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Investing in Future Growth
The Growth Acceleration Program helps Engineered Products Company continue its growth pattern.
Congressman Erik Paulsen this week got a firsthand view of how Minnesota's innovative Growth Acceleration Program (GAP) is helping manufacturers stay competitive in an economy that is slowly regaining some momentum.
 Paulson, elected to Congress in 2008 to represent Minnesota's Third Congressional district, visited Minnetonka-based Engineered Products Company (EPCO) as part of larger effort to connect with manufacturers in his district. At EPCO he learned how investing during the down time is helping position the company for growth.
EPCO supplies electrical distributors with specialty lighting, lighting accessories and wiring solutions for a wide range of applications for commercial, agricultural, industrial, and residential buildings.
In 2007, EPCO moved into a new redesigned facility to accommodate new product lines, improve efficiency, and increase manufacturing capacity to meet demand. With extra room in the new building, the company expected to continue expansion and growth.
But as the company's heavy reliance on the construction trades slowed business, EPCO took time to invest in making the company stronger in the future.
As the recipient of a grant from the Growth Acceleration Program (GAP), EPCO worked with Enterprise Minnesota to train supervisors through the Training Within Industry program and complete a software selection process.
Authorized by the Minnesota State Legislature in 2007, GAP provides small manufacturing and manufacturing-related companies with a matching grant-up to $25,000 per year-to eliminate waste and boost efficiency. The program has helped more than 110 Minnesota manufacturers realize a $15 return for every $1 spent by GAP, and some companies have realized as much as a 40-to-1 return on investment.
Jack Schuster, EPCO president, says that the company is able to meet customer demand and just-in-time orders more efficiently as a result of the projects. As the economy rebounds, he expects the expanded capability to position EPCO for continued growth.
"In the last two years when the economy really tanked, we invested in an ERP system, two product lines, and this building," Schuster said. "That has helped us, and I'd guess that we're going to continue to do those kinds of strategic investments to continue our growth pattern regardless of the market."
For his part, Paulsen is no stranger to manufacturing.
"My grandfather owned a small manufacturing company and my uncles run it now, so I've always liked to talk about business competitiveness," Paulsen said. "It used to be [Minnesota] versus neighboring states, and now of course it's all over the world."
With the economy slowly moving toward recovery, Paulsen says that manufacturing and job creators will be important to sustained growth.
"There's some good things happening in Minnesota," Paulsen said. "Manufacturing still exists, can exist, and should exist from a jobs perspective."
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Industry News
Tom Schabel Joins Enterprise Minnesota Board of Directors: Enterprise Minnesota announced this week that Tom Schabel has joined its Board of Directors. Schabel is president & CEO of Alexandria Extrusion Company in Alexandria.
Hutchinson Technology Promotes Radloff: Hutchinson Technology has promoted David Radloff to vice president and chief financial officer. Radloff joined Hutchinson Technology in 1986 and has held a variety of management positions in accounting, treasury, sales and information technology. He was promoted to vice president of finance in 2007 and most recently has served as the company's corporate controller.
Manufacturing employment up in Minnesota: Minnesota employers added 9,800 jobs in July, according to figures from the Minnesota Department of Employment and Economic Development (DEED). The state's manufacturing industry added 1,300 jobs during the month and 3,000 compared to a year ago.
Upcoming Events
TWI: Leadership to Improve Productivity, Quality, and Morale
Presented by Enterprise Minnesota
October 8, 2010
More information and registration
Growing Green: Evolving and Expanding Minnesota's Economy
Presented by Minnesota Environmental Initiative
September 23, 2010
St. Anthony Main Event Center, Minneapolis
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Centralia Global Business to Business Forum
October 20-22
Winnipeg, Manitoba, Canada
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Tour of Manufacturing
Presented by Greater Mankato Growth
October 30, 2010
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Minnesota's Tekne Awards
Presented by MHTA
November 3, 2010
Minneapolis Convention Center
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9th Annual LifeScience Alley Conference & Expo
December 8, 2010
Minneapolis
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