__________________________________________________________________________________________________ Field Fastener
“ The business was originally founded by Dick Field in 1976 ,” Jim begins . “ Back then , Rockford was the fastener manufacturing capital of the world , and the company quickly became known as a quality fastener partner in the Rockford area and beyond .
“ My brother , Bill , had worked alongside Dick for a number of years , so when Dick was looking for an avenue to retire , Bill and I seized the opportunity and purchased the company from him in 1990 ,” he recalls . “ We had 12 people when we took over and an annual revenue of around $ 800,000 .”
As skilled engineers , the brothers set Field on a decades-long growth trajectory by applying their specialist knowledge to the company ’ s already-impressive portfolio of customers . The engineering-based approach was successful : it delivered value to customers and facilitated an average growth rate of 20 percent year-over-year .
“ This year , the business will be 200 times bigger than when we bought it in 1990 , with our revenue for 2023 predicted to be in excess of $ 160 million ,” Jim adds . “ Not to mention our team has also grown to around 300 employees around the globe , so it really has been an incredibly interesting journey that all started from Dick ’ s humble beginnings .”
Turning to operations specifically , Jim explains : “ Our primary service is the inventory replenishment system . For most of our customers , we organize for our people to go to the manufacturing plant , identify which of the hundreds of different parts are needed , and then replenish the material on a just-intime basis . We manage the entire process , so our customers don ’ t have to analyze , order , or process stock , but the correct parts are there whenever they need them .
“ The process is driven by some of the best data and technology in the world . We use
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