Panel at BizTimes Media Next Generation Manufacturing Summit on Oct. 5 will discuss how businesses can grow amidst uncertainty.
Manufacturers have had to deal with many market changes in recent years from a trade war and tariffs, the pandemic, supply chain issues, inflation, rising interest rates and concerns about a recession. Each of these issues have added to the level of uncertainty, making business growth more difficult.
“Uncertainty goes hand-in-hand with manufacturing, especially in the last few years,” said Terry Tuttle, president of HellermannTyton North America.
Tuttle will be one of four panelists featured as part of the main program at the annual BizTimes Media Next Generation Manufacturing Summit on Thursday. Megan Tzanoukakis, president and CEO of Sussex IM; George Baumann, president and CEO of GL Industrial; and Tracy Pearson, president and CEO of Perlick Corp., will join Tuttle.
In addition to growing a business amidst uncertainty and change, the panelists will also discuss workforce and talent issues, reshoring and changing supply chains and the overall state of the economy.
The panel will take place between 2:30 p.m. and 4 p.m. at the Italian Community Center. The entire summit begins at 12:30 p.m. with networking opportunities and a round of breakout sessions. Additional breakouts will take place after the panel followed by a networking reception.
More information on registration is available here.
The event is made possible by presenting sponsor WMEP Manufacturing Solutions; sponsor BMO Harris Bank; supporting sponsor First Ring Industrial Redevelopment Enterprise; seminar sponsors Information Systems Engineering Inc., Milwaukee Area Technical College and River Run; and exhibit sponsor Saturn Lounge.
Ahead of the program, BizTimes asked each panelist to share the main area of uncertainty their company is facing and how they’re navigating it.
For Tuttle, the current United Autoworkers strike against Ford, GM and Stellantis is the main challenge. Her company makes cable management and identification products used in a variety of industries, including automotive.
“HellermannTyton is a diversified business as we are market leaders in several vertical industrial markets,” Tuttle said. “But the length of the strike can affect overall demand for our products. Staying close to our customers, with open dialogue and a close watch on system orders, allows us to effectively manage this uncertainty. And, should the strike go on for an extended period of time, we also know to be ready for a rapid increase in demand as the car market will want to quickly replenish inventories.”
Tzanoukakis said the current macroeconomic environment, highlighted by rising inflation and higher interest rates, is a top concern for her, especially given increased scrutiny on the plastics industry. Sussex IM provides injection molding for consumer, medical and industrial markets.
“Our customers are being pressured to use less desirable or more costly recycled materials on a durable plastic product,” Tzanoukakis said. “The higher costs of these products are passed onto the end consumer, which only increases inflationary pressures. We are helping guide our customers to use sustainable manufacturing solutions in regard to tool design and automation to reduce part price yet maintain a high-quality product.”
Pearson said Perlick, a maker of bar and beverage equipment, brewery fittings and commercial and luxury residential refrigeration, is also facing challenges related to the economy, specifically that indicators the company has used in the past are no longer working.
“Historically inflation, interest rates, the housing market and unemployment rates were solid indicators of growth or lack of growth we could predict for a coming year,” Pearson said. “But it seems that these metrics are not the same reliable indicator for us in this current market. While our residential markets are a bit slower following the economy, we are seeing more new construction and remodeling within the entertainment and hospitality areas we provide equipment for. This is then coupled with an unusual push downward on pricing which we do not usually see when opportunities are up.”
To counteract the less reliable indicators, Perlick is spending more time and investment on predictive modeling and investing in direct customer outreach to stay ahead of the changing demand environment.
GL Industries, the parent company of Great Lakes Rubber Accutraq, Fluid Logic Valves and Midwest Sealing Products, is also working to stay ahead of advances in the market. Baumann said the company, makers or distributors of hydraulic valves, customer gaskets, o-rings and RFID tracking solutions, is trying to convert from a being known as a product business to a service brand.
“This means we believe we cannot grow if we are just seen by the market as a commodity or a product” he said. “Our vision is to align with manufacturers that are looking to become or have already become experience brands and our job is to service them with products and services that align with their visions. We plan to prove that value by focusing on our three key priorities which are: Invest in our people, embrace technology, and seek new demand spaces.”
