Throw Back Thursday #tbt #SRCHistory
Springfield ReManufacturing Corp (SRC) was established in 1983 when 13 employees of International Harvester purchased a part of that company that rebuilt truck engines, with $100,000 of their own money and $8.9 million in loans, with the goal of saving 119 jobs. By 1988, SRC's debt to equity ratio was down to 1.8 to 1, and the business had a value of $43 million. The stock price, $0.10 in 1983, had increased to $13 per share. By 2015, the stock was worth over $199 per share.
Since 1983, SRC has founded and invested in more than 60 separate companies that do everything from consulting to packaging to building high-performance engines. SRC has sales of over $400 million per year, with more than 1,600 employees, and has 1.7 Million square feet of Manufacturing and Warehousing Space.
SRC is known as being an employee-owned company and the culture of ownership permeates the entire organization from the CEO to the shop floor. A key part of this is business education that is regularly promoted throughout the company to help everyone in the company understand the financials, which are published in lunchrooms and other visible locations throughout the plants. This culture has made the company very successful in their business as everyone in the company is involved in improving the quality of their workplace and the value of the company.
President and CEO Jack Stack has written two books (with Bo Burlingham), The Great Game of Business and A Stake in the Outcome, detailing the business and management techniques practiced and promoted by the company. The company was selected as one of the Top 100 Companies to Work for in America, and INC. magazine has said that SRC is one of the most competitive small companies in America. The Great Game of Business has had 25 printings and sold over 350,000 copies in 14 languages.