2013 north american plastics industry study report
TRANSCRIPT
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North AmericanPlastics Industry Study
plastics.plantemoran.com
Copyright 2013 by Plante Moran
PREPARED BY THE PLANTE MORAN
PLASTICS INDUSTRY TEAM
2013 Survey Report
Higher Company Performance& Reshoring Among
Favorable Trends Impacting
North American Processors
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 2
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 1
Table of Contents
INTRODUCTION 02
NEW THIS YEAR 04
SELECT 2013 SURVEY RESULTS 06
TRENDS 09
Trend 1 — Company Performance Trends 10
Trend 2 — A Resurgence in Mexico 12
Trend 3 — Reshoring Trends Create Opportunities
for North American Processors 14
Trend 4 — Attractive Company Valuations 16
PARTICIPATING IN OUR STUDY 19
ABOUT OUR PLASTICS PRACTICE 20
IN CLOSING 22
PARTIAL LIST OF INFORMATION PROVIDED
TO SURVEY PARTICIPANTS IN FULL REPORT 24
NoticePlante Moran has exercised professional care and diligence in preparing this report. However, because the data usedin this report comes from third-party sources and Plante Moran has not independently verified, validated, or audited
any such data, Plante Moran makes no representations or warranties with respect to the accuracy of the information
contained in this report. Plante Moran shall not be liable to any client or any other person or entity for any inaccuracy
or inauthenticity of the information contained in this report or for any errors or omissions in its content, regardless of
the cause of such inaccuracy, inauthenticity, error, or omission. Furthermore, in no event shall Plante Moran be liable
for consequential, incidental, or punitive damages to any person or entity in any manner relating to this report.
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 2
We are pleased to present the 2013 North American Plastics Industry Summary Report.
Since 1995, Plante Moran has led this study, which serves to gather and analyze the most
empirical data collected in the plastics processing industry in North America.
HOW THE STUDY IS COORDINATED
Plastics processors complete a survey template that isavailable on our website.
Upon completion of the survey, we generate a customized report that is unique to each
processor who completes our survey template. The survey results are held in strict condence,
and participating in the study is at no cost to the processors. We collect data from plastics
processors on an ongoing basis throughout a given calendar year and release a summary report
which is available to the public.
TYPES OF DATA COLLECTED
Strategic, nancial, operational, sales & marketing,
and human resources data.
A potential total of 250 data points per participating company are collected. Please see the
last page of this report for a more detailed listing of data collected. The participants may have
participated from either the 2011 or the 2012 scal years, but should they have participated in
both years, only the latest data was included. As a result, data is reported as 2011/2012 data.
PARTICIPATION
84 companies representing 131 facilities totaling
$3 billion in sales.
Most are U.S. based; however, we have participants from Canada and Mexico as well.
Introduction
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PROCESSES OF PARTICIPATING COMPANIES
Injection molders, blow molders, extruders, and
thermoformers.
INDUSTRIES OF PROCESSORS INCLUDE
Automotive, electronics/electrical, medical, building
construction, packaging, consumer, and many others.
WHAT’S INCLUDED IN THE CUSTOMIZED BENCHMARKING REPORT?
Survey results, our commentary, and other discussion items.
An 80+ page detailed report is issued to each processor who participates in the study, which
communicates the results of the study and offers our related commentary on many of the results.The report is “board presentation” ready and is divided into a few key sections to provide
industry and benchmarking analytics and a report card that grades the participating company
against its peers. Testimonials from our clients are available at our website at:
www.plantemoran.com/industries/plastics.
WHAT’S INCLUDED IN THIS SUMMARY REPORT?
This summary report contains some of the highlights from our survey results recently collected.
It pales in comparison to the 80+ page report received by the processors participating in our study;
however, this report also provides our commentary on the general pulse of the plastics industry
today, key issues being faced, and information about our practice.
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 4
New This Year
The plastics industry spoke, and we listened.
We held multiple focus groups this year with various plastics processors to enhance the
overall value of our report to survey participants.
NEW DATA INCLUDES:
Perhaps most importantly, we have added a value ranking assessment that reviews
the various components of value and assigns you a score for comparability and to
calculate your company’s relative value.
