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Last Thursday Bead Industries celebrated a monumental achievement: its 100-year anniversary in continuous business. I’m extremely proud to have been a part of the company’s history for the last 16 years, and that a small family business in Connecticut can accomplish such a milestone.
Though a little damp and foggy, more than 150 people came through our doors to help us celebrate: including current employees and their families, board members, former employees, vendors, customers, colleagues and fellow manufactures. We were also extremely delighted that legislators from Hartford and local officials came to make speeches and present Bead with proclamations memorializing the occasion. Joining us were Senator Gayle Slossberg, House Representatives Paul Davis, Kim Rose and James Maroney, as well as Milford Mayor Benjamin Blake and Orange’s First Selectman James Zeoli. May 8th was proclaimed “Bead Industries Day” in both Milford and Orange, as our facility straddles the town line. Even a proclamation from Governor Malloy’s office honored and recognized Bead’s accomplishment
There was plenty of food and drink for the visitors including a specially brewed pale ale labeled “Bead Industries Centenni-ale.” There were history boards located throughout the building, each describing a decade of manufacturing innovation, and an 18-minute video of the history of Bead and the Bryant family premiered in the Boardroom.
A great time was had by all.
Bead Industries Marks 100 Years of Manufacturing Innovation – Bead Industries, Inc., global manufacturer of electronic contact pins for the telecom, automotive, and connector industries and supplier of Bead Chain® and McGuire commercial plumbing products, celebrates its 100th year in business this year. Founded in 1914 in Bridgeport, Connecticut, Bead Industries developed and manufactured Bead Chain® for electric light pulls. Using the same innovative […] http://ow.ly/2DcLDP
Bryant receives Jeffrey Butland Family Owned Business of the Year SBA Award http://ow.ly/2wJFCn
Expounding on Exports – The New Haven Manufacturers Association (NHMA) held its annual dinner meeting last night in … http://ow.ly/1kFK27
Today, business leaders must rely heavily on gut instincts to continue manufacturing in today’s uncertain environment.
Our niche of cold metal forming, or swaging, is doing very well. Our electronics customers, whether in telecommunication, automotive or PCB markets, continue to order at robust levels. Plumbing and chain sales are very strong and routinely exceed budget. But if you read the paper or tune in to the nightly news, you would swear your business should be shut down tomorrow.
Unemployment remains high, but our little companies have added conscientious workers to our teams. We’ve hired, not because of government incentives, but because we need the added skills. We’re uncertain of the effects of ObamaCare and the impending regulations of Dodd-Frank, but we continue to work hard because our customers are counting on us.
There seems to be trouble and conflict around the world, but that doesn’t appear to impact the growing percentage of our exports. Though growth is slow at home, emerging countries are gobbling up consumer goods at breakneck speeds. We shouldn’t feel threatened by the impending Free Trade agreements; we should look at them as opportunities to help us back on our feet.
Nature works in cycles. The U.S. is in a tough cycle now, but this too shall pass. Let’s look at each day as a glass half full and not let the constant media negativity deprive us of the joy of life. No matter the circumstances, there is always good.
Last week the Connecticut House followed the Senate by passing the Paid Sick Leave bill (SB-913). Many manufacturers of all sizes wrote their representatives to oppose this bill: not that paid sick leave is a bad idea, but because it’s another area where government is intruding on business decisions. Although manufacturers were eventually excluded from SB 913, most manufacturers already provide paid time off for sickness. But business people see this as a way for government to get their foot in the door to begin to dictate what’s best for our employees. It’s obvious that a business that treats its employees poorly is one that has high turnover and usually poor quality.
The state of Connecticut continually stresses it’s a business friendly state, but it imposes high taxes, strict regulations, has expensive energy, uncommonly high property values, costly transportation…and a liberal state government that insists it knows what’s best for business.
The next hurdle will be the Captive Audience bill (HB 5460) which would restrict what employers can talk about with their employees at required company meetings. It specifically prohibits employers from expressing their views on matters deemed “political” in nature with political defined very broadly to include a list of activities ranging from actual politics and political party affiliation to the decision to join any political, social, community or labor organization activity. Of course, this is just another bone being thrown at the unions: and a close cousin to the “Card Check” bill which has failed on many levels. But the audacity of state government to dictate what I can and cannot talk to my employees about is an affront!
I tell you what: as soon as government gets its house in order (balanced budget and all), then let’s talk about what’s best for business owners.
Last December Bead completed the acquisition of Auto-Swage’s tubular and square wire swaging business. During a particularly snowy January, Auto-Swage machinery was loaded onto flatbed trucks and hauled to the rigger’s facility for cleaning and then to Bead. Making room on our shop floor for the “new” machinery was challenging but also an opportunity for creating a much better work flow.
