TMP 273 4-21-2017 25610

INVESTMENT CASTING INSTITUTE
2017
Spring Management Meeting
April 30 – May 3, 2017
The Mills House Wyndham Grand Hotel

Charleston, South Carolina
MISSION STATEMENT
The Investment Casting Institute will market the investment

casting industry and support its members by facilitating
professional, academic, educational, and technical interests, and
will provide a forum for advancement in technology and product
quality for customers and manufacturers, while promoting free
trade, fair competition, and adhering to U.S. laws and regulations
regarding commerce and industrial trade.
ANTITRUST POLICY STATEMENT OF THE
The Investment Casting Institute (ICI) is a trade and technical association of investment casting
foundries (and their suppliers) where castings of metal are made.
The ICI is organized to promote the common interests of the investment casting industry. The
ICI is not intended to become, and will not become, involved in the competitive business
decisions of its members, nor will it take any action which would tend to restrain competition in
the investment casting industry.
Nevertheless, it is recognized by the Board of Directors of ICI that the Institute itself, as well as
its varied activities, could be regarded by some as a forum or opportunity to promote anti-
competitive conduct. For this reason, the Board of Directors promulgates this statement of
policy to make clear its unequivocal support for the policy of competition served by federal and
state antitrust laws, as well as its uncompromising intent to comply strictly in all respects with
those laws.
In addition to stating the ICI's firm commitment to the principle of competition served by antitrust
laws, the ICI also wishes to advise that the penalties which may be imposed upon both ICI and
its individual and corporate members involved in any violation of such laws are now so severe
that prudent business judgment demands that every effort be made to avoid any such violation.
In addition to injunctions and other equitable remedies, violations of the Sherman Act, such as
price-fixing, are felony crimes for which individuals may now be imprisoned for up to ten (10)
years and fined up to one million dollars ($1,000,000.00), and corporations can be fined up to
100 million dollars ($100,000,000.00) for each offense, or twenty percent (20%) of affected
commerce. The Department of Justice has recently obtained fines of up to five hundred million
dollars ($500,000,000.00). Under the Sherman Act, state Anti Trust law, the Federal Trade
Commission Act and Robinson-Patman Act, treble (triple) damage claims based on the amount
of gain or loss by private parties (including class actions) for antitrust violations are extremely
expensive to litigate and can result in judgments of a magnitude which could destroy the ICI and
seriously affect the financial interests of its members. This includes attorney’s fees and “joint
and several liability” where one may be liable for an entire Judgement even though their role in
the antitrust violation was rather small.
It is the responsibility of every member of the ICI to be guided by ICI's policy of strict compliance
with antitrust laws in all ICI activities. It shall be the special responsibility of ICI officers, directors
and committee chairmen to ensure that this policy is known and adhered to in the course of
activities pursued under their leadership.
To assist the ICI staff and all its officers, directors and committee chairmen in recognizing
situations which may raise the appearance of an antitrust problem, the Board will as a matter of
policy furnish to each of such persons copies of ICI's General Rules of Antitrust Compliance.
The ICI will also make available general legal advice when questions arise as to the manner in
which the antitrust laws may apply to the activities of the ICI or to any committee thereof.
Antitrust compliance is the responsibility of every ICI member. If you have any questions or
information concerning potentially anti-competitive conduct, please contact the Board’s
Executive Committee orally, in writing and even anonymously. Alleged violations of the ICI
General Rules of Antitrust Compliance or of this policy statement will be vigorously investigated
and reviewed with due process pursuant to the by-laws of the ICI; violations may result in
revocation of membership in ICI and removal from any ICI office.
GENERAL RULES OF ANTITRUST COMPLIANCE
The following rules are applicable to all ICI activities and must be observed in all situations and under all circumstances,
without exception or qualification other than as noted below:
1. Neither the ICI nor any committee, conference or activity of the ICI shall be used for the purpose of bringing about,
or attempting to bring about, any understanding or agreement, whether written or oral, formal or informal, expressed or
implied, among competitors with regard to prices, terms or conditions of sale, discounts, tying provision or purchase of a
good or service with another, exclusive dealing arrangements, distribution, volume of production, allocation of territories
or customers, restrictions on non-deceptive advertising, or credit of suppliers, customers or competitors or any
understanding or agreement which could be perceived as restraining competition.
2. No ICI activity or communication shall (a) include discussion, survey, or action, for any purpose or in any fashion
of costs, prices or pricing methods, rebates or other price discrimination, production quotas or other limitations on either
the timing or volume of production or of sales; (b) take any action likely to raise prices or reduce quantity or quality of
goods available, or (c) involve allocation of territories or markets or customers in any way. “Communication” includes but
is not limited to electronic communications, such as emails, test messages, faxes, blog or web posts and/or social media
posts.
3. No ICI committee shall undertake any activity, which involves exchange or collection and dissemination among
competitors, of any information regarding prices, pricing methods, costs of production, or of sales or distribution or
individual company statistics of any kind, without first obtaining the advice of legal counsel, provided by ICI, as to those
proper and lawful methods by which these activities may be pursued.
4. No ICI activity or communication shall include any discussion or action which may tend to or may be construed as
an attempt to prevent any person or business entity from gaining access to any market or to any customer for goods or
services, or to prevent or boycott any supplier, competitor, customer, or other entity from obtaining, accessing, or selling
a supply of goods or otherwise purchasing or distributing goods or services freely in the market.
5. No ICI activity or communication shall include any discussion or action which might be construed as an agreement
or understanding to refrain from purchasing any raw materials, equipment, services or other supplies from any supplier.
6. Neither ICI nor any committee thereof, shall make any effort to bring about the standardization of any product or
method of manufacture, credentialing, listing or certification of any product or program for the purpose of preventing the
manufacture or sale of any product not conforming to a specified standard or which would tend to have the overall affect
of either lessening competition or resulting in a degree of price stabilization.
7. No person or company shall be commercially disparaged nor shall any ICI Member make statements that are
reasonably likely to have a negative reputational impact on another so as to exclude that person or company from ICI
membership or participation in any ICI activity where such exclusion is designed to or may impair such person's or
company's ability to compete effectively in the investment casting industry.
8. In conducting ICI committee meetings, the chairman thereof shall prepare and follow a formal agenda which shall
be provided to all committee members prior to the meeting; else it shall not be considered. Agenda items listed as “Any
Other Business: shall be prohibited. Minutes of each meeting shall be distributed to all persons who attended such
meetings. Approval of the minutes shall be obtained from the membership of the committee at its next meeting. Copies
of the minutes shall be transmitted to the headquarters staff.
9. ICI speakers and authors of conference papers shall be informed of the need to comply with ICI's antitrust policy
in the preparation and presentation of their papers and addresses.
10. In informal or social discussions at the site of an ICI meeting (whether such meetings are conducted in-person or
via telecommunications services), which are beyond the control of its officers and chairmen, all representatives are
expected to observe the same standards of personal conduct required of ICI in its compliance with these antitrust
guidelines. Members are reminded that even actions or discussions occurring outside of the U.S. may still be subject to
federal antitrust laws. In addition, copies of the foregoing Antitrust Policy Statement and General Rules of Antitrust
Compliance will be included in registration packets and will also be printed in the ICI Committee Directory. The Board
may from time to time require all members to sign an acknowledgement that each member has read and understood
these Rules of Antitrust Compliance.
INVESTMENT CASTING INSTITUTE SPRING MANAGEMENT MEETING 2017
PROGRAM
136 Summit Avenue i Montvale, New Jersey 07645-1720
Phone: 201-573-9770 i Fax: 201-573-9771
www.investmentcasting.org
2017 SPRING MANAGEMENT MEETING

