An Interesting “Hand” And Why Performance Had to Improve The World’s Best Strippers ™
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Transcript of An Interesting “Hand” And Why Performance Had to Improve The World’s Best Strippers ™
My Background
IU Grad – DeHayes Taught Me Everything!Formed/bought/sold multiple companies Emphasis on chemical companies
(2 sold to public companies)
Bought Eldorado Chemical in 2001 a competitor to my former companyMuch “low-hanging” fruit
Eldorado - Background
Formed in 1969 in San Antonio
Manufacturer of chemicals for aircraft/airline industry (paint strippers, cleaners, engine cleaners, etc)
Great industry reputationRobust list of prestige
accounts
The Hand We Were Dealt• Commenced negotiations with Eldorado
in late 2000• Negotiations took almost 1 year• First day on job…….
– September 11, 2001September 11, 2001– Biggest customer American Airlines– Triple “Whammy”
• Economy starting to “tank”• Industry problems exacerbated• Customer issues profound !
– Caught in a “Squeeze Play”
Since 9/11 … Improved Performance
• Lowered cost structure (assumed the “Fetal Position”)– Closed two plants– Stretched vendors
• Invested in better systems – “Lean” Manufacturing – ISO 9001 – Technology
• Focused only on core competencies – Strippers – (pruned unprofitable business)– Metal finishing– Hose-gasket division
• Found new markets (Industrial) for best products