We appreciate the continued support of all those who participated, including the
continued assistance of the Manufacturers Association for Plastics Processors in
making this survey the benchmark of the plastics processing industry.
Press hours
statistics
Complexity
management
Value ranking
assessment
Planning process
utilized
+ Uniqueness of process + Product development
capabilities + Assessment of competitive
environment
Value proposition
analyticssuch as:
Sales force
structure data
Compensation
programs for
sales, marketing
activity
Management
team data
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 5
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Mean Data by Sales Quartile
2011/2012 Data $12.8 & $20M & < $29.8 >$29.8 Million Successful
Company1
COST OF SALES
Raw Materials 25.3% 33.9% 33.4% 36.7% 24.1%
Purchased Components 7.1% 5.7% 12.1% 10.2% 10.4%
Other Direct Costs 3.7% 2.4% 2.1% 5.1% 2.6%
Direct Labor 11.8% 10.7% 7.3% 8.3% 7.8%
Overhead Costs 25.7% 26.7% 25.7% 23.1% 24.3%
Total C ost of G oods Sold 73.6% 79.4% 80.6% 83.4% 69.2%
Gross Profit 26.4% 20.5% 19.3% 16.6% 30.7%
Selling, General, and Administrative Costs 18.3% 12.8% 11.3% 10.8% 13.7%
Operating Income 8.0% 7.8% 8.0% 5.8% 17.1%
SALES
Production Sales 96.4% 98.3% 98.1% 99.0% 98.5%
Tooling Sale s 7.2% 7.8% 5.8% 3.7% 3.9%
Less: Tooling COGS (4.0%) (6.9%) (4.0%) (3.0%) (2.7%)
Other Operating Revenue 0.4% 0.9% 0.2% 0.2% 0.3%
Total Sale s 100.0% 100.0% 100.0% 100.0% 100.0%
For comparison purposes, we aligned the AVERAGE of the statement of operations and the MEDIAN of select benchmarking
analytics versus the successful company performance.
SELECT BENCHMARKING ANALYTICS
Value Add per Labor Dollar 2 $2.06 $2.04 $2.58 $2.59 $3.02
Complexity - Probable Case - Injection3 54,720 384,825 209,908 1,514,700 3,042,600
Press Utilization (based on 24/7) -Injection Molding
36% 42% 35% 48% 40%
Two Year Sales Growth 15% 11% 13% 14% 15%
1. A Successful Company exceeds 10% return on sales (before interest, taxes, and owners compensation), return on assets of 15%, and salesgrowth of greater than 5%
2. Value Add per Labor Dollar = (Sales — Purchased Materials)/Total Labor
3. Complexity equals frequently used resins x (active molds + inserts) x presses
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Additional Quartile Benchmarking
Analytics Available to Those Who
Participate in Our Study:
» Number of Full-time Employees
» Value add per Press Hour
» Employee Turnover
» Number of Recorded WorkInjuries per Year
» Customer PPM
» Internal PPM
» Delivery %
» Inventory Turns
» Earnings Before Interest, Taxes,
Depreciation, Amortization
» Return on Net Capital Employed
» Return on Assets
» % of Sales with Gross Marginsless than 10%
» Two-year EBIT Growth
» Expected 3-year Growth
» Current Ratio
» Debt to Equity
» Days in Accounts Receivables
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 8
Our data suggests that many plastics processors have recovered well since the dark days of the
great recession. There are many factors driving the recovery. For this report, we will focus on
four favorable trends that are playing a meaningful part in supporting our positive point of
view regarding the current conditions in the North American plastics industry.
Our Observations and Opinions
Company performance trends
A resurgence in Mexico
Reshoring trends creating opportunities for
North American processors
Attractive company valuations
1
2
3
4
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TRENDS»
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 10
Company Performance Trends –
Higher Utilization, Productivity,and Prots
Press utilization and workforce
productivity are at or near
10-year highs. Prots are
also at historically high levels
(although we have seen a
drop in the past two years,
which we attribute to a sharp
increase in product launches).
