Forest City Gear Invests in Capital Equipment
February 12, 2009—
Forest City Gear has announced it has invested more than $6 million in the purchase of new capital equipment during the last 18 months. This reinvestment was primarily made to expand the company's manufacturing capabilities and to maintain Forest City's manufacturing technology reputation.
"Our customers expect Forest City Gear to lead the way in devising new production techniques to make better gears for them, at competitive cost with superior service. That's a tall order, but it's one we welcome," says Fred Young, CEO. "Our track record speaks for itself in this area, as Forest City Gear has invested an average between 25 percent and 40 percent of our annual revenue for the last 30 years in the purchase of gearmaking machinery and ancillary equipment."
One impetus for these new purchases was the company's success in supplying many of the gears on the 2011 Mars Rover, a win achieved in part because of the previous investment in technology. "We never wait until we get an order to buy machines with enhanced capability," Young says. "We already have it and have developed it, before we start exploring new opportunities."
Young also mentions that Forest City Gear frequently sells gears to its competitors, based on technology developed at his company. "We really believe in raising the bar for our entire industry. It gives us a competitive advantage, of course, but it's also a benefit to American manufacturers who represent our customer base and our future in business."