Floyd Manufacturing Co. Inc.’s business will shift into a higher gear if it lands a contract to make parts for auto transmissions — a positive step for a company that recovered from a difficult bankruptcy reorganization.
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Floyd Manufacturing Co. Inc.'s business will shift into a higher gear if it lands a contract to make parts for auto transmissions — another positive step for a company that a decade ago was recovering from a difficult bankruptcy reorganization.
“Business has been phenomenal,” said Alfonso Floyd, 48, president of the Cromwell manufacturer that machines precision auto parts, primarily for high-end shock absorbers largely installed on trucks and SUVs. It also makes steering components. Landing the transmission-parts contract looks promising and would add a major piece of business, he said.
Business significantly improved around 2013, corresponding with truck and SUV sales. But the ride wasn't always smooth for Floyd, which had 38 employees as of October.
[Watch a video clip of this interview below.]
In the early 2000s, when the auto industry was declining, suppliers were pressured to lower prices and more work left the country, he said.
Filing Chapter 11
“It's one of those things where you could see it coming, but you didn't want to believe it,” Floyd said of the difficult times, which worsened.
The company filed Chapter 11 in 2003.
“You hear stories about companies going through Chapter 11, but to actually see how it works upfront, it's a process that I wouldn't want to go through again, but I did learn a lot,” Floyd said. “I learned a lot how banks work and what they're actually looking at.”
After emerging, the company lost a major customer, forcing it to react to survive. The company, then in East Berlin, called old friend, Carey Manufacturing Inc., to share manufacturing space and administrative costs. They co-located in 2007.
It was a reunification because Jack Carey, now head of Carey Manufacturing, started a machining business in 1982 and Edward Floyd, Alfonso's older brother, joined him two or three years later. Floyd Manufacturing incorporated in 1988.
Evolution of the business
They made precision parts for the aerospace industry, then ventured into auto parts. Carey later moved into industrial hardware, making parts like catches, latches and handles, and the two growing companies eventually split into separate facilities.
While under one roof again — Floyd in one area, Carey the other — each is separate, but willing to help the other.
The biggest lesson Floyd learned from Chapter 11 was not believing signs the auto industry was declining.
“I think we just didn't react quick enough to move in other directions … you've really got to read the tea leaves and kind of look at key things — what's going on with your customer and with your customer's customer — and you've got to react to that type of stuff because you're not going to be insulated at all,” he said.
Trying to grow the company after bankruptcy, during a recession, was another challenge, until about 2013.
“What's really gotten us through is that our quality levels were very good and being able to respond to our customers when our customers needed us to respond was key,” Floyd said.
Leadership path
Floyd, who grew up in Bristol, joined the business in 1992 after college. He worked the night shift as a machine operator, learning the manufacturing process. He later held shipping, receiving, quality-control and sales jobs before replacing Edward, who was ill, as president in fall 2004. Alfonso became president a month after emerging from bankruptcy, but managed the reorganization because of Edward's illness, which continues to sideline him.
Floyd said his management style is to empower employees to make good decisions. He also stresses constant training.
The National Fund for Workforce Solutions recently named the Floyd and Carey companies “Young Adult Employer Champions” for helping train young people from Job Corps for manufacturing jobs. They also train students from Asnuntuck Community Collegeand have hiredabout 10 people from the programs.
Floyd's hobby is piloting his four-seat Piper Arrow airplane, which he enjoys flying around New England with his wife, Kris, in digital marketing at Aetna, and son, Alexander, 10.
“That's my outlet,” Floyd said.
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Alfonso Floyd Executive Profile interview
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