In addition, the number of
“successful companies” has
doubled. The term “successful
company” for purposes of this
study refers to any company
that exceeds a 10% return
on sales (before interest and
taxes – adjusted for owner
compensation), return on
assets in excess of 15%, and
sales growth greater than 5%.
In most years, fewer than 8%
of the survey respondents meet
this criteria; however, this
year, 16% of the respondents
met this criteria.
The following graph shows year over year adjustments to productivity as measured by value-add per
employee, equipment utilization percentage, and gross prot margins for the last 10 years.
» T R
E N D 1 » T R E N D 2
» T R E N D 3
» T R E N D 4
»
Cum. productivity change
Cum. utilization change
Cum. GP change
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HIGHER UTILIZATION
Press utilization increased for
the third straight year. The
top quartile is in excess of
50% utilization for all pressesbased on a 24/7 basis. While
press utilization does not
correlate with protability
as many weak companies
routinely lowball quotes to
keep the presses running, the
reduction of available capacity
has brought pricing discipline
to the industry. Interestingly, it
appears the growth is strategic
with a modest reduction in
average complexity levels,
meaning some low volume
customers were priced out of
the company.
HIGHER PROFITS
The two largest cost drivers for
plastics processors are resin
and labor. Control these two
items and prots are almostcertain to come. Resin pricing
during the past 12-18 months
has had only modest increases
compared to recent years. In
addition, a higher percentage
of plastics processors are ableto pass resin cost increases
to customers. Regarding
labor, as suggested above, our
productivity data suggests that
plastics processors continue to
do more with less people (and
subsequently have been able to
manage their labor costs).
HIGHER PRODUCTIVITY
Labor productivity as
measured by value-add
(sales less material and
outside processing) dividedby total full-time equivalents
signicantly jumped in
2012. As we all learned,
during the depth of the
recession, companies were
forced to gure out how do
more with less. It appears
that many processors have
retained this skillset post-
recession. The industry as a
whole also is getting into a
rhythm operationally with the
continued sales growth.
During the recession,companies had tofigure out how to domore with less.
The largest cost drivers:resin and labor.
Press utilization
increased for thethird straight year.
22.9%
2002
0
2 00 3 2 00 4 20 05 20 06 2 00 7 20 08 2 00 9 20 10 2 01 1 2 0 12 2 00 2
0
2 0 03 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 09 2 0 10 2 0 11 2 0 12
8.4%
2002
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
6.9%
Cum. GP changeCum. productivity change Cum. utilization change
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 12
A Resurgence in Mexico
The following points highlight some of the facts that are contributing to Mexico’s recent
positive business trends:
» T R
E N D 1 » T R E N D 2
» T R E N D 3
» T R E N D 4
»
Automotive OEM productionfacilities (and growing)
Record levels Total imports , to tal export s,and automotive vehicle sales
$12.6 billionForeign direct investmentin Mexico in 2012
$5.00Average loadedhourly wage ratefor manufacturingoperators
56% of which was channeledtoward the manufacturing sector
Mexican residents to show signsof growth of the middle class
27 19Average age of Mexico’s citizenssupports continued investment inmanufacturing operations
Booming industries in Mexico that are driving higher demand for plastics4
AUTOMOTIVE
AEROSPACE APPLIANCE
ELECTRONICS
This indu stry ha s re cord ed growt hof >15% annually in the last 7 years
Mexico will become the 4th largestexporter and 8th largest producerby 2015
Mexico is the largest producer oftwo-door refrigerators in the world
Mexico is the largest exporter offlat screen TVs in the world
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While we have seen the U.S. nicely recover from the great recession, Mexico has experienced an
even stronger recovery, averaging approximately 4% GDP growth since 2010. We are seeing a
related increased level of expansion and migration of plastics companies into this country.
Tooling companies, crane companies, and other supporting businesses are slowly
but surely starting to expand or set up operations in support of this movement.Our advice to our clients is that whether or not you are or plan to be in Mexico,
your strategy needs to include how your organization will operate in lieu of the
business dynamics created by Mexico’s resurgence. If you need more long-term
motivation to have your plans include a Mexico strategy, consider that Goldman
Sachs is predicting Mexico to be the world’s fth largest economy by 2050.
