Speedgrip Chuck Company received a $200,000 by the Indiana Economic Development Corporation (IEDC) to boost the company’s investment in advanced manufacturing technology and products.
The Indiana-based company will use the one-to-one matching Manufacturing Readiness 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 Quick-Change 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.
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