Precision Contract Manufacturing & Image-Tek Thrive Following Acquisition
Located in the Robert S. Jones Industrial Center along Clinton Street in Springfield, Vermont, you will find Precision Contract Manufacturing. PCM’s primary business is the manufacture of printed and soldered circuit boards, cables and other assemblies used by their customers in the manufacture of original equipment. In a region that has suffered its share of job loses and company closings, PCM remains a bright spot for the manufacturing community. It has not only survived, it is growing. Mike Hathaway, CEO, attributes this growth to the talented workforce and the strength of the customers.
“Our current customer base is growing and their business is growing. And, there is a good pool of talented people in Springfield who work hard,” Mike said.
This environment has proven helpful to the organization following the March 2002 merger/acquisition of PCM and ImageTek, the former hardware division of Imtec, a company specializing in technology which differs greatly from PCM’s present areas of expertise. This acquisition has brought many opportunities and hurdles to the new organization.
The integration of company personnel and subsequent capital expansion has not been without challenges. Major shifts in company operations, such as an acquisition, bring much challenge to a business and its people.
To address some of these strategic and cultural issues, Mike Hathaway pulled together staff from both organizations to embark on a strategic planning process. Together with facilitation assistance from VMEC, who had worked on past manufacturing projects with PCM, Mike and his team have participated in an intense strategic planning process.
The process began with an assessment and built on the “Big Picture.” In doing so, decisions were made to help drive organizational change and business transformation.
The initial SWOT analysis demonstrated both similarities and differences the newly formed management team had not previously considered. The experience offered the group a new perspective and respect for each other. It also generated much excitement and enthusiasm for the opportunities that lie ahead.
The result was to look at two divisions of one company with multiple business units within. This was taken to the highest level with corporate goals and objectives tied to each business unit’s performance.
In addition to establishing performance metrics, this model also provides a vehicle to make necessary and appropriate tweaks to a specific area of this multifaceted business. The acquisition has ultimately allowed the company to expand into new markets and add many new customers.