April 30 – May 3, 2017 – Charleston, SC
Sunday, April 30, 2017

4:00 p.m. - 5:30 p.m. Registration WELCOME RECEPTION
Sunday
5:30 p.m. - 7:00 p.m. Welcome Reception 5:30 p.m. - 7:00 p.m.
Monday, May 1, 2017

7:00 a.m. - 8:00 a.m. Registration
8:00 a.m. - 8:30 a.m. Welcome Opening Remarks

ICI President – Frank Lysiak Annual General Meeting
Kovatch Castings
8:30 a.m. - 9:00 a.m. Joseph E. Fritz 2016 Business Summary

Executive Director
Investment Casting Institute
9:00 a.m. -10:00 a.m. Commander Kirk Lippold Keynote Address: Leadership & Accountability When it
Commander of the USS Cole Matters
Author of Front Burner
10:00 a.m. - 10:15 a.m. Break
10:15 a.m. - 11:15 p.m. Rick Alaniz 2017: Labor & Employment in For Major Transition
John Cruickshank
Alaniz-Schraeder
11:15 a.m. - 12:00 p.m. Jerrod Weaver Integrated Casting Order Network (ICON)
Non-Ferrous Founders’ Society
12:30 p.m. - 5:00 p.m. Golf Outing or Drayton Hall Plantation

Golf Outing
Evening On Your Own or
Drayton Hall Plantation

& Madeira Wine Tasting
12:30 p.m. - 5:00 p.m.

