Despite lower sales, company has maintained profitability through lean, cost-cutting programs
General MetalWorks Corp. (GenMet), a Mequon-based metal fabricator, recently received The Fabricator’s Industry Award 2010 from the Fabricators & Manufacturers Association International (FMA). The award is given to a company or individual within the metal forming and fabrication industry that has improved operations, grown their business and contributed to the local and national industry.
“This award is designed to recognize those individual leaders and companies that display innovation and determination to succeed,” said Gerald Shankel, president and CEO of FMA. “Manufacturing is the backbone of America, and we’re proud to honor GenMet as an industry success story.”
GenMet’s revenues fell to $10 million in 2009 from record earnings of $12.6 million in 2008. However, it was able to maintain similar profit margins to 2008 because of lean manufacturing implementation.
During 2009 and continuing into 2010, GenMet’s inventory is at all time lows. Its lead time for fabricated parts has been reduced from weeks to days. The company’s employee productivity has improved greatly over the last several years because of new technology, training and workforce flexibility.
“GenMet is a terrific example of the type of metal fabricating company that all of our subscribers should strive to emulate,” said Edward Youdell, group publisher of FMA Communications, Inc., the publishing affiliate of the FMA. “Their focus on employee productivity and their skilled, flexible work force have allowed GenMet to achieve excellent profit margins in what we all can agree was a difficult year. In short, they are a group of focused, smart, and committed people who did not let the economy of 2009 to be an excuse not to succeed. I congratulate them on their extraordinary performance this past year and look forward to seeing what they can accomplish in 2010.”