Casting a New Path with a Community Bank
Like the castings it produces, Prospect Foundry of Minneapolis is built to last.
Since 1936, Prospect Foundry has been a market leading supplier of complex cored gray and ductile iron castings supplying Fortune 500 OEM’s in the construction & mining, agricultural, industrial, and transportation markets.
Prospect Foundry combines modern casting technologies, engineering expertise, supply chain management, and digital optimization to produce high quality, complex, pressure tight, porosity free castings.
Owner Darrin Carlson, and CEO Larry Doran lead Prospect Foundry, using sophisticated Guardian Software Systems ERP, Lean Methodologies, and EOS (Entrepreneurial Operating System) to optimize production while increasing efficiencies, throughput, and overall customer satisfaction. These measures have led to a 60% system throughput increase, 30% on-time shipping performance increase, continued diversification, and over 150,000 kWh of energy saved each month.
After a plant fire, and lightning strike in 2019, the company turned to banker Todd Nelson and the team at North American Banking Company to help recover and rebuild.
“Rebuilding a business after a catastrophic loss can be overwhelming; rebuilding a business without the correct financial partner would be impossible,” said Doran. “That’s why Darrin and I turned to North American Banking Company.”
Today, Prospect Foundry continues to invest in employee development, new equipment, and systems to increase productivity while meeting the strong demand for its products.
“Darrin and I knew a community bank was right for Prospect Foundry,” said Doran. “Therefore, when North American Banking Company was referred by my local community bank, we immediately engaged with them. It took a single on-site visit to realize they were our match. Like Prospect Foundry, North American Banking Company has deep community roots, champions customer centricity, and solidifies the meaning of partnership.”
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