The change comes as the company is looking to have more cohesive branding as well as grow after enduring a steady decline in revenue between 2014 and 2019.
The rebranding and consolidation was announced on Wednesday as company officials held presentations throughout the day to address and inform workers about the manufacturer’s future.
The company will act as one unified entity, the leadership structure will stay the same and the facilities will not be relocated, said McGregor’s CEO Jamie McGregor.
The company is also looking to increase its workforce to 400 people and is currently looking to fill 50 positions as well as to invest a total of $10 million in equipment, facilities and operations by the end of 2022.
That includes a 20,000-square-foot addition to its Leffel Works facility. The project will costs $2.2 million and construction is slated to start in the spring and be completed by the fall.
Other investments that have been or will be made include purchasing a new press, adding almost two dozen welders and implementing new machining centers. Some of those investments have started late last year but the vast majority will take place this year.
This follows a trend upward in terms of company revenue that was seen in 2021. That came as the coronavirus pandemic had previously took a toll on the company leading to a drastic decrease in workforce as well as a sizable drop in revenue in 2020.
The company had been previously facing pre-pandemic challenges as former long time customers began to outsource work to other countries and McGregor Metal had difficulty competing.
The company has made parts such as metal stampings, machine components, weldments and split-steel pulleys.
Revenues for the manufacturer was reported to be $76 million in 2014 and that number dropped to $53 million in 2019. Revenue dipped down to $43 million in 2020 before going up to $57 million in 2021.
During the pandemic, McGregor’s workforce dropped from over 270 associates down to 93 people. The company has since brought back many employees and is now looking to grow its workforce even more.
Jamie McGregor said they are looking to get the company’s total employment up to 400 people and that will include jobs at all of its facilities in the Springfield area.
Supply chain issues have improved and the company has adapted to pre-pandemic challenges by finding new clients as well as making changes in terms of products and parts.
“We reinvented ourselves in terms of the parts that we make and the products that we supply. We added some new customers to the mix and that is what is really getting us to were we want to be,” McGregor said.
He added that they are hoping to continue to grow over next few years, that could include more jobs and investments as well as opportunities for the company.
About the Author