Bead and Auto-Swage shared many customers. When business was poor, the two companies waged price wars to secure business. The customer was the winner. Bead has added new customers as well, most of whom have been visited and shown the advantages of Bead’s products and customer service.
Bead has developed and modified its proprietary swaging presses since 1914; Auto-Swage designed and built their presses in the 1940’s. Over the years there was quite a bit of cross-pollination between the two companies. At one point, an Auto-Swage engineer became a Bead President, leaving his mark on the technology of both enterprises. Now we have the enviable position of housing both press technologies under one roof with a serious program of “best practices” underway.
Acquisitions are integral stages in a company’s growth. But when an acquisition fits as snugly in an operation such as ours, it’s a home run.
An opinion piece in the Friday, January 25th Wall Street Journal caught my attention. Mark J. Perry, a professor of economics at the University of Michigan, Flint wrote a piece entitled, “The Truth About U.S. Manufacturing”. In his article, he states that U.S. manufacturing today is not only growing, but it still leads the world as the largest manufacturer. This is not what you typically hear, especially with the huge economic gains in China, India and elsewhere, and high unemployment rates here at home. It almost doesn’t make sense.
The difference is productivity. Thanks to capital investments and productivity-enhancing technology, America is producing more today with less manpower. Mr. Perry says that the average U.S. worker produces about $180,000 of annual manufacturing output compared $60,000 in 1972.
We no longer work in our grandfather’s factory. Today’s plants aren’t dirty, dark or dangerous anymore. They are high-tech, clean and computer assisted. Perry says technological improvements are responsible for economic growth. Not only are factory workers earning more and achieving a higher standard of living, but the consumer also benefits from lower prices.
In my opinion, the biggest threat to the success of manufacturing in this country is the shortage of skilled workers. No matter how high-tech or computer driven a plant is, tool makers, machinists, mechanics, operators and engineers are necessary to keep the machinery running. Not enough young, energetic talent is entering the field today. If this shortage continues in America, businesses will be forced to either import foreign workers or relocate to a country that has the workforce critical to operate. U.S. schools need to get with the program and offer technical courses to generate interest in manufacturing at an earlier age.
Bead Industries, Inc announced the purchase of the assets of Autoswage Products’ tubular and square wire swaging operation on Thursday December 30, 2010. The acquisition will become part of the corporation’s Bead Electronics Division based in Milford, CT. “This acquisition strengthens Bead’s position in the very competitive electronics interconnect market”, Mr. Bryant said.
Bead is the leading manufacturer of swaged tubular, solid wire and continuous reeled interconnect pins for the automotive, telecom, connector, data and lighting industries. Ron Andreoli, President of Bead Electronics said, “The acquisition of these product lines expands our current swaging business, provides additional complementary technology and supplements Bead’s organic growth strategy focused on new products and enhanced marketing. The integration is going smoothly and all orders will ship as scheduled. Our new customers can expect the innovative products and excellent customer service Bead Electronics is known for.”
Click here to read the original press release.
As November 2nd approaches, Americans will go to the polls to make their choice for the future. Voting is a citizen’s most important duty. If we’re not part of the solution, we are part of the problem. I urge every American to vote their conscience.
Unfortunately, politics today has strayed too far from reality. Huge bills are passed by politicians who haven’t even read them, but then become irritated when the bill’s “unintended consequences” begin to surface. It appears these bills are conceived in some ethereal realm as a reaction to an event, but the final enactment tends more to hurt those who were never part of the problem in the first place. I learned not to punish the group in order to make a point with an individual. Years ago, a salaried individual took advantage of the company’s liberal sick leave policy. So I tightened up the policy, only to upset the rest of the employees who never abused the system. I should have dealt directly with the individual rather than rock the whole ship. I learned my lesson, but our government just can’t get it right.
Enron = Sarbanes-Oxley, an accounting nightmare that cost businesses dearly.
Oil spill = Moratorium on all off-shore drilling, costing thousands of dollars and jobs at a time we can’t afford it.
ObamaCare = loss of employer provided medical benefits; at least it looks that way as it would be less costly to pay the fine than provide the insurance. Also included in this bill is the 1099 debacle, requiring businesses to file 1099’s for each and every vendor paid more than $600 a year, again costing unnecessary time, effort and money.
Wealthy folks with too many deductions = Alternative Minimum Tax, that this year will affect more than 30 million tax filers.
The list goes on. But if government really wants to jump start the economy, it should begin by repealing the plethora of regulations on businesses that never deserved them and don’t need them. The majority of America companies are doing the right thing for their employees and are paying their fair share of taxes. Let us do what we do best; government, you concentrate on protecting your citizens from terrorists and upholding the constitution.
The Family Jewels Are Nickel-Plated Steel 