GDP Growth (annual %)
Goldman Sachs ispredicting Mexico to bethe world’s 5th largesteconomy by 2050.
1.5%
3.4%
1.9%
2004
0
2005 2006 2007 2008 2009 2010 2011 2012 2013
-2%
-4%
-6%
6%
4%
2%
source:INEGI
USA
Mexico
Canada
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 14
Reshoring Trends Create Opportunities
for North American Processors —Particularly in the U.S.
Reshoring trends continue to create new opportunities for U.S.-based processors.
Key drivers for reshoring initiatives are:
Supply chain and logistics riskssuch as the longer part ordering lead times,
transit issues, and customs complications
Lower energy costs in the U.S.
Continued socio-economicgrowth of developing nationsis creating domestic opportunities for molders
in these nations (and consuming existingproduction capacity)
» T R
E N D 1 » T R E N D 2
» T R E N D 3
» T R E N D 4
»
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We continue to see the gap reduced among costs to operate injection molding machines in the U.S.,
Mexico, and China. This is driven partly by the recent reduction of energy costs in the U.S. and rising
land values in certain markets including Mexico and China. The result of these conditions is that the
cost to operate machines in the U.S. is becoming more globally competitive, in particular, with large
machines. For the past several years, Plante Moran has prepared press rates for various geographic
regions based on inputs from local labor, utility, and real estate sources. Your rates may differ based
on your inputs specic to your operation.
Economists and energy experts expect the U.S. to continue to have a sizable advantage in its costs
for energy over the next several years. While we expect that plastics applications requiring relatively
high labor content will continue to reap the benets of being produced in nations
with lower labor costs than the U.S., we expect U.S.- based plastics processors
producing applications with relatively low labor content will continue to take on
more work that was formerly produced in foreign countries. For new programs,
we expect less work that has a nal destination of the U.S. to be sourced to
processors in foreign countries as compared to the recent past.
Injection Molding Machine Cost Rates per Hour (USD) − 2013
Press Size(tons)
Indiana MexicoEast
MexicoInterior
ChinaInterior
ChinaShanghai
200 $ 41.57 $45.91 $43.63 $29.50 $37.35
1000 $82.42 $97.42 $95.94 $76.14 $89.50
3000 $146.40 $178.66 $176.10 $139.59 $157.86
Experts expect theU.S. to have a sizableadvantage in regard toenergy costs over thenext several years.
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Investors eager to enter or further invest in the plastics space are creating exit opportunities
for owners, and they have a renewed appetite for businesses in plastics and packaging. P&M
Corporate Finance (Plante Moran’s investment banking afliate) reports that a total of 1,463
plastics and packaging deals were completed between 2009–2012. It further notes that increased
levels of M&A activity during Q2 and Q3 of 2013 indicate continued robust interest in this space,
which bodes well for the potential for similar levels of M&A activity to continue for the next
several quarters. Sellers, including retiring entrepreneurs without a second generation operator,
are realizing attractive current pricing multiples.
In addition, private equity
investors are reaching
inection points in their
investment cycles where
they desire to exit and
provide returns to their
sources of capital. Add-ons remain an important tool in value creation, with activity driven by
surplus capital. Interestingly, strategic buyers comprise the majority of buying activity, completing
approximately 50% more transactions than nancial buyers.
For more information on M&A activity, please visit pmcf.com.
Attractive Company Valuations Presenta Favorable Exit Window – Finally!
» T R
E N D 1 » T R E N D 2
» T R E N D 3
» T R E N D 4
»
Strategic Financial Add-On Financial Platform
218
57
72
347
235
68
80
383
199
61
80
340
266
60
67
393
0
50
100
150
200
250
300
400
350
20122009 2010 2011
N u m b e r
o f D e a l sStrategic buyers
comprise the
majority of buyingactivity, completingapproximately 50%more transactions thanfinancial buyers.
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The exit window may start looking attractive for those with strong current performance and a
bunch of bumps and bruises from the last recession.
HOWEVER...
But Let’s Be Honest...
