As CEO Bill Feth describes it, AESCO Electronics Inc. is now in the midst of its “third rebirth.” Soon, the company will be planning for its fourth.
That is why employees at AESCO understand that change is constant. The company has become proficient at constantly readjusting its business model to better meet customers’ needs. And in the down economy, the company’s ability to reinvent itself was critical when it found itself in the position of having to layoff nearly 50 percent of its employees in 2009.
Yet by focusing on the goal of hiring back employees and returning to profitability, AESCO’s leadership team was able to renew its focus on operations, streamline processes and improve customer relationships. By really understanding the customers’ needs, the company’s employees developed profitable and innovative new solutions for clients that could make the business more competitive. By 2010, the result was that AESCO was able to hire back nearly all of its employees and grow from 122 back to 235 employees in one year.
The key to AESCO’s growth is the success of its customers, which is driven by its commitment to building new and existing customer relationships. In 2008 and 2009, the company rededicated itself to this focus by adding outside sales professionals to its team who could add new customers so AESCO could cover the losses of existing customers who were struggling. By 2010, this strategy enabled the company to increase profits 77 percent over the previous year.
By staying on the forefront of innovation and embracing industry change, AESCO has been able to grow in jobs and revenue since 1954. In 2010, the company moved into a new building to accommodate future growth. With the new facility — more than three acres under one roof — the company has added the space and flexibility to now plan for future innovation.
How to reach: AESCO Electronics Inc., (330) 245-2630 or www.aesco.com