Herndon Products Continues Successful Growth
Defense Logistics Agency Selects St. Louis Area Firm for Supply Chain Management Solutions
Herndon Products is pleased to announce the recent prime contract award from the Defense Logistics Agency, Land and Maritime operations to manage the Industrial Product-Support Vendor (IPV) Program at the Tobyhanna Army Depot.
Herndon Products was selected as the best value solution, resulting from a 14-month evaluation in an unrestricted competitive procurement among major defense contractors. The contract was appropriated as part of the Fiscal 2012 Defense Working Capital Funds, with a funding limit of $56M. The contract, inclusive of all options, extends into 2017.
"Despite this challenging economic environment, Herndon Products continues to meet our growth objectives," says Scott Herndon, President and CEO of Herndon Products. "Our business is strong and financially solid. This award will increase our managed warehouse footprint by 50% near Scranton, Pennsylvania and will add 16 new employees to our team. This brings the investment in our eastern distribution network to 65,000 sq. ft. and just fewer than 40 employees. I'm proud of our entire team and they are well on their way to implementing this program."
Herndon Products will be responsible for providing supply chain services (electronic components, fasteners, bin replenishment, and other production line material) associated with Tobyhanna Army Depot's mission in Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR) products. Additionally, Herndon will support fulfilling the worldwide demand of other DLA customers for similar products. This award is similar to the Letterkenny Army Depot contract that Herndon Products has been successfully executing since 2008.
Strong Past Performance
The company has seen a compounded annual growth rate in bookings of over 50% since its launch in 2003, and is a recognized leader in several markets within the defense and aerospace industries.
Herndon Products is an experienced Industrial Product-Support Vendor (IPV) prime contractor with a tradition of providing Vendor Managed Inventory (VMI) options. VMI is a demand-driven inventory solution that offers a customer fewer stock-outages or stock-shortages while improving order accuracy.
Getting the right people on the team has been a key strategy for Herndon Products in securing the current backlog and ensuring successful growth. The 2008 addition of Chief Operating Officer Dan Rodrigues was followed by 3 strategic new hires. 2010 saw the addition of Patricia Cuellar as Supply Chain Manager and Pete Harris as Director of Program Management. Harris oversees multiple VMI programs from fulfillment to customer service. Rounding out the newest members of the team is Director of Business Development, Don Skosky. "All four were hired from major defense contractors and are creating the required foundation for internal process improvements and broadening our leadership position in this market," said Herndon.
About Herndon Products, Inc. (HPI)
Herndon Products supplies high quality products and services to the aerospace and defense industries. Since inception, HPI has been the premier provider of supply chain solutions to the US Government, domestic and international companies. Herndon Products is an ISO 9001:2008, AS9120 Rev A and AC 00-56A certified company based in O'Fallon, Missouri, with a mission to provide the best integrated supply chain management solutions for assembly components to our customers. For more information, please visit www.herndonproducts.com.
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