Displaying items by tag: Harbour Results Inc

As manufacturing continues to lead both in statewide and nationwide economic recovery, the sector will still need to address a chronic issue that has only worsened throughout the COVID-19 pandemic.

More than five years ago, Avio-Tech Ltd. quoted a project to produce control panels and components for industrial conglomerate Textron Inc.

The recent and sudden downturn in the automotive industry is likely to lead to a flurry of bankruptcies and sell-offs by distressed suppliers, not unlike what the industry witnessed on the heels of the Great Recession.

While the COVID-19 pandemic was quick to hit, instantly styming manufacturing throughout Michigan and the country, the bounceback will likely not be as swift.

Automakers are delaying or rethinking the timing of new vehicles as production disruptions caused by the global COVID-19 pandemic linger into the spring.

The collective outlook among automotive suppliers is moving deep into negative territory as trade tensions, declining volumes and weakness in the U.S. economy weigh on the minds of manufacturers. 

The challenges confronting Michigan’s tool, die and mold makers are deeply rooted. The state hosts more than twice as many tool and die workers compared to any other state, according to data from the Bureau of Labor Statistics. As the undisputed leader of the industry, Michigan also suffers the greatest consequences of its uncertainty.

While tool and die shop owners are hunkering down and tightening their belts in anticipation of a decrease in available work, some small- to mid-sized operations in West Michigan have already been forced to close their doors.

At Southfield-based Harbour Results Inc., Laurie Harbour leads a company of analysts and consultants who use data and experience to help small- to medium-sized manufacturers develop strategies to improve their operations, reduce risks and optimize business.

With 2018 shaping up as slower than expected for the automotive supply chain, West Michigan-based tool and die makers are embracing diversification to counter the cyclical industry.