Tuesday, May 2, 2017 GUEST EVENT
Charleston Historic District
Walking Tour
8:00 a.m. - 8:05 a.m. Morning Welcome
10:00 a.m. – 2:00 p.m.
8:05 a.m. – 9:05 a.m. Dr. Ken Mayland Has the New President Made a Difference?
ClearView Economics, LLC
9:05 a.m. - 10:00 a.m. Bernard Gingras, Philip Murphy Management & Tax Opportunities
Murphy, Miller & Baglieri, LLP
10:00 a.m. - 10:15 a.m. Break
10:15 a.m. – 11:15 a.m. William R. Nicholson Transition Planning

Heritage Capital Group
11:15 a.m. – 12:15 p.m. Don Zavis Consistent Selling Improvement…Techniques, Skills &
Don Zavis Sales Training Concepts
12:30 p.m. – 2:30 p.m. Don Zavis

Don Zavis Sales Training Business Builder Workshop
(Attendance Optional)
5:30 p.m. - 9:30 p.m. Dinner Event
TUESDAY EVENING
ENTERTAINMENT &
DINNER EVENT
Old Exchange and

Provost Dungeon
5:30 p.m. – 9:30 p.m.

Wednesday, May 3, 2017
8:00 a.m. - 8:10 a.m. Morning Welcome
8:10 a.m. - 9:05 a.m. Stephanie Salmon Politics, Policy and Reality: What’s Really Going on In
Potomac Government Relations Washington
American Foundry Society - Government
Affairs
9:05 a.m. - 10:00 a.m. Ron Williams A Review of World Investment Casting Market Trend Data
Blayson Olefines Ltd. Over The Past 25 Years
10:00 a.m. - 10:15 a.m. Break
10:15 a.m. – 11:15 a.m. Darren Sekiguchi A Look at The 787 Supply Chain Model and How Boeing
Director Boeing South Carolina is Changing The Face of Supply Chain Management in
Production Control and Site Supplier The Aerospace Industry
Management and Materials
Management
The Boeing Company
11:15 a.m. - 11:45 a.m. Joseph E. Fritz 2017 Market Outlook

Executive Director
Closing Remarks
Meeting Adjourned
Speakers
Has the New President Made a Difference?

2016 Business Summary & 2017 Market Outlook Dr. Kenneth T. Mayland
Joseph E. Fritz President
Executive Director ClearView Economics, LLC
Investment Casting Institute 3237 Fox Hollow Drive
136 Summit Avenue, Suite 100 Pepper Pike, OH 44124 USA
Montvale, NJ 07645 USA Phone: 216/595-9931
Phone: 201-573-9770 E-mail: maylake@roadrunner.com
E-mail: jfritz@investmentcasting.org
Leadership & Accountability When It Matters Management & Tax Opportunities

Commander Kirk Lippold Bernard Gingras
Commander of the USS Cole Director
Keppler Speakers Murphy, Miller & Baglieri, LLP
Kelly Skibbie – Contact 65 Harristown Road, Suite 102
Phone: 703/516-4000 Glen Rock, NJ 07452 USA
E-mail: kskibbie@kepplerspeakers.com Phone: 201/612-0015
E-mail: bgingras@mmbllp.biz
2017 Labor & Employment in For Major Transition Management & Tax Opportunities
Rick Alaniz Philip Murphy
Partner Partner, CPA
Alaniz, Schraeder, Linker, Farris & Mayes Murphy, Miller & Baglieri, LLP
2500 City West Blvd. 65 Harristown Road, Suite 102
Houston, TX 77042 USA Glen Rock, NJ 07452 USA
Phone: 281/833-2200 Phone: 201/612-0015
E-mail: ralaniz@alaniz-schraeder.com E-mail: pmurphy@mmbllp.biz
2017 Labor & Employment in For Major Transition Transition Planning

John Cruickshank William R. Nicholson
Attorney Principal
Alaniz, Schraeder, Linker, Farris & Mayes Heritage Capital Group
2500 City West Blvd. 4417 Beach Blvd. Suite 302
Houston, TX 77042 USA Jacksonville, FL 32207 USA
Phone: 281/833-2200 Phone: 904/354-9600
E-mail: jcruickshank@alaniz-schraeder.com E-mail: wnicholson@heritagecapitalgroup.com
Integrated Casting Order Network (ICON) Consistent Selling Improvement…Techniques,

Jerrod Weaver Skills & Concepts
Executive Director Don Zavis
Non-Ferrous Founders’ Society President
1480 Renaissance Drive Suite 310 Don Zavis Sales Training
Park Ridge, IL 60068 USA 1846 East Innovation Park Drive
Phone: 847/299-0950 Oro Valley, AZ 85755 USA
Email: jerrod@nffs.org Phone: 520/903-4654
E-mail: donzavis@comcast.net
Politics, Policy & Reality: What’s Really Going

On in Washington
Stephanie Salmon
Vice President – Government Affairs
American Foundry Society
25 Massachusetts Avenue, NW Suite 800
Washington, DC 20001 USA
Phone: 202/452-7135
E-mail: ssalmon@afsinc.org
A Review of World Investment Casting Market

Trend Data Over The Past 25 Years
Ron Williams
Managing Director
Blayson Olefines Ltd.
Pembroke Avenue
Cambridge, CB25 9QP United Kingdom
Phone: 44-1223-861-491
E-mail: ronwilliams@blayson.com
A Look at The 787 Supply Chain Model & How

