The Company is a leading contract manufacturer of heavy steel weldments, largely for rail, agriculture and industrial end markets.

The Company defaulted on its loan covenants resulting in a request, by the bank, that the Company hire a financial advisor.  The Company engaged Fort Dearborn.

The Company experienced high levels of turnover in the management suite, which created an incoherent message throughout the organization regarding strategy and growth initiatives.

FDP’s work product included creating a tactical plan and the related annual financial forecast, in its efforts to return the Company to profitability.

FDP helped select and implement a new accounting and ERP system, to generate accurate cost accounting.

FDP created profit analysis tools to analyze customer and product profitability.

Fort Dearborn led initiatives to sell an old facility and consolidate plants, to reduce the footprint of the Company.

FDP helped institute a robust capital expenditure process, to justify investments based on expected ROI.

Fort Dearborn changed the sales team’s focus from a growth by any means culture to one of targeting profitable strategic growth initiatives.

Capital from the sale leaseback and sale of a redundant facility was used to execute a successful turnaround plan.

With FDP’s assistance. the bank continued to lend to the Company during the transition period.

Within two years of our engagement, the Company returned to profitability and compliance with loan covenants.