LOS ANGELES Perryman Co. intends to remain family owned as it pursues growth in a market populated by rivals that are part of larger, publicly owned companies.
Despite ongoing consolidation in the titanium supply chain, the company isnt for sale, according to Frank Perryman, president and chief executive officer. The Houston, Pa.-based company, which supplies titanium bar, coil and net shapes to the aerospace and medical markets, was founded in 1988 by his father, industry pioneer James T. Perryman Sr.
"We see a lot of opportunity and growth in our markets, and plan to continue with our strategies," Perryman said.
Those strategies have included more than $100 million in investments since 2005 that have made the company an integrated producer, as well as a $40-million program disclosed this week that will add enough finishing capacity to double its output of titanium aerospace fastener stock and bar products for medical and other markets (amm.com, Sept. 30).
Perryman is confident the company can continue to grow in a fastener stock market where most of its rivals are owned by larger companies, including whats considered to be its main competitor, Washington, Pa.-based Dynamet Inc., a subsidiary of Carpenter Technology Corp., Wyomissing, Pa. Other big companies that have entered the fastener market in the past three years are Allegheny Technologies Inc., the Pittsburgh-based parent of long products producer Allvac Inc., Monroe, N.C., and Russias VSMPO-Avisma Corp., which has installed small-diameter bar and wire capacity at its NF&M International Inc. subsidiary in Monaca, Pa.
Meanwhile, Perryman said growth in aerospace has made the companys goal of bringing medicals share of overall business up to 40 percent a moving target. Last year, when the company acquired the Pittsburgh operations of Accellent Inc., a supplier of forgings to the medical industrynow Perryman Co.s Forge and Fabrication Grouphe estimated the acquisition could raise the medical segments share to 35 percent from 30 percent (amm.com, May 7, 2012).
But Perryman pointed out this week that aerospace, spurred by commercial aircraft demand, "continues to ramp (up)," and it remains at about 60 percent of business, with medical, despite its own growth, remaining at 30 percent. The upcoming expansion in finishing capacity will support both markets, he said.
The remaining 10 percent or so of the companys business is in the industrial automotive and recreational vehicle markets, Perryman added.