A group of Cleveland investors has formed a new metalworking company that will use precision metal injection molding, a new parts production process that competes with traditional metalworking technologies. Net Shape Technologies Ltd. will begin production January in a plant operated by Thermat Precision Technology Inc. in Corry, Pa. Net Shape has licensed the injection molding technology from Thermat, said Jay Schabel, Net Shape's general manager and a member of the investment group. Mr. Schabel said Net Shape will relocate production from Corry to the Cleveland area during the third quarter of 2000. Company spokesman David Norris said Net Shape within three years expects to need 75,000 square feet of manufacturing space and to employ 50 to 75 workers here. Mr. Norris said a site for the Cleveland plant has yet to be chosen. Mr. Schabel said the Thermat technology is a refinement of standard metal injection molding techniques. It involves injecting metal powders into molds to form intricately shaped parts that require no machining or other finishing operations. Mr. Norris, vice president of Norris Sales Associates in Rocky River, a manufacturers' representative that is a sales agent for Net Shape, said the Thermat technology can result in significant cost savings for customers because it shortens the parts production process.