The more industries it looks to enter into, Loc Performance Products is finding more work.
The Plymouth-based firm has built up its business with defense contracts since its start in 1971, manufacturing large CNC machined components and assemblies for military and industrial applications. The cutbacks in defense spending in recent years have forced Loc Performance Products to find more business in new places.
"We're building up our business with more commercial projects," says Wayne Dula, director of business development for
Loc Performance Products. "We have a lot of new business in the mining and rail industries. We also have new business with hybrid municipal bus systems."
The work in those industries has allowed Loc Performance Products to maintain its size, hiring five people over the last year. It now has a staff of 185 employees and the occasional intern.
Dula points out it took a lot of work to branch out. In 2009, military contracts made up 90 percent of Loc Performance Products' bottom line. This year it’s 50 percent. Next year it is expected to be 40 percent, but the company would like to keep military work a major part of its core business while continuing to grow its commercial prospects.
"We would like to double our revenue over the next six years," Dula says.
Source: Wayne Dula, director of business development for Loc Performance Products
Writer: Jon Zemke
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