Military service has put a Huntertown company on the Inc. 5000 roster of the nation’s fastest-growing companies – for the second year in a row. While other manufacturers struggled through the economic turmoil of the past three years, family-owned Precision Laser Services Inc. has posted a 23 percent revenue growth, reports the magazine in announcing its list of private entrepreneurs.
“The leaders of companies on this year’s Inc. 5000 have figured out how to grow their businesses during the longest recession since the Great Depression,” said Inc. President Bob LaPointe.
Precision Laser Services has been awarded more than $10 million in military contracts over the past three years, from weapons lockers to machine gun mounts to spare parts, said Ed Ferrier, CEO and general manager. While the military machining and fabrication contracts primarily supply the Navy’s Special Forces, often other branches of the U.S. military request similar products when they see the quality and utility of Precision Laser Services’ products.
A diverse customer base depends on Precision Laser Services for its ability to create more-efficient products to save energy and costs in these tough times, said Ferrier. His company was able to help a key customer in the food services industry dramatically reduce its utility costs. Precision Laser Services also machines parts for the RV, marine and trucking industries, problem-solving for customers eager for more-efficient and cost-effective parts and products.
Precision Laser has developed a niche in swift turnaround of laser cut and stamped value-added products that often are too complex to interest large manufacturers. “We recently added capabilities to do those kinds of jobs,” said Ferrier.
Founded in the late 1940s by Otis G. Ferrier, “modernized” by his son Dale O. Ferrier’s purchase of a laser drill in 1972, and diversified under his son Ed Ferrier’s leadership, Precision Laser continues a family tradition of innovation.
The 26-employee company recently joined Northeast Indiana Defense Industry Association, which includes area “big guns” like Raytheon and General Dynamics, to help promote the Defense industry in Northeast Indiana.