SRC Heavy Duty (Springfield Remanufacturing Corp.) Celebrates $100M Sales Achievement
Springfield, MO – Springfield Remanufacturing Corporation (also referred to as SRC Heavy Duty), a subsidiary of SRC Holdings Corporation, celebrated achieving over $100 million in sales in 2018. Since 2015, SRC Heavy Duty has experienced an average of 44% growth year over year, including a 67% growth in sales in 2017. The 12 companies under the SRC Holdings Corp. umbrella had combined sales of $600 million in 2018.
SRC Heavy Duty., founded in 1983, is a subsidiary of SRC Holdings Corp. They are the leading independent remanufacturer and new assembler of diesel engines, engine components, turbochargers, generator sets and whole goods. Operations are split into three different facilities, two located in West Springfield and a third located in the Partnership Industrial Park in East Springfield.
In 2016, the employee owners of SRC Heavy Duty created a vision to grow to a $100,000,000 company, establish earnings of 10%, diversify their markets and create jobs for the Springfield area, which is always a primary goal within the SRC organization. With these goals in mind, the strategic plan of the 4/40/400 was born. This plan breaks down to remanufacture 4 whole goods, 40 engines and 400 turbos each day.
SRC Heavy Duty celebrated their achievement as a team at an off-site event the afternoon of February 19, 2019.
“I am so proud of this group of people. They prove everyday how powerful a team of owners can be. In February 2016, we put together a three-year plan to hit $100 million in revenue. By believing in ourselves and having a clear vision, this plan was accelerated by a full year ahead of projection,” proudly states, Chad Myers, General Manager of Springfield Remanufacturing Corp.
In 2018 alone, Springfield Remanufacturing Corp. has created over 175 new jobs for the Springfield area bringing their team to 400 associates. To manage this growth, there are plans to add an 80,000 square foot expansion to the facility located at 650 North Broadview Place off Interstate 44 near the Springfield-Branson National Airport.
Site Manager, James Chandler says, “What an amazing achievement! A lot of sweat equity went into accomplishing our $100 million goal and we executed it flawlessly. This year has been the most rewarding in my 23 years with SRC. Hitting these impressive milestones and seeing my stock grow...if this doesn’t give us all a sense of long-term job security, I don’t know what will!”
SRC Heavy Duty shows no signs of slowing down. In alignment with SRC Holdings Corp.’s ten-year strategy, their long-term vision is to sustain a competitive advantage, superior value, and financial returns while allowing their associates and the community in which they live to prosper by satisfying their partners’ and customers’ needs. The SRC organization currently serves over 300 community organizations with associate volunteers in more than 700 roles.
Myers added, “What a team, what a year. Now I challenge all of us, as employee owners, with...what’s next?”