The crafting station is unlocked at prestige 10 and costs a whopping $450,000.
Once unlocked, it can be accessed through a set of automatic doors directly across from the electronics station.
The station consists of two pieces of equipment that are attached to each other.
On the right, you have the forge.
This allows you to break down any parts in your inventory into raw materials to be used to craft new parts.
The raw materials in this game are Ti- Titanium, Fe- Iron, and Si- Silicon (from left to right in the image below). The quantity you have of each is noted in the top right of your HUD on screen.
You can place several parts into the forge to be destroyed at once, but it has a limited capacity and will not accept more if full.
On the left side, you have the crafting station/production.
Here, you can select the part you want to produce (only one is produced at a time and any others are added to a queue) by searching for it by mech model, part name, etc., and use the raw materials you have to create it. The production process is fairly slow, but if you are in a hurry, you have the option to burn more fuel (which makes it a little more expensive) to speed up the process or even make it instant.
Once production has finished, the part will be added to your inventory.