While the recession that began in late 2008 appears to be far from easing its strangle-hold on the American economy, the impact on millions of citizens in the U.S. remains grim. Amidst a stubbornly high unemployment rate, everyone can certainly agree on what is needed -- jobs!
This, of course, leads to the key question; how are we going to create the good-paying jobs capable of supporting a middle-class lifestyle, and do so in a way that is sustainable?
As you ponder this question, what if you learned of a company that was able to actually increase its work force by 35% in the face of the most serious financial crisis this nation has seen since the Great Depression? What if you also learned that the products of this company were utilized in high-priced systems that were being exported, bringing revenue into the U.S. economy? Surely, the experience of this company could provide some valuable insights on how to deal with America's employment crisis and trade deficit?
The fact of the matter is that there is indeed such a company; Arrow Gear Company of Downers Grove, Illinois.
Arrow Gear, founded in 1947 by James J. Cervinka and Frank E. Pielsticker, is a manufacturer of high precision gears for a wide range of commercial and aerospace applications. As a leader in the gear industry, Arrow has invested millions of dollars in its state-of-the-art facility, and has been doing so for decades.
Arrow's position as a top producer of gearing products did not fully insulate them from the challenges of the recession, as many existing customers chose to put their orders on hold due to economic uncertainty. As a result, a series of layoffs were necessary at Arrow Gear, reducing its workforce of 240 to 180. However, as Arrow has done over the past decades of its 60 year history, times of change are seen as opportunity for new direction.
The Wind Power Market
One of the key strategies of the federal government in jumpstarting the economy in the aftermath of 2008 involved the infusion of stimulus money -- largely focused on the improvement of infrastructure. Aligning with environmental objectives, a high priority for this investment was that of alternative energy sources; specifically wind power. Wind power, while not a new technology, had previously received only minor attention in the United States. Most of the technology has been developed in Europe, and with a new emphasis for deployment in the U.S., American suppliers are grossly unequipped to meet projected demands for domestic consumption.
View article on one page