Diversifying is the new trend for American manufacturers
Posted by jeckert on 06/07/2010
The world is rapidly changing, and so are the products which it demands. And as manufacturers are losing business from their traditional customers, they are being forced to think outside of the box.
Bedford Heights' Cardinal Fastener, a company which manufactured bolts for heavy equipment and construction projects, received a request to make bolts for wind turbines in 2007. And as the wind industry grew, Cardinal had a continued demand, and flourished while other manufacturers were destroyed in the recession.
But not all companies have it this easy when it comes to diversifying. According to Crain's Cleveland, "Others have had to perhaps fight harder to discover a new niche, and they've done it through a variety of means. Some have gone after whole new markets and others have developed new products for existing markets."
Read more about how manufacturing companies are diversifying and finding new markets in today's tough economy.
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