Plastics Manufacturers – Kentucky

Like many industries over the past few years, plastics companies in Kentucky have faced several challenges while taking advantage of multiple opportunities.

For many plastic molding manufacturers, time is spent on minimizing unplanned downtime, managing material costs, addressing the skilled worker shortage and controlling process variations. One of the most significant issues facing the plastics industry is inflation. Not only is inflation driving up the cost of supplies, including resin, but it has sharply increased the cost of capital and reduced borrowing options.

Throw in external factors such as the pressure to re-shore, which requires additional investments in labor, equipment, and processes, and it’s clear your growth trajectory may look different this year.

When facing times of uncertainty, plastics manufacturers in Kentucky must manage the variables they can control. Your relationship with your accounting firm is one of those factors.  Working with a certified public accounting (CPA) firm with the relevant technical expertise and experience in your industry will allow you to navigate tax liabilities, right-size your finance department’s structure with outsourcing and automation and present a solid financial picture for audit requirements and overall management decisions.

Plastics Processor Experience – Kentucky (KY)

Adams Brown, Strategic Allies, and CPAs is a certified public accounting firm serving the accounting, payroll, tax, audit, technology, managed IT, cybersecurity, business valuation, succession planning, estate planning, and wealth management needs of plastics industry companies.

To provide plastics accounting services to reduce your compliance burdens and achieve financial goals, our team works with plastics processors of all sizes throughout the country. This includes serving manufacturers in several sectors, including:

  • clear plastics manufacturers,
  • custom plastics manufacturers,
  • general plastics manufacturing,
  • hard plastics manufacturers,
  • plastic injection molding manufacturers,
  • plastic extrusion manufacturers.

Map of Kentucky

Plastics Manufacturing Services – Kentucky

  • Controller & CFO Services
  • Payroll
  • Tax Planning & Compliance
  • Audit & Assurance Services
  • Managed IT Services
  • Cybersecurity Consulting
  • Merger & Acquisition Consulting
  • Technology and vCIO Consulting
  • Business Valuation
  • Succession & Estate Planning
  • Wealth Management
  • Retirement Planning
  • Technology and vCIO Consulting

CENTRAL STATES MARKETING & MANUFACTURING

This case study explores the valuation and succession planning process for Central States Marketing and Manufacturing, a family-owned business in the custom plastic extrusion industry in McPherson, KS. As the founder, Chuck Singleton, approaches retirement, the need to transition the business to his sons, Zack and Tyler, becomes imminent. Facing the challenge of lacking a formal business valuation to guide the transition, the company engaged Adams Brown to perform an analysis.

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Plastics Manufacturers in Kentucky

The plastics manufacturing industry in Kentucky is a vital part of the state’s economy, benefiting from its strategic location, skilled workforce, and supportive business environment. This sector produces various plastic products for packaging, automotive, healthcare, and consumer goods. Kentucky’s proximity to major automotive manufacturers has bolstered the demand for plastic components, contributing significantly to the industry’s growth. The state has also seen investments in advanced manufacturing technologies and sustainable practices to reduce environmental impact and enhance product quality. Despite facing challenges like fluctuating raw material costs and environmental regulations, the industry remains resilient and innovates. Kentucky companies focus on improving operational efficiencies and embracing digital transformation to stay competitive. The industry is supported by state initiatives and partnerships that promote research, development, and workforce training, ensuring a steady supply of skilled professionals.