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This customer is a tier one customer located in the United States. We stamp a large variety of parts on our high-speed automatic lines for them. We direct ship to their plant weekly, and handle all the paperwork along the way as we provide them FOB their plant pricing. Due to our success as a supplier, over the years we continue to add more parts to the population of parts we supply them, including parts made of aluminum, SS, HRPAO, and CR and specialty parts finished on hand-feed presses. We maintain safety stocks enabling us to receive a weekly order on Monday and ship to them by Friday of that week.
Globe’s customer required approximately two hundred thousand latches a year over a multi-year agreement. We started with the customer's basic product design and worked with them to improve the product's manufacturability and cost. Globe designed and built three separate tools to produce the three components of the latch on our high speed presses. Cost of the tooling was incorporated in the first two years of shipments, after which, we reduced the piece price. We zinc plate the parts, then complete the latches by riveting them together in our assembly department. After the success of this project, Globe continues to receive more business from this customer.
Three years back, we began manufacturing a series of specialty in-wall speaker housings and covers. The manufacturer at the time was exiting the business. We worked with that manufacturer to take over that business, and delivered a seamless transition for the existing customers as we continued to supply the full line of products. The housings come in various sizes and shapes including six and ten inch round housings and six and thirteen inch square housings. These products were well suited to our plant as there was both a large stamping component and a large assembly component to the parts. We now work with customers that need variations on these products. Typically, we will develop new parts where estimated annual units are in the 3,000 per year range, but will work with smaller volumes for existing customers.
We have a customer who was not satisfied with their supplier of stamped parts. We worked with that customer to transition tooling and materials over, and to build new tools where required to reduce our customer's costs while improving delivery and overall customer service. The transition was seamless to the customer and no ship dates were missed by Globe. Throughout the process, we have been transparent to our customer with respect to our processes and our material costs. Our customer is happy with the move to Globe.
