TEXAS GULF COAST MANUFACTURERS – LOOKING AHEAD TO PROSPERITY
We are in the midst of a severely challenging pandemic and, as we all have, I am sure that you and your business has been impacted by it. The highly contagious COVID-19 is causing devastating economic losses to businesses world-wide. The manufacturing sector is uniquely impacted due to jobs that require on-site personnel, disruptions in supply chains, and declining demand. According to the National Association of Manufacturers (NAM), about 80% of manufacturers expect to experience a financial impact, over 50% of manufacturers anticipate a change in operations, and over 35% of manufacturers are facing supply chain disruptions. Furthermore, decline in oil prices and demand are delivering a double whammy to our gulf coast manufacturers. While some manufacturers have temporarily shut down operations, others that are part of the critical infrastructure are struggling to implement expeditious and dramatic changes to their workplace while speeding up production to meet the increasing demands for PPEs and other vital products. Alternate supply chains are being established at an unprecedented pace.
To deal with this situation, manufacturers are looking to their local communities and government agencies for guidance. However, the massive amount of information coming from a multitude of sources can be overwhelming. Now, more than ever, it is necessary to have the right facts and information to perform the right actions. We seek to ease the burden by organizing and compiling the information Texas Gulf Coast manufacturers will need to keep their workers safe and to be better informed. We prepared this document with practical recommendations and links to useful resources.
Finally, the state of our nation depends on our perseverance to work together in combating the spread of the disease and supporting each other. In the long-run, successful organizations will be those who are resilient to these crises – those who will recognize and capture new opportunities, those who embrace the right technology, and those who will cut costs in the right places to set the foundation for a profitable growth. Our experts are readily available to assist you in your endeavor to successfully overcome the current challenges from the pandemic and set you up for success in the coming years.
Sanju Patro, PhD, MBA, CIRM, SSMBB
Director, TMAC Gulf Coast
BeehiveFund
