Key members of Cox Mfg traveled to Phoenix, AZ to get the latest updates on the precision machining industry.
The Precision Machined Products Association ("PMPA") is an international trade association representing the interests of the precision machined products industry, comprised of over 3,000 companies. Cox Manufacturing has been a proud active member of PMPA since 1959. The concept behind PMPA'S Update Conference is to "update" the audience on issues of concern to owners and managers of small and mid-size metalworking companies. Program topics and speakers are selected by the Update Committee, comprised of member company owners and top managers.
This year, the theme of the Update Conference, held in Phoenix, Arizona, was "Sharing the Knowledge" and aimed to highlight the importance of company culture and knowledge transfer. The three-day conference consisted of panel discussions hosted by keynote members of manufacturing companies. Attendees learned how to better facilitate the sharing of knowledge between senior management, shop floor employees, and new hires.
The economic trend of the manufacturing industry was also a topic of discussion at the PMPA Management Update. Attending companies were praised for being a part of PMPA -- active and associate members of PMPA represented only 6.7% of industry establishments, yet produced over 20% of industry shipments. PMPA's average sales per shop also amounted to nearly three times the industry average of $4.9 million, according to the U.S. Census. Cox Manufacturing, a long-time member of PMPA, has managed to consistently trend above the average PMPA numbers. Looking forward, the conference tackled the best practices for contract manufacturers, regarding negotiations, tariffs, chargebacks, and more, as well as the future of the precision machining industry, led by the Future of MFG Committee.