Spotlight On…
Jack Sparacio and Plastics Engineering & Development: Making the most of 86,400 seconds
Plastics Engineering & Development, Inc. is a leading contract manufacturer of plastic injection molding products and components for the medical device/bioscience industry. They have 24 molding machines ranging from 30 to 500 tons. The facility is 50,000 square feet and contains a 100,000-class clean room. They also have an alliance with a maquilladora in Tijuana. PEDI has been recognized as a high-end molding company with an excellent reputation for quality and service.
Executive's name: Jack Sparacio
Title: President & CEO
Company name: Plastics Engineering & Development, Inc.
Address: 2731 Loker Avenue West, Carlsbad, CA 92010
Phone: (760) 931-1844
Web site: www.pediplastics.com
Founded: 1987
Prior experience: CEO of IMED Corporation, CEO of Lang Manufacturing and executive vice president of Advanced Technology Laboratories (Phillips).
2004 revenues: $12 – $15 million
Average hours worked weekly: 50
Number of teammates: 150
Residence: Carlsbad
Family: Wife, Cyndi; five children: Mark, Ward, Stacy, Michelle and Emily and two grandchildren, Jazzmine and Reuben.
Hobbies: Golf, sailing, fishing and collecting wine.
What got you into this business? After more than 35 years in healthcare related businesses, it gets in your blood. It becomes a way of life and it allows you to develop broad relationships and networks. I met my business partner years ago and he encouraged me to truly be an entrepreneur and grow our business.
What makes your business a standout? Our ability to provide an entire supply side management approach. This includes design/prototype and product development; tooling design; injection molding; assembly/testing; labeling, printing and packaging; sterilization and shipment to customers.
Drawbacks to your line of business: Resin (oil) prices continue to escalate and Asian competition is increasing. There are little barriers to entry.
Why is your company located in Carlsbad? The original company was in Malinkrodt. PEDI is a spin-off.
How do you plan to grow? Our strategy is to focus on the medical device and bioscience markets. We also provide contract-manufacturing services in Carlsbad and Tijuana. We plan to grow organically and through acquisition.
Toughest career decision: To accept a general manager position with American Hospital Supply in Puerto Rico at a very early stage in my career. Moving the family to a foreign country was a major decision at the time.
Ongoing challenges: Controlling costs. Major cost drivers include material and labor as well as utilities. We have experienced major increases over the past three years in workman's compensation and medical insurance. To compensate, we must strive for cost improvements through efficiencies.
Best way to stay competitive: Continuous improvement. Service and quality. Differentiation. One lesson I learned early was the importance of hiring good people. Respect them, believe in them, pay them fairly, set mutual goals and get out of their way.
In five years, where would you like your business to be? A regional supplier in healthcare products.
What does your company contribute to the Carlsbad community? The company serves customers in Carlsbad and provides jobs for the city's residents. We also support other businesses in the area through our relationships.
What are your guiding principles? Honesty, integrity and doing the right thing. Treat everyone you meet with dignity and respect. You will always be respected by your customers, suppliers, employees and colleagues if you adhere to these principles.
What's one thing other people do not know about you? I would like to be a professional golfer.
What would you change if you could do it all over again? I would have joined a start-up instead of staying with large, stable corporations.
Choice for a second career: Partner of a private investment firm.
People you look up to and why: My wife for her courage, persistence and resilience. She always remained positive and in pursuit of her goals during bumpy times. I also look up to Mother Theresa for her life long commitment and dedication serving God and people in need. She never lost sight of her goal as a missionary and her persistence culminated in establishing the Missionaries for Charity in more than 40 countries.
Favorite movie: "Shawshank Redemption"
Favorite quote: "Most people see what is, and never see what can be.", Albert Einstein
Advice for new entrepreneurs: Trust your instincts. Set clear objectives and focus. Looks for options at all times, maximize your resources and manage your time. Pretend your company is a bank and it is called time. It credits you each morning with 86,400 seconds. It carries over no balance at the end of the day. Each night it burns the remains of that day. If you fail to use the day's deposits, the loss is yours.