Boeing is Changing The Face of Supply Chain
Management in The Aerospace Industry
Darren A. Sekiguchi
Director, South Carolina Production Control & Site Supplier Mgmt.
The Boeing Company
5400 International Blvd.
M/C 7830-NE51
North Charleston, SC 29418 USA
Phone: 843/641-1894
E-mail: darren.a.sekiguchi@boeing.com
SPEAKER BIOGRAPHIES
Joseph E. Fritz………….……………………………….…………………………………………………………………………..…………………Paper No: 1

Since joining the Investment Casting Institute in 2013, Joseph Fritz has placed a strong focus on Enhancing Member services, promoting the growth
of the industry and developing its human resource pool. He is a proven motivator who continually strives to better the organization. As the Institute's
chief executive, he has leadership authority over the Investment Casting Institute and its subsidiary INCAST Magazine.
With over 30 years’ experience in the Aerospace and Power Generation industries, Mr. Fritz has worked in a variety of capacities with a number of
Fortune 100 companies as well as with privately held companies. Over his career, he has contributed to a number of programs, including the Trident
II Fire Control System, the Joint Strike Fighter and the Boeing 787. Mr. Fritz is an advocate of inter-association cooperation, collaborating on
projects and ideas with the American Foundry Society, European Investment Casters Federation, the Japanese Foundry Society and the Foundry
Educational Foundation. Mr. Fritz holds degrees in Engineering and Computer Science from the University of Connecticut and an MBA from Union
College.
Commander Kirk Lippold.………...……………………………………………………………………………………..………..…………………Paper No: 2

Commander of the USS Cole
In 2000, when the USS Cole was attacked by Al-Qaeda terrorists in the port of Aden, Yemen, Lippold and his crew distinguished themselves by
saving the American warship from sinking in the face of one of the most brazen acts of terrorism prior to September 11, 2001. Lippold shows how
the difference between team success and failure lies in the instinctive principles that are ingrained through training and guide people to action.
Based on the leadership standards he instilled in his crew leading up to that historic day, Lippold has developed the "Five Pillars of Leadership" that
construct a framework for getting the most from your workforce: integrity, vision, personal responsibility and accountability, trust, and professional
competence. With this unique and invaluable experience, Commander Lippold has briefed over 6,000 military officers, 2,000 federal and state law
enforcement officers, and given over 300 presentations on this seminal event in the war on terrorism. Currently, he is president of Lippold
Strategies, a consulting firm specializing in executive leadership development and long-range strategic planning and serves as Senior Vice
President for military policy and strategic development at the public affairs firm Phillip Stutts & Co. A US Naval Academy graduate, Lippold has
received the Defense Superior Service Medal, the Legion of Merit, and the Meritorious Service Medal among others.
Rick Alaniz…………………………………………………………………………………………………………………………………………….….Paper No: 3

Alaniz and Schraeder
Rick Alaniz has been at the forefront of labor and employment law for over thirty-five years. He began his legal career as a trial attorney with the US
Dept. of Labor, served on the President’s Cost of Living Council during the Nixon Administration and also held prominent posts with the National
Labor Relations Board, first in Washington DC and later in Minneapolis where he coordinated the NLRB’s enforcement actions in the five-state
Midwestern regions. Founding Alaniz Schraeder Linker Farris Mayes, LLP in 1985 deepened Rick’s enthusiasm for labor and employment law and
his drive for continued excellence in the field. He is Board Certified in Labor and Employment Law by the Texas Board of Legal Specialization. Rick
contributes dozens of articles per year on labor and employment law to trade journals and conducts numerous seminars each month to client
companies and trade associates across the country.
John Cruickshank…………………………………………………………………………………………………………………………………….…Paper No: 3

Alaniz and Schraeder
John is a Board Certified attorney by the Texas Board of Legal Specialization. He has been representing clients in the casting industry for over 5
years. His legal philosophy is that a lawsuit avoided is better than a lawsuit won. He focuses on helping his clients identify their legal risks and
eliminating them before a lawsuit is ever filed. To do that, he stresses the importance of house calls – visiting his clients at their place of business in
order to learn how they operate and what their individual needs are. He is a lot more comfortable in a hard hat and steel toed boots than a suit and
tie.
SPEAKER BIOGRAPHIES
Jerrod A. Weaver …………………………………………………………………………………………………………………………………..…...Paper No:4

