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WestBond staying profitable, increasing sales
December 11th 2007
The very challenging economic conditions that have had negative effects on all manufacturers in Canada and the United States, have been weathered by WestBond Enterprises Corp., allowing its resources to focus on maintaining profitability. "In spite of unprecedented competition from China, a surging Canadian dollar and an acute shortage of labour in our region, the company continues to be profitable and trending on a positive growth rate as opposed to declining sales and profits," reports Gennaro Magistrale, WestBond's president and chief executive officer.

"We have made major strides in reducing costs, increasing productivity and focusing on markets that yield high profit returns. Because of the diverse product line and segmented markets, WestBond was able to quickly identify and rationalize unprofitable markets and products, and shift its efforts to areas not prone to the economic uncertainties that crippled many manufacturers. The past 18 months was a period in which everyone was affected by the changing global markets. At WestBond, we realized just how well the company is perceived by our customers as many had opportunities to take advantage of the low-cost, low-quality alternatives available to them, but chose instead to stay the course with our quality products and high service levels. We are grateful to the loyalty shown by these organizations.

"The future for WestBond is very positive. Sales are increasing in high-margin products and for over a decade the majority of our raw materials have been purchased in the U.S., taking advantage of the lower costs. The impact of the high Canadian dollar actually netted a positive affect as we were able to pull out of less profitable U.S. markets and maintain profitability with our Canadian customers. The company is shortly moving into a much larger distribution centre which will allow us to increase our inventory levels and improve our ability to ship orders efficiently. The manufacturing plant will remain at its current location. The labour situation has stabilized as our employees are becoming more and more productive, reducing the need to hire inexperienced staff.

"In addition to the internal gains we have made, many new, niche-type products have been identified -- mostly in long-term care markets. These new products will allow WestBond to maintain our ability to quickly develop and take to market, products which cannot be copied easily. With the health care and personal hygiene markets firmly entrenched, and the loyalty our customers and stakeholders have shown, WestBond is solidly established for a future of growth and profitability."

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