INDOSHELL PRECISION TECHNOLOGIES, LLC. Making a story in Story City

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1 INDOSHELL PRECISION TECHNOLOGIES, LLC Making a story in Story City

2 Introduction Indoshell Precision Technologies story originates through the joint efforts of Eaton Corporation and Indo Shell Mould striving to halt the demise of Precision Machine and Manufacturing Company and its family of employees. Through great action and effort on their combined parts, Precision Machine s thirty-year history becomes Indoshell Precision Technologies birthright as it began its new chapter in Story City, Iowa.

3 Precision Machine and Manufacturing Company Precision Machine and Manufacturing Company opened operations in 1979 in the small town of Story City located in central Iowa. Scott Raymond, a local engineer and resident, started the business to fill a niche in the manufacturing sector. The small business enjoyed successes with customers such as John Deere, Hach Chemical and Sauer-Sunstrand (now Sauer-Danfoss) and learned from its failures. Precision Machine grew slowly and purchased more machines and more surrounding buildings until Precision Machine consolidated all of its operations and employees into a single plant site completed in The plant was designed to accommodate cellular manufacturing operations in an efficient and safe manner. The Company continued to grow with its customers as well as add new ones. The Company s embrace of concepts such as lean manufacturing, continuous improvement and structured problem solving led to Goodrich Turbine Fuel Technologies and Eaton Corporation becoming new, strong customers. Precision Machine invested several hundred thousands of dollars into new CNC machines and also invested in Information Technology and integrated it into its functions and processes for improved capabilities. The Company continued to enjoy success and apply its experiences to minimize failures. It weathered several downturns in the economy and emerged stronger each time. By 2005, Precision Machine had established its primary machining function to service two customers, Sauer-Danfoss and Eaton Corporation. The next years were projecting huge increases in volume with many new projects being awarded to Precision Machine from both Customers. This led to the need to expand its operations to another location and a larger facility. By end of 2007, a state of the art facility was completed and Precision Machine had moved its operations a second time.

4 Indo Shell Mould Limited Indo Shell Mould Limited was started as a small-scale unit in the industrial town of Coimbatiore, South India in Today, Indo Shell Mould is the leading Shell Moulded Casting foundry in India catering to both local and International markets with the same quality mission TO DELIGHT THE CUSTOMER. Indo Shell Mould has ISO 9001 and TS certifications. The Company has received National Award for Quality Products, Best Foundry award and several best supplier and best quality award from its many customers. Indo Shell Mould customer list is extensive and dinstiguished.

5 Indoshell Precision Technologies, LLC Indoshell Precision Technologies is the mythical Phoenix rising from the ashes of Precision Machine and Manufacturing Company. Indoshell Precision s beginnings will always be associated with the end of Precision Machine. The economic down turn in 2009, with rigidly high fixed costs and the loss of its major customer, led to Precision Machine s owners, employees and secured creditors questioning its survival. Through Eaton Corporation s efforts, along with Indo Shell Mould and the aforementioned creditors, the essence of Precision Machine was revived when, on May 7 th, 2010, Indoshell Precision Technologies emerged from this $20 million venture. Indoshell Precision Technologies found itself in the unique position of being a fledging company with 30 years of experience, state of the art machines, established processes, ISO9000 certification and a dedicated executive team on the first day. Indoshell Precision s first year of operations was marked by increased jobs, increased sales, MBE certification, new customers, Operational Excellence programs, support of the local community, and new relationships with Iowa State University and local high schools. Indoshell Precision is striving to make a strong, successful organization in Story City.

6 Current Indoshell Precision currently employs eighty people over four shifts. Employees are offered health benefits that include Wellmark Blue Cross/Blue Shield insurance, United Health Care with an HRA, Mutual of Omaha, and Flex Plan Cost Savings program. Indoshell Precision is partnered with Benefits Source, Inc of West Des Moines, Iowa to assist with benefit administration. Indoshell Precision is working with Roland-Story High School, DMACC and Iowa State University to promote training programs, sponsorships and internships. Indoshell Precision s recruitment program is geared to find talent, not only in our local community, but abroad as well. Indoshell Precision has several networks connected through many organizations and countries that can be tapped to find the right individual. Indoshell Precision is committed to investing in new projects that are the right fit for the Company and Community. The Company invested in a global ERP solution, Epicor 10 and in training for its members to start an Operational Excellence program that has Six Sigma and Lean Manufacturing at its core. All of these investments set the stage for an organization on the edge of opening up to the global market. Indoshell Precision Technologies recognizes the support Story City s community, City administration and the Iowa Department of Economic Development extended in bringing this acquisition and revival to completion. These organizations recognized and approved the start of Indoshell Precision s futuristic plans for creating a world-class business. Indoshell Precision returned the support through job creation, graduate sponsorship and community donations. Indoshell Precision desires a strong relationship with the local and state communities to ensure a mutually rewarding partnership. The Sky s the limit Indoshell Precision s leadership has the vision, commitment and strategies such that the future is set to coalesce into a definitive roadmap of excellence. Indoshell Precision will continue to invest in new machines, recruiting more talent, building stronger bridges with local and state communities and expanding our facility. The Company is committed to continually improving all aspects of its business with empowered employees, dedicated leadership and the global support from an immensely strong Indian heritage. The Sky IS the only limit.