Jerrod A. Weaver is the Executive Director of the Non-Ferrous Founders' Society, a seventy three year old trade association headquartered in Park
Ridge, Illinois representing the U.S. non-ferrous foundry industry. NFFS members produce castings of aluminum, brass & bronze, and other
nonferrous metals. Members are mostly small, privately-held companies with fewer than 50 employees. Many are family-run businesses as well,
frequently to the third and fourth generation. Jerrod has more than twenty years of professional experience in Association Management, first as a
staff member with NFFS and then as Executive Director since January 2016. Mr. Weaver received a BS in Manufacturing Engineering (with a cast
metals emphasis) from Western Michigan University in 1996. He earned the prestigious Certified Association Executive (CAE) designation from the
American Society of Association Executives in 2010, as well as certified quality auditor, quality manager and lead auditor credentials issued by the
American Society for Quality in 1998.
Dr. Ken Mayland……………………………………………………………………………………………………………………………………..…..Paper No: 5

Dr. Ken Mayland is President of ClearView Economics, LLC, a firm specializing in economic research and forecasting. Ken was previously the Chief
Economist of two major financial institutions. Dr. Ken graduated with degrees in economics from MIT and the University of Pennsylvania (M.A. and
Ph.D.). He has spent more than 40 years studying the business cycle and providing economic analyses to a variety of constituencies, he is widely
quoted by the media, and he has won numerous prestigious awards for forecasting accuracy.
Bernard R. Gingras..……………………………………………………….………………………………………………………………………….Paper No: 6

Murphy, Miller & Baglieri LLP
Bernard R. Gingras began his career as a Certified Public Accountant in 1973 specializing in business, financial and tax advisory and compliance
services for small to medium size non publicly owned organizations. Many of his clients, after a career well into its fifth decade, include numerous
family businesses, now in the second or third generation of ownership. After spending the last twenty-five years as the managing partner of Gingras,
Collister, Babinski & Co. he combined this firm with Murphy, Miller & Baglieri, LLP effective January 1, 2016. This affiliation affords his clients
expanded services and new technology platforms to leverage the professional relationships developed over his career. Bernie has been the auditor
for the Investment Casting Institute since it moved from Texas in 2002. Non profit entities are a niche as he has audited them, served on the
governing boards and since 1999 has been the Executive Director-CEO of a 501 (c) (6) trade association of union glazing contractors. He is a Past
President of the New Jersey Society of CPAs and served seven terms on the governing council of the American Institute of CPAs, 15 K and 375 K
membership organizations respectively.
Philip Murphy………………………………………………………………….………………………………………………………………………....Paper No: 6

Murphy, Miller & Baglieri LLP
Phil Murphy, CPA, is the managing partner of Murphy, Miller & Baglieri LLP. He devotes substantial time to the distribution and manufacturing
industries, providing services to companies with various needs including financial statement audit and analysis, due diligence, succession planning,
tax and financial structuring and negotiation. Phil’s current audit clients include one of the most prestigious toy and hobby importer/distribution
companies. He has worked in various areas of manufacturing, distribution, retail, construction, leasing and service companies over his 26 year
career including significant due diligence experience for private equity firms. Phil is a member of the New Jersey Society of Certified Public
Accountants and has served as president of the Bergen Chapter, which consists of over 2,000 CPAs. He is a member of the American Institute of
Certified Public Accountants and APICS (The Educational Society for Resource Management). Consistent with Phil’s focus on education, he has
been featured in various speaking engagements including New Jersey Society of Certified Public Accountants, The Commercial Finance
Association, The Bergen Record, many bank and financial institutions and ICLE, at the second annual Business Law Symposium, which is New
Jersey’s Institute for Continuing Legal Education. He was a frequent participant in the United Artists Tax Mailbag Series. He also participated in a
cooperative effort with the Bergen Record, Northern New Jersey’s largest newspaper, to produce the Tax Mailbag column, and has been featured
on The Ron Thomas Small Business Forum on WNYE Radio, 91.5 fm. He recently authored an article for the Secured Lender (Financing
Communities Trade Magazine) “Recent Accounting Pronouncements Affecting the Lending Community”. Phil has also taught selective topics at
Seton Hall University’s Center for Entrepreneurial Studies program at the Stillman Business School. Phil is a past recipient of the “Heart of Gold”
award. The award is presented to select people and organizations that have demonstrated extraordinary commitment to the Volunteer Center of
Bergen County. Their commitment is measured by both volunteer involvement and financial support over the long term. He has chaired the Bergen
Bike Tour for over ten years and has generated nearly $1 million for the Volunteer Center of Bergen County and Tomorrows Children’s Fund. Phil
has also served as the Head Coach for the Indian Hills High Schools Boys Ice Hockey Team. He was named “Coach of the Year” by the Newark
Star Ledger in 2005. Phil earned a Bachelor of Science degree from Western New England College in Springfield, MA.
SPEAKER BIOGRAPHIES
William R. Nicholson……………………………………………………………..……………………………………………..Paper No: 7

