excels. In 2018, DPI added Acceleration Station™ services, which utilize Carbon® Digital Light Synthesis™ (DLS™) additive manufacturing. This technology is 100 times faster than traditional additive methods. The Carbon DLS process produces consistent isotropic mechanical properties, creating parts that are durable for end-use applications. The result is a rapid go-to-market strategy, enabling customer success while maintaining precision specification, performance and safety standards. DPI was the first plastic-injection molder in the region offering Carbon additive technology.
As its first strategic acquisition, DPI purchased Pacific Plastics Injection Molding (PPIM) of Vista, Calif., which is one of the geographic hubs for the medical device industry. The synergies between the two companies have benefited customers and employees.
For more information about Diversified Plastics, Inc. visit www.divplast.com, call +1 763.424.2525 or email firstname.lastname@example.org.
About Diversified Plastics, Inc.
Employee-owned Diversified Plastics, Inc. (DPI) is a custom plastic-injection molder and digital manufacturer of high-precision, close-tolerance parts and components for medical device, filtration, aerospace and a variety of other industrial markets. Founded in 1977, the company is a full-service contract manufacturer providing design for manufacturing assistance, additive manufacturing, mold construction and intricate molding as well as cleanroom assembly. In 2018, DPI purchased Pacific Plastics Injection Molding in Vista, Calif. DPI is ISO 9001:2015 and 13485:2003 certified, FDA registered, ITAR certified and UL registered.