PrecisionX Aggressively Pursuing Expansion in the Precision Manufacturing Industry
November 25, 2024
By Krystie Johnston
PrecisionX recently captured attention when they announced a series of acquisitions of well-established companies. Companies that specialize in precision parts manufacturing for industries such as aerospace & defense, medical device, satellite & space, electric vehicles, mining, semiconductors, and more. PrecisionX was formed in 2023, and in a short time, they have demonstrated a precise focus for growth.
Chris Huntington, CEO of PrecisionX, explains what his role is in helping the company accelerate growth. “I see my role as not only building the team in terms of talent but [also] setting the long-term strategy for the organization. And that means the direction [in] which we go from a technology perspective, the direction [in] which we go from a market perspective. And how, ultimately, to pull the multiple companies that we have been acquiring together.”
PrecisionX is not operating alone. They are owned by CORE Industrial Partners, a private equity firm committed to investing in industrial technology and services businesses. “They are based in Chicago, but have offices in multiple cities throughout the U.S.,” Huntington explains. “We worked together back in 2023 to come up with an investment rationale for building a platform focused on precision manufacturing. And we acquired our first company in 2023, GEM Manufacturing.”
Today, PrecisionX has added a total of five manufacturing companies, all building upon the initial rationale of acquiring niche manufacturing companies focused on high precision components for specific industries. “GEM Manufacturing in Waterbury, CT, Ditron Inc. in Stormville, NY, COINING Manufacturing in Clifton, NJ, and our largest facility in Piscataway, NJ, National Manufacturing and then, still on the East Coast but in Florida, we recently acquired MSK Precision Products.” Huntington says that they are actively looking at acquiring other companies as well, one located on the West Coast, and one in Canada.
PrecisionX is strategically positioned to capitalize on the expanding medical device and satellite/space markets. As a specialized contract manufacturer, the company offers tailored solutions to support innovative businesses. “Our focus on non-commoditized manufacturing ensures that we deliver high-quality, reliable products that meet the stringent requirements of these industries. By leveraging our expertise and advanced manufacturing capabilities, we enable our customers to bring their cutting-edge technologies to market efficiently and effectively.”
As a CEO, Huntington stays in the present with each business they acquire by focusing on and investing in local talent. “My style as a CEO is to hire the best people and to let those people run within the direction and strategy that we have. I believe on empowering our local leaders to make decisions and then making a real concentrated effort to get to every site on a regular basis, so I am engaged and communicating with the organization.” He says that this ensures a connection to what everyone is doing at each location, keeping everyone on the same page.
Keeping people engaged is important not only from a leadership perspective, but also from an employee’s perspective. People stay motivated when challenged with complex problems to solve, and at PrecisionX, they tackle some of the world’s biggest challenges. The aerospace industry, for example, just witnessed the successful launch of SpaceX, a generational event that made an impact on the world. The medical industry, on the other hand, is tasked with developing parts that may be small and even unseen, but they have a tremendous impact on individuals and their families. In industries like these, it is critical to have a pool of talent eager to solve these challenges.
“I know not everyone in the world loves their job,” says Huntington. “Probably a lot of people do not love their job. But, if you can show them that you have an opportunity to do something that is meaningful, that uses their skill set to its fullest, I think you will be able to attract talent. It is there. It is not as if the talent is not there. It is just becoming more competitive to retain them and attract them.” In a climate of skilled labour shortages affecting many industries, PrecisionX is making a concerted effort to keep things running smoothly.
Besides addressing the challenges associated with precision manufacturing and investing in skilled labor, the company is also fortifying its supply chains to ensure uninterrupted operations. “We’re investing not only in our current needs but also in our future requirements,” he explains. Recognizing the ever-present threat to supply chain security, whether it’s a pandemic, geopolitical conflict, or labor disruptions, PrecisionX proactively positions itself to support its customers.
Huntington says that this approach is not without its costs. Stocking a six-month supply of Titanium or other raw material requires warehouse space and interest rates but is worth that price when they can still deliver to their customers when a competitor cannot. “To prove to your customers that when things get difficult, you can still deliver, that will pay dividends for years to come. And the cost of doing that is nominal compared to the benefit for both the business and the end customer,” he explains. “The last thing we want, purely now from a business perspective, for me, is to give my customer a reason to think that they have to look for another option.”
As a global company, it is imperative that PrecisionX takes a strategic approach to every aspect of their business. “Our strategy is about building a large global platform. And it did not start with a 2,000-person company. We started with a 120-person company. And we have been very selective about the companies we want to buy,” says Huntington. “It is a very focused strategy, but it is one that has a long, long runway in terms of our ability to grow.” The markets that PrecisionX serves are demanding service from contact manufacturers, and Huntington says this is just the beginning of the story.
Chief Executive Officer
About Chris Huntington
Mr. Huntington joined the PrecisionX in 2023 bringing 25 years of experience in precision metal manufacturing for the Medical Device, Aerospace and Defense markets. Prior to joining PrecisionX, Chris held leadership roles at public, private and PE backed companies including Stryker, Resonetics, Symmetry Medical and Eaglepicher Technologies. Chris holds a Juris Doctor degree from Depaul Law School and a BA from St. Lawrence University.
More Information
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Related Story
PrecisionX Group Acquires Florida-Based MSK Precision Products, Inc.
PrecisionX Group, a portfolio company of CORE Industrial Partners (CORE), is pleased to announce the acquisition of MSK Precision Products, Inc. (MSK), a key provider of manufacturing and assembly of high-precision components for the medical, aerospace, defense, and telecommunications industries.
“The acquisition of MSK reinforces our commitment to delivering quick-turn, state-of-the-art contract manufacturing services,” said Chris Huntington, CEO of PrecisionX. “MSK’s experience in precision component manufacturing, coupled with their unwavering dedication to quality, significantly enhances our offerings to our medical device and aerospace customers.”
