Canfield Industries Forecasts Double-Digit Growth
BOARDMAN, Ohio – Canfield Industries experienced solid revenue growth in 2017, adding employees, investing in new technology and expanding its marketing efforts to broaden its global client base while boosting expectations for 2018.
The Boardman-based company, founded more than 40 years ago in a garage, increased revenue by 5.7% in 2017 and is expecting double-digit growth in 2018 based on higher customer demand and new product introductions, says John Rasmussen, Canfield Industries president.
“We have a series of new products under development and plan to introduce at least 10 new products this year,” Rasmussen says. “We took another step in the right direction in 2017 and expect to take even bigger steps forward in 2018.”
Canfield Industries is the parent of Canfield Connector, Spartan Scientific and Gator Polymers. The companies manufacture connectors, valves, sensors, printed circuit boards and other electronic and pneumatic devices and components that help industrial customers run their operations more effectively.
During the past year, Canfield Industries added office and production personnel as well as sales representatives, bringing the number of employees to more than 100.
The company invested in new technology and equipment for its manufacturing process, most recently adding a reflow oven, which is used in manufacturing printed circuit boards.
Key challenges include:
- Dealing with the “Amazoning” of the industrial process, where customers expect immediate deliveries of products at very low prices.
- Competing with Chinese manufacturers and their cost advantages.
- Protecting profit margins.
“We have addressed these challenges by developing unique products that are tailored to the specific needs of our customers,” Rasmussen says. “This has helped us create a foundation for long-term growth.”
A major move for the company was “breaking out of our traditional marketing channels and enhancing our sales efforts with targeted advertising in trade publications that highlight products we produce,” Rasmussen says. In addition, the company is planning higher exposure and more promotions of its products at several national trade shows.
To drive growth in the company’s presence in the fluid power sector, Canfield Industries is introducing new products to larger and more lucrative markets. “Our product differentiation and the innovation it brings in the form of value to our customer experience is the key to this year’s growth,” Rasmussen says.
Canfield Industries knows that its employees are the keys to its success, its president says. All workers are recognized on their anniversary dates. Most recently, multiple employees celebrated 25 and 30 years of service.
Editor’s Note: This story was published in The Business Journal’s Growth Report 2018. The 144-page edition features growth reports from more than 200 local businesses and organizations. It was published this week. If you are not a subscriber, CLICK HERE to purchase a copy or call Eileen Lovell at 330 744 5023 Ext. 1008.
Copyright 2022 The Business Journal, Youngstown, Ohio.