Bill Nicholson has 35 years of diversified experience in real estate, banking, and transactional M&A assignments, Bill has been with Heritage
Capital Group since 2003 (www.heritagecapitalgroup.com). He is a director for BBX Capital, a publicly-traded diversified holding company. He is a
graduate of Wesleyan University and the University of North Carolina at Chapel Hill where he received his MBA.
Don Zavis…………………………………………………………………………………………………………………….……………………………Paper No: 8

Don Zavis Sales Training
Don Zavis is an accomplished executive with a successful history of taking private and public organizations to new levels of sales and profitability.
He has an outstanding record of hiring the highest level of sales achievers, training them to their fullest potential and consistently coaching them to
perform in the top 10% of their industries. He has a unique ability to create a “sales culture” across the entire scope of the organization while
fostering an environment of mutual achievement and reward. Professional education includes over 5,000 hours of practical, actual training.
Stephanie Salmon...……………………………………………………………………………………………………………………………………..Paper No: 9

American Foundry Society
Stephanie Salmon is President of Potomac Government Relations, a government affairs firm located on Capitol Hill in Washington, D.C. She has
over twenty-five years of government relations experience and works with clients to represent their policy priorities before the Congress, the
Executive Branch and regulatory bodies in such issue areas such as workplace safety matters, energy, environment, tax, appropriations and trade.
She has worked for the American Foundry Society AFS for nearly twenty years and currently serves as the Vice President of government affairs. In
this role, she advocates before Congress, develops regulatory comments, writes legislative testimony, as well as issues action alerts and updates
on federal issues affecting the metalcasting industry. She represents her clients before a myriad of agencies including, but not limited to the
Departments of Commerce, Energy and Labor, the Office of Management & Budget, the Occupational Safety & Health Administration, Small
Business Administration, and Environmental Protection Agency. In addition, she serves on the AFS Safety and Health Committee, and is manages
the Government Affairs Committee. She received her Bachelor of Arts degree in International Studies, with a concentration in economics and
business from the American University in Washington, D.C.
Ron Williams……………………………………………………………………………………………………………………………………………Paper No: 10

Ron graduated in Chemistry, is a member of the Royal Society of Chemistry and as Managing Director of The Blayson Group Ltd., is responsible for
the Company’s global operations and activities. He has over 30 years’ experience within the investment casting industry and has had the privilege of
working closely with numerous investment casting associations, institutes and companies Worldwide. He is currently a Board Director of the EICF.
Combining these connections with his industry experience, he has been able to present numerous studies and reviews of the World investment
casting market to a global audience.
Darren Sekiguchi………………………………………………………………………………………………………………………………………Paper No: 11

The Boeing Company
Darren Sekiguchi leads the Boeing South Carolina Production Control and Site Supplier Management / Materials Management team with
responsibility for external and internal supply chain management and factory support for 787 aft-body composite fabrication & assembly, mid-body
assembly, final assembly and pre-flight, paint & delivery; Propulsion South Carolina, and the South Carolina Interiors Responsibility Center.
Sekiguchi also has site wide functional responsibility for the Supplier Management and Materials Management. Prior to this assignment Sekiguchi
held various leadership roles in Commercial Airplanes; Defense, Space & Security; and Corporate organizations including:
Leading the Boeing Commercial Airplanes Supplier Management Onsite teams at Mitsubishi Heavy Industries (MHI) supporting
737/737MAX, 747, 767/Tanker, 777/777x, and 787.
Leading Boeing Commercial Airplane Quality Integration with responsibility for quality metrics & analysis; improvement project
management; and process, systems & tools.
Leading Defense & Government Services (D&GS) Business Integration & Transformation organization; responsible for managing DG&S
transformation to a competitive services organization including improved cost structures, employee skill alignments, etc.
Program Director & Operations leader, Unmanned Systems Support & Services responsible for the execution of Unmanned
Systems/Vehicles (airborne, ground, etc.) support, sustainment, and operational flight service (daily flight operations) for multiple US DoD
and security agency customers.
Sekiguchi started with Boeing in 2000 with Commercial Airplanes, Commercial Aviation Services as a finance analyst and participated the
Enterprise Auditor Program, an experiential leadership development program with Corporate Audit. Sekiguchi holds a Bachelor of Business
Administration in International Business and a Master of Business.
OPENING REMARKS
ANNUAL GENERAL MEETING
Frank Lysiak
Kovatch Castings
Annual General Meeting

OF THE

AND SUBSIDIARY:
INCAST CORPORATION
The Mills House Wyndham Grand Hotel

May 1, 2017
AGENDA
1. Welcome
2. Introduction
3. To approve the Minutes of the 2016 Annual General Meeting of the Investment Casting Institute
4. To receive the report of the Board of Directors
5. To receive the financial report for the year 2016
6. Other business
7. Date and place of next meeting

