Devon Romney, owner of Romney Motion Inc., of Otis Orchards, says the contract manufacturing company has bought a 5,500-square-foot building in Post Falls and plans to move there in August.

The building at 1111 N. Innovation Way, a block south of Seltice Way in west Post Falls, formerly was occupied by Active Electronics Construction Group LLC.

"It's a good location close to where we're at," Romney says of the planned move four miles east into the state of Idaho. "I wasn't looking to move to Idaho, but the building fits what we need, and it was priced right."

The company, which has four employees, currently occupies 3,000 square feet of space at 24804 E. Wellesley. Romney estimates that the company will invest more than $600,000 in the real estate acquisition and move.

In the spring of 2012, the Journal of Business reported that Romney Motion bought a 2.6-acre plot at Newman Lake and envisioned building a 10,000-square-foot facility there. Romney says, however, that the company later concluded it would be better to find a structure to purchase.

"Buying an existing building was much more cost effective," Romney says. The building will double Romney Motion's current space in the short term and could be added onto substantially in the future, he says.

Romney Motion specializes in designing and machining metal parts and molds for manufacturing sectors serving the tool and die, energy production, medical, and defense industries.

"We manufacture parts that go in other manufacturers' products," he says.

Romney founded Romney Motion in 2005.

"The recession hit during our startup phase," he says, adding that it took four years for the company to become profitable.

"Since 2009, business has been strong and growing every year," he says, adding that revenues have grown roughly 20 percent in each of the last four years.

"Existing customers are pressing me to expand capacity, and we're getting new customers," he says.

After the move, Romney says the company plans to purchase additional equipment, starting with a multi-axis turning center, which has capabilities to lathe and mill metal parts in one computer-controlled operation.

"Once we start adding equipment, we'll add employees," he says.

Commercial real estate agents Craig Hunter and Rob Kannapien, both of Coeur d'Alene-based Coldwell Banker Commercial Schneidmiller Realty, handled the Post Falls real estate transaction.