The automotive market makes up 65 percent of Precision's business with specific concentration for this Tier 2 supplier on safety critical pieces such as the plastic parts in housings for driver, passenger and side curtain air bags.
The second big slice of Precision's sales comes from the defense market, where 18 percent of the business is devoted to what would be classified as packaging, Ryan Richey, 39, said. Consumer and industrial markets, along with miscellaneous sectors, make up the balance of Precision's sales.
Precision is physically growing, too. Next month, the 75,000-square-foot facility will be joined by a 10,000-square-foot warehouse on the backside of the Columbia City campus. A new 720-ton injection molding press is coming soon, too, with others to follow.
The Richeys — father and son — point to the company's employee stock ownership plan as one key to the company's success. The ESOP began in 1997 when Ron helped lead a buyout of the company for the employees. Today, when employees work 1,000 hours with the company, they begin to be vested in the program, which operates much like a profit-sharing or pension plan. Shares are allocated each year to participants.
"It works partly because we have an open-door policy," Ron Richey, 63, said. "The employees can see the value of their stock growth, and they correlate that with customer satisfaction. They have a vested interest in satisfying the customer because they understand the way their retirement funds/ESOP fund is going to grow through the company."
Ron Richey speaks glowingly of Ryan's 14 years at Precision, crediting his son with the company's culture, the move toward automation and the new hires on the management team.
"We're building a race horse," said Ron Richey, referring to the growth of the company. "We've never had this kind of talent here."
Ryan, in turn, deflects and credits initiatives like the company's slick website launched last year to the vice president of sales. The website serves to attract prospective customers, current customers and prospective employees, he said.
There is a succession plan in place at Precision. Ron plans to completely hand the reins over in three to four years. But it will be gradual rather than circling a date on a calendar with Ryan stepping up on that particular day.