We think highly of ourselves. When we ask companies to rate themselves on the uniqueness of
their manufacturing practices, product and design capability, and their competitive position within
the industry, the average is a 6 or 7 on a 10 point scale. Theoretically, the average should be a 5.
However, the inated value is probably due to ignorance of our competitors and the market versus
hubris of the respondent. Our customers may have greater perspective of our differences from our
competitors than we do – a scary proposition.
Are you ready for the beauty contest to attract top dollar?
How truly unique are your manufacturing skills?
Do you have acknowledged project and/or design skills
that are admired by your customers?
How competitive are you in the industry?
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Participating in Our Study
Participating in this study and benchmarking allow you to be brutally honest about
your competitive differentiation. Take the time to identify where you are in the
industry. Participate in trade organizations such as MAPP, SPI, and SPE, and attend
expositions and conferences.
If you are a plastics processing company and you have not alreadyparticipated in our study, we recommend that you do.
If you have already participated, please carefully review your
benchmarking report in detail to identify where you really stand.
Highlight the outlier benchmarks – are these benchmarks meaningful?
If so, should you identify the reasons for the metric – does it support
your value proposition?
Want to participate?Visit plastics.plantemoran.com
Already a participant?
Review your customizedbenchmarking report andidentify where you standin the industry.
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About Our Plastics Practice
Plante Moran’s plastics practice is widely recognized for having more empirical data in
the molding industry than any other professional services rm in
North America as a result of coordinating the annual North AmericanPlastics Industry Study since 1995. Our plastics practice is co-led
by Jeff Mengel and Ted Morgan. We are deeply entrenched in the
plastics industry and regularly participate as presenters at industry
organizations and events, such as the Plastics News Executive Forum,
the Society of Plastics Engineers, the Manufacturers Association for
Plastics Processors (MAPP), and the Society of Plastics Industry.
In addition, members of the Plante Moran plastics team have been featured authors in
industry publications such as Plastics News, Modern Plastics, Injection World magazine,
MoldMaking magazine, Plastics Technologies, and Automotive News.
We utilize the data we collect and our entrenchment in the plastics industry to support morethan 200 clients annually. Services include:
Our Data Our Industry Entrenchment+ = Unmatched Value Proposition
We are deeply entrenchedin the plastics industryand regularly participateas presenters in industryorganizations and events.
» Audit and Tax Compliance
» Strategy Consulting + Press rate studies
+ Market/Customer/Technologyattractiveness studies
+ Advisor to the board of directors ormanagement
+ Strategic planning
+ Customized benchmarking studies
» Due Diligence + Financial + Strategic + Operational + Technology
» Operational Effectiveness
» Technology+ Controls
+ Infrastructure+ Implementation
» International Advisory
» Cost Modeling and QuoteTemplates
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Audit and Tax
Compliance
Strategy
Consulting
Due Diligence Technolog y
Operational
Effectiveness
International
Advisory
Cost Modeling and
Quote Templates
Our Services.
– Press rate studies
– Market/Customer/Technologyattractiveness studies
– Advisor to the board ofdirectors or management
– Strategic planning
– Customized benchmarking studies
– Financial
– Strategic
– Operational
– Technolog y
– Controls
– Infrastructure
– Implementation
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2013 NORTH AMERICAN PLASTICS INDUSTRY STUDY 22
JEFF MENGEL
Plante Moran Plastics Industry Team312.602.3515 (direct)248.223.8638 (direct fax)
TED MORGAN
Plante Moran Plastics Industry Team248.223.3575 (direct)248.327.8933 (direct fax)[email protected]
In Closing
Successful companies have a strong value proposition and often support their value
proposition with quoting discipline. Companies that misre often have high manufacturing
complexity (number of presses, molds, and resins to monitor and schedule) and misaligned
organizational structures. You can impact your enterprise value
today by taking a holistic approach to looking at your business,
surrounding yourself with talent that can keep up with today’s pace
of change, and becoming an adaptive and innovative enterprise.
We provide a number of materials on our website (http://plastics.
plantemoran.com) to help you assess your organization’s level of nancial stress and
develop your strategy. Embracing the challenges facing you with a plan is half the battle.