Minutes of the 2016 Annual General Meeting

OF THE

AND SUBSIDIARY:
INCAST CORPORATION
Loews Ventana Canyon

Tucson, Arizona
April 11, 2016
Copyright reserved: Neither the Investment Casting Institute nor its officers accept legal responsibility for
information, advice given or opinions expressed.
INTRODUCTION
Mr. Brad DeSplinter, President of the Investment Casting Institute, called the meeting to order and welcomed all
attendees at 8:00 a.m. on Monday, April 11, 2016
Mr. DeSplinter, welcomed the first time Management Meeting attendees and then introduced the Institute’s Board of
Directors.
MINUTES OF THE 2016 ANNUAL GENERAL MEETING

The minutes of the Annual General Meeting held at Lowes Ventana Canyon, Tucson, Arizona on Monday, April 11,
2016 was provided to the meeting attendees for review.
There were no questions or comments. Mr. C. Fischer then made a motion that the Minutes be accepted. Mr. T.
Sullivan seconded the motion which was favorably approved by a majority of the attendees.
REPORT OF THE BOARD OF DIRECTORS FOR 2016

Mr. B. DeSplinter then presented the 2016 Report of the Board of Directors.
FINANCIAL REPORT FOR 2016

Mr. F. Lysiak, Board Director and Audit Committee Member, stated that the financial condition of the Institute was
strong and that the annual audit was conducted and certified without exception.
Additionally, the Institute’s procedures were satisfactory and found no deficiencies.
Mr. F. Lysiak announced that a copy of the 2016 Financial Statements is available to all ICI Members upon written
request.
OTHER BUSINESS
There were no items of Other Business.
DATE AND PLACE OF NEXT MEETING

Mr. B. DeSplinter announced that the next Annual General Meeting would be held on Monday, May 1, 2017. The
location of the meeting will be The Mills House Wyndham Grand Hotel, Charleston, SC.
MEETING ADJOURNMENT
Mr. B. DeSplinter adjourned the Annual General Meeting at 8:30 am.
REPORT OF THE
BOARD OF DIRECTORS
FOR THE YEAR
2016
INVESTMENT CASTING INSTITUTE ___________ SPRING MANAGEMENT MEETING 2017
B OARD O F D IRECTORS R EPORT

F OR T HE Y EAR 2016
MEETINGS OF THE BOARD OF DIRECTORS

The Board of Directors met four times during 2016: January 20; April 10; July 21; and October 16.
THE BOARD OF DIRECTORS

The Board of Directors for 2016 is listed below:
Regular Members: Brad DeSplinter, (President) TPM, Inc.

Cliff Fischer, Wisconsin Precision Casting Corp.
Russ Gallagher, Bescast, Inc.
Frank Lysiak, (Vice President) Kovatch Castings
John Marcin, Pratt & Whitney
Julie Markee, Key Process Innovations
Tim Sullivan, Hitchiner Manufacturing
Al Torok, Precision Propeller Industries, Inc.
Ty Ueland, SeaCast, Inc.
Affiliate Members: Michael Hendricks, (Past President) Ransom & Randolph

Doug Neece, Cleveland Tool and Machine, Inc.
Nip Singh, S&A Consulting Group LLP
Institute Counsel: Michael K. Breen, Esq.

Price, Meese, Schulman & D’Arminio
Institute Auditors: Bernard Gingras, CPA

Executive Director: Joseph E. Fritz
INSTITUTE OFFICERS FOR 2016:

Brad DeSplinter (President) – TPM, Inc.
Mike Hendricks (Past President) – Ransom & Randolph
Frank Lysiak (Vice President) – Kovatch Castings
Academic Advisor: Russ Rosmait – Pittsburg State University

Membership:
The following companies were admitted as new members of the Institute during 2016:
Regular Members:
Barron Industries, Inc. Materion Ti Squared Technologies
Skat–Trak Inc. TiAL Cast Corp.
Affiliate Members:
BASF ELG Utica Alloys, Inc. Engineered Alloys, LLC.
Evonik Corporation ForceBeyond, Inc. Foseco
Great Lakes Minerals, LLC. Hoosier Pattern, Inc. South Coast Mold, Inc.
Associate Members:
Bhumika Alloy Castings Ltd. DEL Technologies, Inc. Foseco International Ltd.
Hayakawa USA Corporation I Casting Solutions Technologies LLC. Lianyungang Hanming Trade Co.
Liaoning Hang’an Special Casting Materials Co., Ltd. President Co., Ltd.
Rudra Casting Private Limited Saffroshine Organics Pvt. Ltd.
Shandong Younghe Precise Metals Co., Ltd. Siddha Laxmi Engineering Ind.
Sun Precisoncast Pvt. Ltd.
Resignations & Terminations:
The resignations of the following companies are noted with regret:
Regular Members:
IBC Engineered Materials Corp. Net Shapes, Inc. Post Precision Castings Inc.
Affiliate Members:
Almatis, Inc. Berg Compliance Solutions, LLC. Brookfield Engineering
Designed Alloy Products, Inc. Transzact, Inc.
Associate Members:
ELG Utica Alloys Ltd. (ABS)
INSTITUTE COMMITTEES FOR 2016:
*EXECUTIVE COMMITTEE
Brad DeSplinter – Frank Lysiak - Mike Hendricks
*A UDIT C OMMITTEE
Brad DeSplinter - Frank Lysiak - Mike Hendricks
* AWARDS COMMITTEE
Tim Sullivan – Chairman
Casting Subcommittee
Joseph Fritz – Lead
Intern Scholarship Subcommittee
Russ Rosmait – Lead
Innovator of the Year Subcommittee
Frank Lysiak – Lead
Honorary Member Subcommittee
Nip Singh – Lead
Hall of Honor Subcommittee
Tim Sullivan - Lead
*EDUCATION COMMITTEE
Nip Singh - Grayce Albanese - Joseph Fritz - Perry Harvey - Russell Rosmait - Doug Neece
Mike Perry - Jeff Rich
*GOVERNMENT AFFAIRS COMMITTEE

