The year 2020 has been a tough one, especially for manufacturing. Due largely to the COVID-19 pandemic, the manufacturing industry saw a decline of nearly 23 percent in 2020. The simultaneous shock and demand from shutdowns, the financial crisis, and increased workplace regulations have created the perfect storm for what’s likely to be the worst hit to manufacturing we’ve seen in decades.
However, in light of recent times, businesses are still finding ways to rise above and prevail. Through advanced processes and increased technology adoption, manufacturing companies can, and will, survive the storm.
Now more than ever, it’s important to recognize good manufacturing and the smart businesses that are leading the charge for long-term, sustainable growth. That’s why Ferriot is honored to be among the 35 companies receiving a 2020 Business Growth Award from Cascade Capital Corporation.
To help reinforce the positive during these times of uncertainty, Cascade Capital Corporation has recognized 35 Northeastern Ohio companies at their 2020 Business Growth Awards Program. These awards showcase a company’s continued success and growth, highlighting their crucial role in supporting and revitalizing the local/regional economy.
Companies can earn a Business Growth Award by either increasing sales by 100 percent/$5 million or by increasing its employee base by 50 percent/25 people during the past five years of business. The profits, goods, and services generated by these companies help to invest in the economy while opening new facilities and hiring additional employees.
On October 1st, Cascade Capital Corporation presented Ferriot and the other honorees with their award during a live virtual event. Companies that received an award will also be featured in a special editorial report in the October edition of Smart Business Cleveland.
Ferriot’s Continued Success
Here at Ferriot, we pride ourselves on being able to support our local economy and for helping to promote positive change for the manufacturing industry. Ever since our start in 1929, we’ve been able to provide custom mold manufacturing, injection molding, and a host of other manufacturing solutions for a variety of markets by focusing on adaptability and innovation.
At the onset of the COVID-19 pandemic, Ferriot was deemed an essential business. With many of our customers in medical, financial, and industrial markets, we were given the chance to continue operations during the shutdown.
Through new safety measures and organizational processes, Ferriot has maintained employment levels, while remaining focused on keeping our employees safe and healthy while continuing to support our customers’ supply chain. Most importantly, we at Ferriot have continued our mission of aligning the right people with quality processes, resulting in the flexibility and adaptability to meet the changing needs of our customers and fluctuating market conditions.
In these last five years, Ferriot has made a significant effort to reinvest in the people, technology, and equipment that have fueled our success. Last year, in 2019, we achieved our biggest sales year to date.
Together, we came up with a single word to help us all focus on our goal: Excel. To truly make a difference, we must empower each of our employees to use their own skills, creativity, and ingenuity to help improve the day-to-day operations of our business.
We cannot just do good enough – we must Excel.
The first step on the path to excellence is our focus on people. Both our technical specialist and management teams must be given the proper training and ongoing support to do their best work. Teams must also operate harmoniously, empowered by the goal of continued excellence.
To support our teams, Ferriot has added key talent in technical areas to help reinforce our engineering support with quality process improvements to allow us to better serve our customers. All levels of management have also received leadership training, specifically that in working with cross-functional, technical teams.
Advanced Tooling and Technology
The right team needs the right tools. That’s why Ferriot makes certain to provide our employees with the best and most up-to-date equipment to help them identify and solve problems.
In 2015, Ferriot invested in new ERP Software, IQMS. This advanced software gave our teams real-time data and visibility into better managing day-to-day operations while maintaining business continuity.
We also make sure that our machinery is up to the tasks at hand by regularly reinvesting back into our operations, replacing aging injection molding machines and equipment with newer models. In 2018, we added our largest injection molding machine yet: a 2250-ton press. With press sizes ranging from 66 to 2250 tons, Ferriot has the flexibility to run a large range of products in-house, helping us to maintain quality and performance throughout our offerings.
Excellence for the Future
One big way that Ferriot is planning for the future is by investing in automation and new manufacturing practices. By testing out advanced mold flow analysis software, digital scanning technologies, and collaborative robots that can work alongside human operators on the manufacturing floor, we’re making every effort to set ourselves up for future successes.
- Importance of TQM to Injection Molding Projects [Interview]
- Cobots Enable More Efficient Manufacturing in Injection Molding
- Three Ways a Full-Service Contract Manufacturer Adds Value