SBA to Honor Indiana BusinessmanPosted: Updated:
The Indiana District Office of the U.S. Small Business Administration has named South Bend-based Hoosier Spring Co. Chief Executive Officer Mike Suth 2014 Indiana Small Business Person of the Year. He has led the compression spring manufacturer since 1990.
April 21, 2014
Indianapolis, Ind. -- Mike Suth, CEO of Hoosier Spring Co., Inc. has been named Indiana Small Business Person of the Year for 2014 by the Indiana District Office of the U.S. Small Business Administration (SBA). Hoosier Springs is a privately held third generation family-owned business located in South Bend, Indiana. The company is a leading manufacturer of compression springs.
Hoosier Spring has grown from its original seven employees working out of its founder’s garage in 1954 to a workforce of 88 highly-trained staff working in a state-of the-art manufacturing facility.
Mike grew up helping his father, Emery Suth to run the business. Emery learned his craft working at The Bendix Corp. in South Bend, where he hand-wound springs for a variety of new products, but struck out on his own in 1954 when Bendix dropped the particular business line that he manufactured.
Mike faced his biggest challenge when his father died in 1990 and he suddenly found himself at the helm of the company at a competitive crossroad. With the business almost exclusively tied to the automotive industry, he developed a strategy to diversify the client base and branch out into new applications.
Hoosier Spring has been in business for 60 years. During that time, the company’s product lines expanded from supplying the automotive industry to providing aerospace and nuclear applications for companies around the world. Today, Hoosier Spring products can be found in most anything that flies. The company has several Fortune 500 companies as customers, and has several client relationships that date back more than 30 years.
Within the past 10 years the company’s sales have grown from just over $6 million to almost $13 million and profits have grown from less than $50,000 to almost $1 million. During this time, the company has been able to manage its significant growth while at the same time eliminating its bank debt.
Hoosier Spring's products are manufactured based on their clients’ specifications and must adhere to the strictest quality standards to maintain their various ISO certifications. To achieve this, the company is continuously investing in the latest manufacturing equipment in order to stay on the cutting edge of technology.
Mike will join the nation’s top small businesses in Washington, D.C., to compete for the honor of National Small Business Person of the Year award during the U.S. Small Business Administration's National Small Business Week celebration, May 15-16. He will receive his award in Indianapolis on Thursday, June 5th at the Hilton Indianapolis North.
Source: U.S. Small Business Administration