Mity-Lite Nears Completion Of New Manufacturing Facility
The company bought nine acres across the street last year with an eye towards future expansion, said COO/CFO Brad Nielson. This is the first facility on that site, he noted.
At approximately 30,000 square feet, 12,000 square feet is dedicated to warehouse and manufacture. The remaining 18,000 will serve the company's future tele-sales needs.
"Historically, we've maintained about a 25-30 percent growth rate out of this facility and have just continued to expand," Nielson said. "When I joined the company six years ago, we had about 30,000 square feet. Today, excluding the new 30,000, we've got about 70,000."
Sales in 1999 reached $34 million for the company, which employs approximately 350 in Utah County and another 200 at facilities in Canada, Indiana and Arkansas. "We hope to maintain our 25-30 percent historical growth rate this year, too."
The company serves three major segment: multi purpose room division, which specializes in folding chairs, stacking chairs and durable, light weight banquet tables; healthcare, which makes geriatric seating; and office furniture, which focuses on specialty office seating, cubical systems and work stations. Its product names include Mity-Lite, Broda, CenterCore, Domore, DO3, Corel and JG.
Still, Nielson said he expects the new building to fill fast, if the company maintains the growth rate it has been experiencing the last few years.
In other company news, Mity-Lite Inc. was named to Business Week's list of Hot Growth Companies for 2000 last week - one of only 30 companies making a repeat performance from last year. Mity-Lite ranked 93, compared to last year's rank of 99.
Business Week bases its ranking on three-year results in sales growth, earnings growth and return on invested capital. Business Week requires that each company has annual sales of more than $25 million and less than $500 million, a current stock price greater than $5, and be actively traded.