Loc Performance Products has been working to diversify its client base for years, slowly but steadily adding private-sector clients to its long-established military work. That's changing this year after the Plymouth-based firm landed a big defense contract.
The 43-year-old company established itself with defense contracts consisting mainly of manufacturing large CNC machined components and assemblies for military and industrial applications. With cutbacks in military spending in recent years, Loc Performance Products began adding more and more commercial clientele, so much so that private sector customers comprised more than 50 percent of the firm’s revenue.
"This year we will be more than 50 percent commercial," says Wayne Dula, director of business development for Loc Performance Products
. "In 2015 we will be more than 50 percent military."
That's thanks to Loc Performance Products landing of a $161 million defense contract to restore lost mobility to the Bradley Fighting Vehicle. The contract calls for Loc Performance Products to install kits for tracks, shock absorbers, vehicle suspension support systems, and heavy weight torsion bars.
As such, Loc Performance Products is looking to hire 40 people right now. The company has added a couple of positions over the last year, bringing its staff to 186 people. That number is going to go up significantly soon.
"Now we have a big push to hire people," Dula says.
The Bradley Fighting Vehicle contract will create more than enough revenue over its four-year span to offset other shrinking military contracts and push its revenue up. Loc Performance Products is still pushing to bring in more private-sector work in the heavy-truck, heavy-equipment, agriculture, rail, and oil-and-gas industries.
"All of these markets are opportunities," Dula says.
Source: Wayne Dula, director of business development for Loc Performance Products
Writer: Jon Zemke
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