Daniels helps build Wepco Plastics’ future workforce

Daniels helps build Wepco Plastics’ future workforce

(Hartford Business Journal, 6/9/17)

Charles Daniels left the corporate world a few years ago and joined the small, family-owned Wepco Plastics Inc. where he has served as CFO since 2013. Known for moving around in his career, Daniels says he’s there to stay, knowing he’s played a big role in helping turnaround the Middlefield-based injection-molding company.

When Daniels came on board, he was charged with planning, budgeting and getting the business operation in line. It was a tough time for Wepco. After 9/11, they lost a lot of customers because other industries had slowed down and companies were going overseas for short-run production and product development. Once 50-plus employees strong, Wepco had dwindled to just 12 workers. People were covering multiple jobs and doing too much overall.

When Wepco President David Parmalee suggested hiring his childhood friend, Daniels, and company owner Waldo Parmalee agreed to it, things changed drastically.

“He bailed out all of the mistakes that I had been making in the rush, and things started going more and more smoothly,” Waldo Parmalee said. “And I also recognized that he could be a real asset to the company. He has brought the state of Connecticut and my company together on numerous projects, with grants and helping with schooling for some of our employees. He’s changed our bottom line.”

Specifically, Daniels since 2014 has helped increase the company’s income by 13 percent and net profits by 203 percent through cost reductions and grant revenues. Wepco now employs 23 people and specializes in prototypes and short- to medium-run production of plastic-injection molded parts that are designed by customers in the consumer goods, defense, marine, electronics, medical and aerospace industries. They ship to an average of 50 customers a month and work with approximately 150 companies each year.

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