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Though the press release headline read, "Ramco Specialties announces it will keep world headquarters in Hudson," Rick Malson, president of Ramco Specialties Inc., says moving wasn't the aim.
"Honestly, the full intent was to stay in Hudson if we could find a way to do it," he says.
Malson grew up in Hudson and most of his family still lives in the area near where the family business was founded by his father 40 years ago.
Instead of moving, the manufacturer of threaded fasteners is building and transitioning to a 165,000-square-foot facility in its hometown to increase production space, which it needs as it draws back manufacturing functions from overseas. The company also is looking at purchasing $2 million in additional capital, adding heading machines along with ancillary tapping and light assembly equipment.
Stabilizing pricing
With currency vacillating as much as 10 to 12 percent between the U.S. and Taiwan, onshoring its manufacturing eliminates the pricing volatility. It also gives the company a greater ability to meet customer demand by moving reliance off foreign partners.
"If our suppliers in Taiwan are busy, or have a full or towards full capacity,...