Try this :-
'requires reference to Microsoft Scripting Runtime
Sub MakeFolder()
Dim strComp As String, strPart As String, strPath As String
strComp = Range("A1") ' assumes company name in A1
strPart = CleanName(Range("C1")) ' assumes part in C1
strPath = "C:\Images\"
If Not FolderExists(strPath & strComp) Then 
'company doesn't exist, so create full path
    FolderCreate strPath & strComp & "\" & strPart
Else
'company does exist, but does part folder
    If Not FolderExists(strPath & strComp & "\" & strPart) Then
        FolderCreate strPath & strComp & "\" & strPart
    End If
End If
End Sub
Function FolderCreate(ByVal path As String) As Boolean
FolderCreate = True
Dim fso As New FileSystemObject
If Functions.FolderExists(path) Then
    Exit Function
Else
    On Error GoTo DeadInTheWater
    fso.CreateFolder path ' could there be any error with this, like if the path is really screwed up?
    Exit Function
End If
DeadInTheWater:
    MsgBox "A folder could not be created for the following path: " & path & ". Check the path name and try again."
    FolderCreate = False
    Exit Function
End Function
Function FolderExists(ByVal path As String) As Boolean
FolderExists = False
Dim fso As New FileSystemObject
If fso.FolderExists(path) Then FolderExists = True
End Function
Function CleanName(strName as String) as String
'will clean part # name so it can be made into valid folder name
'may need to add more lines to get rid of other characters
    CleanName = Replace(strName, "/","")
    CleanName = Replace(CleanName, "*","")
    etc...
End Function