MSI Wins Prestigious Business Journal Fast 50 Ranking
By Corrie Lisk-Hurst
Staff Writer
GREENSBORO, N.C. — Machine Specialties, Inc. (MSI), earned a spot on The Business Journal's 2008 Fast 50 list of fastest growing privately held companies in the Greensboro/Winston-Salem/High Point region of N.C. This prestigious award honors firms that have flourished in the past three years and are poised for growth in the coming year.
Rob Simmons, MSI's CEO, was thrilled to be included in the Fast 50, saying, "It felt great to see, in print, that the growth plan we've established is working." And an ambitious growth plan it is! MSI, a leading contract machining and metal finishing specialist with a 40-year history, has a strategic plan of reaching $50 million in revenues by 2015. It looks like they're on track: Revenues for 2009 are projected to be $23 million, having steadily grown annually from just $10 million in 2006.
MSI makes a practice of measuring growth against its customers' plans and positioning itself as a strategic partner for its clients well into the future. By doing so, MSI is able to anticipate customer needs, making the company a natural choice for specialty machining in all of its primary markets — military, aerospace, energy, and medical devices.
In the past two years alone, MSI has invested nearly $6 million in new equipment, including four state-of-the-art turning and milling machines from Mori Seiki, Matsura, and Okuma. These sophisticated machines — and others slated for purchase this year — are enabling MSI to continue leading the market for high-quality, small-run, quick-turnaround machining jobs.
MSI's growth isn't just measurable in dollars. New contracts and expanded business from existing customers has required MSI to hire additional highly trained personnel both for plant-floor operations and strategic management roles. The company grew by 20 people last year to a head count of 110, and that number is expected to double over the next five years.
Simmons believes the Fast 50 honor has helped MSI in an unexpected way: "The best thing about it is that it made more people in our area aware of us, so we've attracted some new hires — good people who wanted to work for a growing company."
Sponsors of the Fast 50 program were Smith Leonard accountants and consultants; the Brooks, Pierce, McLendon, Humphrey & Leonard L.L.P. law firm; Frank L. Blum Construction Co.; and Wachovia. AT&T was a co-sponsor.
To arrive at the final ranking, Smith Leonard verified each Top 50 contender's revenues, then ranked the participants using a formula that factored in both dollar and percentage growth between 2005 and 2007. The formula was carefully weighted toward sustained growth and was designed to be equitable to companies of all sizes.
Founded in 1969, Machine Specialties, Inc. (MSI), is a full-service contract machining and metal-finishing specialist that provides a variety of services including milling, Swiss screw, turning, grinding, quality control, and finishing. MSI has earned AS9100 and ISO9001-200 certification and is a Nadcap-accredited facility for chemical processing.
MSI Featured on The Business Jounal Front Page
GREENSBORO, N.C. —The Business Journal serving the Greater Triad Area turned its focus on Machine Specialties, Inc. (MSI) in an article entitled, "Triad firm plans $6M expansion." The feature, which appeared in the April 10–16, 2009, print and online editions of The Business Journal, describes MSI's plans for providing a growing range of specialty machining services for its customers.