Mr. Jason Young, Chairman and CEO, said, "I am proud of the results FloMet has been able to achieve with their expertise in lean manufacturing. This award is a great example of the continuous improvement culture we have at the ARC Group companies and the importance lean technologies play in our manufacturing process. The FloMet team is very deserving of their recognition by VMA here."
During the award evaluation period, FloMet was able to substantially reduce manufacturing scrap by 25% and reduce inventory in capital dollars through a just-in-time approach by 10%, resulting in increased inventory turns. FloMet accomplished this through lean technologies which included the adoption and implementation of an organizational program referred to as 7S. The 7S program is a hybrid concept of 5S (Sort, Set in order, Shine, Standardize, and Sustain) with two important additions; Safety which must be of paramount concern, and Spirit to keep the forward momentum. The proven success in these fundamental approaches to lean manufacturing allowed FloMet to help decrease manufacturing costs and deliver more bottom line profitability to ARC Group Worldwide shareholders.
About ARC Group Worldwide, Inc.
ARC Group Worldwide is a diversified, global manufacturing company, as well as the unequivocal world leader in Metal Injection Molding ("MIM"). ARC was founded in 1987 and has a long history as a technology innovator in manufacturing. ARC has significant expertise in lean manufacturing and utilizes cutting edge technology such as robotics and 3D printing. ARC's mission is to bring innovation and technology to manufacturing. ARC's core manufacturing businesses are in precision components, flanges, fittings and wireless technology, through its operating subsidiaries, www.FloMet.com, www.AFTmim.com, www.Injectamax.com, www.TeknaSeal.com, www.GeneralFlange.com and www.ArcWireless.net. For more information about ARC Group Worldwide, please visit www.ArcGroupWorldwide.com.
This press release may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995, which are based on ARC's current expectations, estimates and projections about future events. These include, but are not limited to, statements, if any, regarding business plans, pro-forma statements and financial projections, ARC's ability to expand its services and realize growth. These statements are not historical facts or guarantees of future performance, events or results. Such statements involve potential risks and uncertainties, and the general effects of financial, economic, and regulatory conditions affecting our industries. Accordingly, actual results may differ materially. ARC does not have any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For additional factors that may affect future results, please see filings made by ARC with the Securities and Exchange Commission ("SEC"), including its Form 10-K for the fiscal year ending June 30, 2013.
CONTACT: Drew Kelley
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SOURCE ARC Group Worldwide, Inc.
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