Sealing the deal thanks to spending trends

6th PLACE 
CEO (or equivalent):  David N. Slutz, president and CEO 2013 REVENUE: $51 million 2011 REVENUE: $43 million REVENUE GROWTH: 19%
6th PLACE CEO (or equivalent): David N. Slutz, president and CEO 2013 REVENUE: $51 million 2011 REVENUE: $43 million REVENUE GROWTH: 19%

New Bedford-based Precix pulled itself out of the Great Recession by getting very lean and benefiting from consumers, who were finally purchasing new cars again. But the manufacturer of O-rings and seals for the automotive, aerospace and energy industries hasn’t rested easy, or simply relied on improved auto sales for its continued fast growth.
“The technology we focus on is being used more in autos,” said President and CEO David N. Slutz. “The numbers are up per vehicle due to us taking share from others, plus there is simply more stuff to seal than before.”
Precix saw $8 million, or 19 percent, revenue growth between 2011 and 2013. Whereas revenue was $43 million in 2011, it jumped to $51 million last year.
In January 2009, the company’s workforce had been cut to its lowest numbers – to 195 – from 300. Today, Slutz said, Precix employs 387 team members to keep up with the company’s growth.
“We have spent more than $20 million in capital [over] the past four years,” as well, he added.
The company is approaching $75 million in sales for the fiscal year ending in December, driven by new ventures in “the shale gas revolution,” Slutz said.
But the company’s growth will likely slow compared to its recent gains. Slutz expects growth to be in the 7-10 percent range over the next few years, unless Precix picks up a major share boost on expensive parts, such as energy products, for example.
“Going from $23 million to $54 million was no easy feat,” he said. “More than doubling again will be even more difficult.”

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