MAGNET Press Release

MAGNET Services to Manufacturers Produce Five-Year Total of Nearly $1 Billion in Economic Impact

 

MAGNET Services to Manufacturers Produce Five-Year Total of Nearly $1 Billion in Economic Impact

Product Design and Engineering Services are the Most Popular MAGNET Offering; 6,142 Manufacturing Jobs Created or Retained through MAGNET Engagements

CLEVELAND—The Manufacturing Advocacy & Growth Network (MAGNET) today released the audited results of its work over the past five years aimed at strengthening the competitiveness of the manufacturing industry in Ohio. The goal of MAGNET is to help manufacturers in Ohio compete and grow.

The data indicates that the 796 process improvement and product development projects MAGNET has delivered to 398 manufacturers since July 2006 have helped those companies:

  • achieve $655 million in increased or retained sales
  • attain $83 million in cost savings
  • invest $195 million in their operations
  • and create or retain 6,142 manufacturing jobs.

The total documented economic impact of $993 million took place between July 2006 and June 2011. The figures were collected and confirmed from MAGNET clients by Turner Marketing, an independent third-party firm used the United States Department of Commerce for data collection.

“This third-party audit shows very successful engagements by MAGNET with hundreds of manufacturers of all sizes across all industry groups during one of the most difficult economies since the Great Depression,” said MAGNET President and Chief Executive Officer Dan Berry. “We’re pleased that our efforts have produced such tangible results for Ohio manufacturers. We look forward to continuing our work of helping manufacturers with innovative programs designed to:

  • increase supply chain competitiveness
  • redeploy excess capacity into new products or markets
  • and assist suppliers in the motor vehicle and parts industries, especially those smaller firms with less than 50 employees.”

The highest demand for MAGNET’s services in the last five years has been for product design and development and engineering services with 248 completed projects in this category. Among the other MAGNET service categories that have assisted manufacturers during the last five years are growth planning, lean manufacturing, quality management systems, six sigma and workforce training.

The data shows that while MAGNET served companies of all sizes since July 2006, almost two-thirds of its work occurs in smaller manufacturers with less than $25 million in annual revenue.

“Our work with smaller manufacturers is especially rewarding because it has helped many of those companies through these recent difficult economic times and it complements the State of Ohio’s goal that we assist smaller manufacturers,” said Berry.

Over the past five years, MAGNET has also hosted or sponsored 295 workshops and events that have attracted nearly 10,000 attendees from 3,000 different companies. It also publishes an electronic and hard copy newsletter that is delivered to more than 10,000 individuals in the manufacturing industry every month.

“We must credit the other economic development organizations and manufacturing industry associations in our region that have partnered with us. Our shared vision has allowed us to reach out to the thousands of manufacturers in our area with programs and new ideas that can lead manufacturers to increased sales and productivity,” concluded Berry.

Contract revenue from the Ohio Department of Development’s Edison Technology Center and Manufacturing Extension Partnership programs—matched with client fees from industry and support from the Fund for Our Economic Future, the Greater Cleveland Partnership, the Cleveland Foundation and others—has enabled MAGNET to deliver the services that yielded the economic impact reported over the past five years.

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CONTACT: Greg Krizman
Senior Director, Marketing
215.432.5311 – office
330.212.1564 – cell
Greg.krizman@magnetwork.org