In 2001, Richard Seaman was debating whether to invest $7 million in a new piece of equipment that would replace 30-year-old technology.
Seaman, the president and CEO of Seaman Corp., had been evaluating the decision for more than two years, partially because it represented an investment that was twice the size of anything the company had done before. Further complicating the decision was the fact that the equipment was coming from an unproven supplier in Europe, and it would take two years from the time the decision was made until the equipment would be installed and ready to use.
The company, which manufactures industrial fabrics for applications ranging from truck tarpaulins to flexible storage tanks that can hold 250,000 gallons of fuel, had been facing a threat from international competition for decades. Tens of thousands of jobs have been lost in the textile industry as products have been outsourced overseas, and Seaman Corp. has addressed these threats by focusing on research and development efforts on high-performance industrial fabrics that serve niche-oriented markets that are responsive to its focused customer service processes.
Seaman decided to invest in the $7 million worth of equipment as part of this ongoing strategy, and that decision has paid off. The company also invested in another set of machines for its Bristol, Tenn., plant to handle capacity, even though the economy was down.
But Seaman understands that entrepreneurship involves taking risks to achieve sales and increases in profits. He has created an annual strategic planning process that focuses on identifying company strengths and weaknesses and analyzing the competition.
The culture and philosophy he has created focus not only on achieving business success today but on establishing the foundation for a sustainable business institution that will continue successful growth in future generations.
How to reach: Seaman Corp., (330) 262-1111