Embracing ESG: One Mold Builder’s Path to Sustainability and Success

The story of how a company in the mold making, injection molding and metal parts industry is navigating the challenges and opportunities associated with sustainability.

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Embracing ESG: One Mold Builder’s Path to Sustainability and Success

February 14, 2024 | Strategic Move to Cultivate Excellence and Drive Growth

As seen in MoldMaking Technology – Click to view full article.

In recent years, there has been a noticeable shift in manufacturing toward environmental, social and governance (ESG) considerations. Manufacturers are no longer evaluated solely based on their production capabilities or machinery; today, they are also under scrutiny for their approach to sustainability and social responsibility. As Velosity CEO David Hemink emphasizes, “The marketplace now votes with its dollars, and ESG compliance is becoming a pivotal factor in choosing business partners.”

Velosity, a new brand launched in 2023 as a private equity-owned asset under Graham Partners in Philadelphia, represents an entire family of companies — Teamvantage, MMDMedical, Custom Mold & Design, CMD Precision and
Paradigme Engineering — offering a full range of services, including mold building, injection molding, precision machining and custom contract manufacturing.

Together, these entities form a comprehensive, vertically integrated solution set, serving 130 companies and shipping products to more than 175 countries worldwide across the medical device, pharmaceuticals, life science, healthcare, defense and industrial sectors. It has more than 550 dedicated team members across multiple facilities in Minnesota, boasting an average of 25 years of experience, and over 250,000 square feet of space.

In an ever-changing regulatory landscape, particularly in the highly regulated medical device and defense sectors, Velosity remains vigilant, adapting to new requirements, which include ESG. Here, Hemink provides valuable insights into how Velosity is embracing the challenges and opportunities ESG presents.

As Hemink points out, the business landscape is evolving rapidly, with significant shifts in how stakeholders evaluate companies. ESG commitments are increasingly scrutinized, with stakeholders, including shareholders and consumers, demanding clear ESG frameworks from the companies they partner with or invest in.

“ESG is now the ‘ticket to the dance,’ and companies that fail to embrace ESG risk losing out in a rapidly changing marketplace,” Hemink says.

According to Hemink, ESG signifies a comprehensive approach to evaluating a company’s impact on the environment, commitment to social issues and adherence to governance principles. This integrated framework has far-reaching implications for businesses across various industries, including manufacturing.