We are here to help you create and execute your plan should you need it.
Visit us on the web: plastics.plantemoran.com
We are here to helpyou create andexecute your plan.
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Partial List of Information Providedto Survey Participants in Full Report
BENCHMARKING DATA
» Strategy+ Management Team Dynamics
(NEW this year) + Value Proposition Analysis(NEW this year)
+ Planning Processes Utilized+ Processing Method(s) Used+ Total Production Sales Allocated
by Industry+ Supply Chain Role+ Sales Growth Expectations
(NEW this year)
» Sales and Marketing+ Amount of Prior Year’s Sales Lost
in Current Year+ Pricing and Payment Dynamics
including Pricing Adjustments and
Resin Purchasing Dynamics + Sales Force Size and Activities(NEW this year)- Experience level of sales team- W-2 vs. Manufacturers Reps ratios- Percentage of time spent on new
sales vs. account management+ Marketing Activities and Budgets
(NEW this year) + Quoting Statistics
+ Narrow Gross Margin Sales
+ Large Customer Analysis
» Operational Data+ On-time Delivery Performance+ Parts Rejected in Parts per Million+ Descriptive Press Statistics — Injection
Molding/Thermoforming/Blow Molding - Number of Presses
- Average Age of Presses- Cost Rate per Hour
PARTICIPANT REPORT CARD
» Size Analytics» Productivity Performance
» Organizational Design » Operational Metrics » Earnings Performance» Growth Trends » Balance Sheet Health » Value Rating (NEW this year)
A participant report card is your data
compared to our survey population.
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SNAPSHOTS
» Sales Size Snapshots+ Companies with less than $12M in sales
+ Companies with greater than $12M and
less than $20M in sales + Companies with greater than $20M insales and less than $29.8M in sales
+ Companies with greater than $29.8Min sales
» Processing Method Snapshots+ Injection Molding Process+ Extrusion Molding Process
» Industry Served Snapshots+ Transportation (Automotive) Industry+ Packaging Industry+ Appliance, Office, & Consumer Goods
Industry
+ Electronics Industry+ Medical Industry+ Industrial & Machinery+ Other Industries
» Supply Chain Role Snapshots+ Process-oriented Processor+ Value-Added Processor+ Proprietary Processor
A snapshot is quartile data of specific
portions of our data that can aid in various
analyses your company may perform.
We present approximately 16 differentsnapshots in each customized report.
- Percent Utilization- Average Time for Setup- Average Number of Setups per Week
+ Descriptive Press Statistics —Profile/Tube/Pipe Extrusion- Number of Lines- Average Age of Lines- Percent of Lines with Down-line
Automation- Percent of Lines
Co- or Tri-extruded- Percent of Lines with Crosshead
Extrusion- Percent Utilization- Average Time for Setup- Average Time of Setups per Week
+ Shift Activity
+ Tooling Attributes- Classification ofMold Type
- Source of New Obtained+ Resin Usage and Consumption
+ Complexity Calculation
» Human Resource Statistics+ Human Resource Deployment
by Department + Safety, Attendance & Other HRStatistics (including union vs.non-union, healthcare costs, andother fringe benefits)
+ Press Statistics per Employee» Financial Performance
+ Comparative Condensed Balance Sheet+ Comparative Operating Statement+ Comparative Component Costs
and Cash Flow
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About Our Firm
Plante Moran was founded in 1924. We are the13th largest accounting and management consulting rm
in the United States with more than 2,000 staff serving more than 10,000 commercial clients. We have
22 ofces in Illinois, Michigan, Ohio, China, India, and Mexico. For 15 consecutive years, we have been
on FORTUNE magazine’s list of the “100 Best Companies to Work For” largely due to our unique culture
and client service approach. A key differentiator for us compared to rms of our size (and larger than us)
is our “one-rm” rm operating structure. This allows us to work in an environment that encourages internal
collaboration among our staff which, in turn, enhances our ability to offer best-in-class and unied solutions
to our clients. The results are highly satised clients and a staff that likes working with one another.
Additional information, including our client satisfaction survey results, can be found at plantemoran.com.