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Michigan Manufacturer ‘Back in the Game’ in Global Marketplace

Michigan Manufacturer ‘Back in the Game’ in Global Marketplace

A privately owned injection molding, plating, and assembly manufacturer in Michigan fell on hard times in 2015 as foreign competition increased and the manufacturer lost its competitive edge. As one of the largest employers near its headquarters, the leadership team made multiple (unsuccessful) attempts to improve the company’s competitiveness, prompting multiple capital infusions from the owner over several years.

Facing the conclusion that they were simply unable to compete against low-cost global competitors, the owner and the leadership team were determined to turn things around and get back to their former success.

In 2022, they engaged UHY to lead the turnaround process. UHY and management developed a robust turnaround plan utilizing operational excellence methodologies, reorganization, and change management.

“For the company to return to profitable growth, it requires a well-developed plan focused on lowering the business's breakeven point to become competitive while also addressing the cultural issues that have developed over time,” says Charlie Clevenger, Principal at UHY Consulting. “This plan was focused on operational improvement and became a reality through the willingness and hard work of the management team and employees.”

By the end of 2023, the manufacturer had returned to growth, experiencing a 15 percent growth rate. Not only are they growing, but they are also adding new employees and returning to feeling like a backbone of the community.

 

06/03/24

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