Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
Tompkins Financial announces new officer appointments
ITHACA — Tompkins Financial Corp. (NYSE Amex: TMP) announced several changes in its senior leadership earlier this week. Frank Fetsko, currently executive vice president and
CenterState reveals export strategies, $200K winner
SYRACUSE — A new regional strategy developed by CenterState CEO in a partnership with the Brookings Institution aims to double the Syracuse metro area’s exports
Upstate consumer confidence falls in March
Consumer confidence dropped among upstate New Yorkers in March, breaking from rising sentiment in the rest of the state and country. Overall consumer confidence fell
Area unemployment rates show little progress in February
Regional unemployment rates mostly followed the same trend as the state in February, creeping up slightly or staying stagnant. Only the Binghamton region showed any
SRC wins $20 million contract from EPA
CICERO — SRC, Inc. won a $20 million contract from the Environmental Protection Agency (EPA) to test new chemicals entering the U.S. market. The five-year
February construction spending up from a year ago
Construction spending increased in February 2012 when compared to the same month last year as rising private construction spending outweighed a dip in public spending,
CXtec to pay $2 million in settlement with government
SALINA — CXtec will pay $2 million to settle claims it supplied government customers with products made in China. The Department of Justice said the
The president of Excellus BlueCross BlueShield will become CEO of the health insurer and its parent company at the beginning of next year, replacing retiring
Cedarville company plots growth for 2012
CEDARVILLE — Fermer Precision may be a small business in the hamlet of Cedarville, but the company has kicked off 2012 off in a big way with new equipment, new customers, and new affiliations with sister companies it gained when Fiber Instrument Sales (FIS) acquired Fermer in July 2011. In January, Fermer landed a contract
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CEDARVILLE — Fermer Precision may be a small business in the hamlet of Cedarville, but the company has kicked off 2012 off in a big way with new equipment, new customers, and new affiliations with sister companies it gained when Fiber Instrument Sales (FIS) acquired Fermer in July 2011.
In January, Fermer landed a contract with Wisconsin–based J.L. French, Inc. to produce multiple prototypes of a newly developed automotive component. The company began machining the components, which use high-pressure, aluminum die-casting technologies developed by J.L. French for its automotive, marine, lawn and garden, and industrial markets.
Being selected by J.L. French shows that Fermer Precision is doing quality work here in Central New York, defying the conventional wisdom that manufacturing is dead in the area, says Mark Cushman, executive vice president at Fermer Precision.
Manufacturing is, in fact, seeing a boom recently as more work is coming back to American soil after years of being outsourced to Asia and Mexico, he says. Where it was once very inexpensive to farm work out overseas, quality issues and the rising cost of fuel have caused some companies to reconsider and turn to American manufacturers instead, he says. Over the past four months, Fermer has grown from 49 to 60 employees due to increased work demand. “We are continually looking at growth,” Cushman says.
Couple that with changing technology and the market contraction the industry saw in 2009 and 2010 during the recession, and Fermer had a real opportunity for growth if it could distinguish itself from the competition, Cushman says.
The computer numerical control (CNC) machining company did that by further honing its expertise in its core markets of automotive (including power transmissions and emissions controls), firearms, commercial air compressors, and residential and commercial water pumps.
“We have developed specific competencies on machining castings,” Cushman says. Specifically, the company has become known for its ability to take hard-to-hold, unbalanced, or otherwise difficult-to-machine parts and has figured out ways to turn those rough parts into precision pieces for customers, he says.
Fermer has also been working to develop additional competencies to offer customers, such as leak testing, that add value to the product, he says.
“They’re looking for someone who can do more than just machining,” Cushman says of customers. Being able to offer those extra services has helped set the foundation for the growth he expects Fermer to see this year.
Fermer Precision generates annual revenue of about $20 million, and Cushman hopes to grow that by between 15 percent and 18 percent this year.
Fermer will also benefit this year and in future years from its new parent company FIS, Cushman says. When the Oriskany–based business acquired Fermer last year (terms of that deal were not disclosed), it placed Fermer firmly within FIS’s family of companies.
“We have that synergy,” Cushman says of all the businesses. FIS’s companies include Fiber Instrument Sales, Inc., which specializes in fiber optics; The Light Connection, which focuses on plastic extrusion; Molding Solutions, Inc. (MSi), which specializes in injection molding; FIS Blue, which focuses on broadcast and military cables; and Fermer, a CNC machining specialist.
Working with those sister companies is already paying off, Cushman says, as Fermer and MSi are already collaborating on a project that requires precision machining and over-molding.
The group of FSI companies jointly marketed their combined services as firearm-component manufacturing specialists at the 2012 Shooting, Hunting and Outdoor Trade (SHOT) Show in January in Las Vegas. “It was very, very well received,” Cushman says of the marketing effort.
Along with working with new customers and its new sister companies, Fermer is also working with new equipment and newly expanded facilities, Cushman says.
The company, an ISO/TS 16949:2009-certified machining company, recently installed 12 more CNC machines and has plans to add four new machining centers in the coming months. Cushman declined to disclose the cost or financing details.
Fermer (www.fermerprecision.com) recently completed an 8,000-square-foot warehouse addition bringing its total square footage to nearly 60,000 at its 114 Johnson Road facility.
The FIS group of companies has annual sales exceeding $65 million, employs more than 350 people, and exports products to more than 110 companies.
CenterState’s Simpson discusses role of higher education in regional economy
HERKIMER — The Herkimer County College Foundation hosted several business, government, and campus leaders for an Executive Breakfast presentation at Herkimer County Community College (HCCC) on Thursday, March 1. The presenter was Robert Simpson, president and CEO of CenterState CEO, executive director of the Central Upstate Regional Alliance and president of Syracuse’s business incubator, The
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HERKIMER — The Herkimer County College Foundation hosted several business, government, and campus leaders for an Executive Breakfast presentation at Herkimer County Community College (HCCC) on Thursday, March 1.
The presenter was Robert Simpson, president and CEO of CenterState CEO, executive director of the Central Upstate Regional Alliance and president of Syracuse’s business incubator, The Tech Garden. He previously served as president and CEO of the Metropolitan Development Association of Syracuse and Central New York (MDA). Simpson was a driving force behind the creation of CenterState CEO, which resulted from the 2010 merger of the MDA and the Greater Syracuse Chamber of Commerce. At his appearance in Herkimer, Simpson discussed the importance of higher education, partnerships, and collaboration in promoting effective regional economic development.
Simpson said, “Put simply, higher education is as important as any industrial sector we have. It is, and will remain, one of the single most important drivers of growth in our region.”
The purpose of the Herkimer County College Foundation’s Executive Breakfast program is to bring together educational, business, government, and other community leaders for presentations and discussions on a variety of issues.
The Herkimer County College Foundation, Inc., was established in 1967 as a not-for-profit corporation. The foundation assists HCCC through the acquisition of private funds and real property. The foundation has developed more than 90 scholarship programs that award more than $150,000 annually to many deserving students. It has been instrumental in the acquisition of land for future campus expansion and the development of student housing adjacent to the campus. In conjunction with the HCCC Alumni Association, grants are awarded each year to faculty and staff for ongoing professional development and independent research. The foundation also invests in other college programs, such as instructional technology, graduation activities and awards events.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.