Magnetic product designer and manufacturer Industrial Magnetics Inc., Boyne City, Michigan, says it set a record for deliveries in 2019.
IMI says it processed a record 19,218 orders and manufactured more than 1.5 million parts, with an on-time delivery rate of 98.2 percent. The manufacturer adds that it also produced and shipped more products from its U.S. facility than ever before.
Dennis O’Leary, IMI chief business development officer, says, “We have continued to be bold on re-shoring as much assembly and manufacturing work as possible from the Pacific Rim, and we were able to accomplish this in tandem with increasing our efficiency, throughput and profitability—three internal target areas for success which allow us to continue investing in our future growth.”
He continues, "When IMI was established in 1961, it was founded with a pretty simple goal in mind—know the customer and the application, manufacture the best solution and deliver it as promised. A lot has changed, but we still believe our success is rooted in striving for this goal. Our staff, channel partners and customers are all responsible for the results we’ve been fortunate to attain.”
Over the past decade, the company says it has seen its revenue double partly because of three successful acquisitions.
In 2014, IMI acquired Prater Industries and Sterling Systems & Controls, manufacturers of bulk processing equipment for particle size reduction, enlargement, feeding and separation and process equipment hardware and software automation.
2017 saw the addition of Javelin Manufacturing, designers, engineers and manufacturers of eddy current separators and engineered systems utilized in the scrap, recycling, waste, scrap and mining industries.
In 2019, IMI purchased Clamp Manufacturing, the creator of the Kant-Twist clamp and No-Mar hammer product lines used in metalworking, welding, assembly and general manufacturing applications.
"We continue to search for meaningful additions to our platform brands as we enter the ’20’s," O'Leary says, "and look forward to gearing up for our 60th anniversary in 2021."