Hi- I’m Lyndon Faulkner, President and CEO of Pelican Products. Over the next few minutes we’ll be sharing some very exciting news.
As you know, Pelican has grown exponentially over the last 30 years. Today we employ more than 700 people around the world with 2008 revenue of $230 million dollars. What drives all this activity are the toughest flashlights and protector cases in the world.
This is an exciting time at Pelican because as much as we’ve grown, we are about to grow even more. I’m very proud to announce that we will soon be acquiring Hardigg Industries, the Massachusetts based rotomolding manufacturer.
If you’ve been involved with either company you’re probably thinking that hell has just frozen over. And yes, while there has been a historic rivalry, we now see that there is a much bigger synergy with Hardigg and Pelican joining forces. In fact, when you consider Pelican’s capabilities of injection molding, and contrast that with Hardigg’s rotomolding skills, it’s clear that our manufacturing strengths don’t copy each other, they complement each other.
Another strong area of synergy is in our selling models. Pelican has built a diverse base of distribution in commercial markets, while Hardigg has focused on selling to the military. Clearly we can benefit by leveraging each other’s sales channels.
We also see an opportunity to exchange knowledge – one obvious example is Hardigg’s ability to customize their product to meet customer needs. At the same time, Pelican has mastered many automation processes that can improve Hardigg’s productivity.
So what will the combined entity look like? In terms of revenue, the new business is projected to generate gross sales of $370 million in 2009. Employees will exceed 1500, in 14 offices and 3 manufacturing facilities in 12 countries around the world.
But what is incredible is what we will become- in just a few years, Pelican will be a half a billion dollar company. Product innovation will accelerate in this new enterprise, with more than 23 engineers developing products that fit our strategic plan.
A sales force of 160 dedicated professionals will open up new markets- markets that understand the value of switching from disposable crates and corrugated boxes to the sustainable model of permanent containers that we manufacture.
In the past- when Hardigg won an order, Pelican considered it a lost sale. But in the future, every sale will represent the market conversion to our core offering- a permanent package solution with a lifetime guarantee. And that will benefit everyone involved with this historic agreement. We will offer innovative products to our dealers and customers. We will be a strong market leader that protects American jobs. And the Pelican brand will grow ever larger with a world wide reputation for quality.