Jack Sparacio and Plastics Engineering & Development: Making the most of 86,400 seconds
Plastics Engineering & Development, Inc. is a leading contract manufacturer of plastic injection molding products and components for the medical device/bioscience industry. They have 24 molding machines ranging from 30 to 500 tons. The facility is 50,000 square feet and contains a 100,000-class clean room. They also have an alliance with a maquilladora in Tijuana. PEDI has been recognized as a high-end molding company with an excellent reputation for quality and service.
Executive's name: Jack Sparacio
Title: President & CEO
Company name: Plastics Engineering & Development, Inc.
Address: 2731 Loker Avenue West, Carlsbad, CA 92010
Phone: (760) 931-1844
Web site: www.pediplastics.com
Founded: 1987
Prior experience: CEO of IMED Corporation, CEO of Lang Manufacturing and executive vice president of Advanced Technology Laboratories (Phillips).
2004 revenues: $12 – $15 million
Average hours worked weekly: 50
Number of teammates: 150
Residence: Carlsbad
Family: Wife, Cyndi; five children: Mark, Ward, Stacy, Michelle and Emily and two grandchildren, Jazzmine and Reuben.
Hobbies: Golf, sailing, fishing and collecting wine.
What got you into this business? After more than 35 years in healthcare related businesses, it gets in your blood. It becomes a way of life and it allows you to develop broad relationships and networks. I met my business partner years ago and he encouraged me to truly be an entrepreneur and grow our business.
What makes your business a standout? Our ability to provide an entire supply side management approach. This includes design/prototype and product development; tooling design; injection molding; assembly/testing; labeling, printing and packaging; sterilization and shipment to customers.
Drawbacks to your line of business: Resin (oil) prices continue to escalate and Asian competition is increasing. There are little barriers to entry.
Why is your company located in Carlsbad? The original company was in Malinkrodt. PEDI is a spin-off.
How do you plan to grow? Our strategy is to focus on the medical device and bioscience markets. We also provide contract-manufacturing services in Carlsbad and Tijuana. We plan to grow organically and through acquisition.
Toughest career decision: To accept a general manager position with American Hospital Supply in Puerto Rico at a very early stage in my career. Moving the family to a foreign country was a major decision at the time.
Ongoing challenges: Controlling costs. Major cost drivers include material and labor as well as utilities. We have experienced major increases over the past three years in workman's compensation and medical insurance. To compensate, we must strive for cost improvements through efficiencies.
Best way to stay competitive: Continuous improvement. Service and quality. Differentiation. One lesson I learned early was the importance of hiring good people. Respect them, believe in them, pay them fairly, set mutual goals and get out of their way.
In five years, where would you like your business to be? A regional supplier in healthcare products.
What does your company contribute to the Carlsbad community? The company serves customers in Carlsbad and provides jobs for the city's residents. We also support other businesses in the area through our relationships.
What are your guiding principles? Honesty, integrity and doing the right thing. Treat everyone you meet with dignity and respect. You will always be respected by your customers, suppliers, employees and colleagues if you adhere to these principles.
What's one thing other people do not know about you? I would like to be a professional golfer.
What would you change if you could do it all over again? I would have joined a start-up instead of staying with large, stable corporations.
Choice for a second career: Partner of a private investment firm.
People you look up to and why: My wife for her courage, persistence and resilience. She always remained positive and in pursuit of her goals during bumpy times. I also look up to Mother Theresa for her life long commitment and dedication serving God and people in need. She never lost sight of her goal as a missionary and her persistence culminated in establishing the Missionaries for Charity in more than 40 countries.
Favorite movie: "Shawshank Redemption"
Favorite quote: "Most people see what is, and never see what can be.", Albert Einstein
Advice for new entrepreneurs: Trust your instincts. Set clear objectives and focus. Looks for options at all times, maximize your resources and manage your time. Pretend your company is a bank and it is called time. It credits you each morning with 86,400 seconds. It carries over no balance at the end of the day. Each night it burns the remains of that day. If you fail to use the day's deposits, the loss is yours.