When David Walstad and Mike Sutton purchased controlling interest in General Plastics & Composites LP in 1997, they started to grow the business with oilfield service companies.
They began to actively market the company’s engineered composite materials to support the steady growth. They also shifted their market focus to supply turnkey assemblies rather than just individual components, allowing the company’s customers to place fewer purchase orders and simplify the supply chain.
GP&C’s growth rate has averaged 25 percent annually for more than 10 years. As a result, Walstad’s challenges have been continuous, intense and varied. He’s worked to develop a closer, deeper relationship with his customers to avoid just trying to convert metal parts to a composite material, so he has to jointly engineer products with his customers early in the design process. Another challenge has been figuring out when to allocate resources such as facilities, people and equipment to stay in front of the growth in revenue and profits and not allow GP&C’s service levels to deteriorate.
He also recognizes the need to innovate, which is critical to long-term growth, and he supports an R&D team whose short-term and long-term objectives are centered around next-generation materials solutions. That team reports directly to him, sending a clear message to the organization about the importance of R&D and eliminating communication breakdowns by providing clarity and accelerating decisions, while ensuring the work is in direct alignment with the strategic plan.
Under Walstad’s leadership and planning, GP&C is strategically positioned for 40 percent growth during the next five years.
How to reach: General Plastics & Composites LP, (713) 644-1449 or www.genplastics.com