Established in 1968, Industrial Molds Group has earned an excellent reputation as a premier precision mold manufacturer; designing and building molds for thermoplastics, thermoset, die cast, and insert precision applications. Our reputation is built on corporate capabilities–expressed through the multiple markets we serve, our engineering expertise, our quality assurance, and our manufacturing capacity.
Tim Peterson, Vice President of Industrial Molds Group, likes to jokingly say that the reason his father, Jack Peterson, started Industrial Molds was so that his six sons would have a place to work.
That actually wasn’t a bad idea. While all of the Peterson sons worked in the business at one time or another, two sons, Tim and his brother Eric, have made their careers at the company and today run the operations at Industrial Molds Group.
The third generation of Peterson’s is currently active in the company. Eric has a daughter, Anna, working at the company as an office assistant, and a son, Gunnar who works as an apprentice. Tim’s son, Andrew Peterson, has been with the company for nine years since graduating from college and is a Production Manager.
Family dynamics are not lost on Andrew, who says that sometimes it is challenging trying to meet everyone’s goals, noting that Eric is more conservative – more protective of the business – in his management style because he’s closer to retirement. “I’m more aggressive in the things I want to achieve because for me there’s lots of time,” Andy comments. “Tim wants to grow the business. Me – if we hit a few foul balls we still have time to recover.”
Operating a family-owned business has unique dynamics that don’t impact other types of companies. There are specific challenges such as keeping the separation between business matters and family matters. There are also unique benefits, says Andy. “Being part of the family and in the business means I get to do more than just the job description,” he says. “I can get involved in more roles because I have a bigger stake in the company’s success.”
The entire Peterson family is grateful for their 50 years with Industrial Molds, Inc., that also includes Pyramid Plastics. They want to continue to see both companies grow and continue to provide good jobs for all the employees who work for the company.
“We’re pretty excited about our 50-year anniversary,” says Andy. “I hope there are 50 more.”