Pump industry expert Mick Corrie, Inpro/Seal vice president and general manager, recently spoke with Pumps & Systems on the state of the industry.
How have any price increases of products or materials impacted you or your company?
Increases in raw material costs due to economic inflation coupled with resurgent demand and supply constraints, from global supply chain issues, have posed a significant challenge to not only our business but the entire industry. Unfortunately, material cost increases aren’t the only factor impacting the cost of goods. Labor shortages have created a competitive job market, creating further cost pressure. We are addressing these issues the best we can and responding accordingly.
What needs to happen in regards to industry improvements?
Most critical for Inpro/Seal has been the attraction and retention of manufacturing workers. Even before the labor market contracted in 2020, it was difficult finding skilled labor to work in the manufacturing process. We need to come together as an industry to bring excitement to the manufacturing industry so that talented individuals will not only want to work in manufacturing but see a career path to support themselves and their families.
What issues have you seen with any material shortages or supply chain issues?
Inpro/Seal prides itself on the ability to deliver quality sealing solutions when the customer needs them. Material shortages and supply chain issues have not only seriously impacted our ability to deliver to our customers as quickly as possible, but they have increased the overall cost of materials as well. Most notably we are facing shortages of material components critical to our delivery lead times previously considered readily available. We are now re-evaluating our processes, developing risk mitigation strategies and sometimes even purchasing more expensive components to ensure timely delivery.
What industry trends are you seeing as we go into 2022?
Unpredictable demand patterns are likely to continue for some time yet giving way to an emergence of normalcy as we run through the new year. Demand has steadily recovered across multiple industries, including oil and gas, mining, food and beverage, chemical processing and pharmaceuticals. Projects that were put on hold during COVID are now ramping up, with funds being released and machines being purchased. And, customer engagement is continuing to rise with many companies seeing the benefits of digital communication tools. There is good reason to be positive about 2022.
What’s on your mind?
Optimism of a strong global recovery, while understanding pandemic related uncertainty, is top of mind. Current market conditions point toward increased demand and a positive outlook for 2022. Yet, pandemic related uncertainty presents a challenge to balance supply and demand in an effective manner. Staying close to our customers will be key, getting as much visibility as they and we can obtain, to maximize the success available to both of us.
What keeps you up at night?
Finding the best possible solutions to get our products to our customers as quickly as possible. Core to Inpro/Seal’s identity is speed of delivery and Industry leading bearing protection products. Supply chain and labor issues present challenges in upholding that commitment. We continue to explore creative strategies to maintain the level of service customers have come to expect from us.