Jerry Donohue - Joseph Fritz - Tina Joseff - John Paraszczak - Stephanie Salmon
*MARKETING COMMITTEE
Jenny Gladczak - Erin Almaleh - Nora D’Ambra - Dean Kirschner – Cara Lynch - Mark Rabens - Nip Singh
*MEMBERSHIP COMMITTEE
Doug Neece - Nora D’Ambra - Jerry Donohue - Phil Geers - Tina Joseff – Eric Rodriguez - Geoff Stoll
*PROGRAM COMMITTEE
Cliff Fischer – Grayce Albanese - Joseph Fritz - Jeff Lantz - Frank Lysiak - Doug Neece - Tim Sullivan
Al Torok
*PUBLICATIONS COMMITTEE
Julie Markee – Noor Alam - Erin Almaleh - Matt Cavins - Naum Cherepakhov - Barry Dahlin - Wayne
Gayford - Manuel Guerra - Mike Hendricks - Mark Oles - Christopher O’Rourke - Sean Weir - Al Torok
*TECHNICAL COMMITTEE
John Marcin – Len Ceriotti - Joseph Fritz - Mike Hendricks - Frank Lysiak - Doug Neece – Victor Okhuysen
Nip Singh - Al Torok - Bob Voigt
EDUCATION AND TRAINING

The ICI's sixteenth Certification Course was held on June 1 - June 9, 2016. There was a total of 29 Regular and
Affiliate members.
PROCESS CONTROL COURSE
The ICI’s seventh investment casting Process Control Course was held on August 16 - August 17, 2016 in Kalamazoo,
MI. There was a total of 18 Regular and Affiliate members.
HUMAN RESOURCE DEVELOPMENT

The Investment Casting Institute continues to support the Foundry Educational Foundation through participation at its
annual College Industry Conference as well as carrying the FEF’s advertising in INCAST Magazine. The ICI also took
an active role at university job fairs and through direct promotion of careers in the investment casting industry to high
school students. Currently, the Institute is profiling Member Universities to better assess opportunities for
collaborative efforts.
GOVERNMENT RELATIONS PROGRAMS

The Institute continues to participate in Government Affairs activities in concert with AFS. Members are regularly
notified of regulatory and legislative activities of interest through INCAST Magazine, social media and email.
M ARKETI NG C OM M I TTEE
The Marketing Committee has been working with the ICI to redesign its’ website and develop promotional materials to
support HR development and new Member recruitment.
SPRING MANAGEMENT MEETING (APRIL 10 - 13)

The 2016 Spring Management Meeting was held at Loews Ventana Canyon, Tucson, Arizona. The total attendance
was 107.
63RD ANNUAL TECHNICAL CONFERENCE & EXPO (OCTOBER 16 - 19)

The 63rd Annual Technical Conference & Expo was held at the Hyatt Regency Columbus in Columbus, OH. There
were a total of 678 delegates, exhibitors, and show visitors in attendance.
INDUSTRY PROMOTION
The Institute continues to promote the industry through various exhibitions.
In 2016, the Institute exhibited at Atlantic Design & Manufacturing at Jacob Javits in New York, NY. Business
leads generated by this activity were circulated to Regular Members for follow up.
The Institute held its annual casting contest (in conjunction with The 63rd Annual Technical Conference & Expo).
Winning entries were selected in Aerospace, Automotive, Commercial, International, Industrial, Fine Art and
Defense market segments. All finalist castings were featured in INCAST Magazine and several other metal
working publications and social media.
INTERN SCHOLARSHIP PROGRAM

The Institute presented six Intern Scholarships to students at the ICI Technical Conference in October. The Institute
will once again award several scholarships in 2017.
ANNUAL MEMBERSHIP DUES

Membership dues for 2017 will remain at the 2014 level.
AUDITOR
The Board elected to re-appoint Bernie Gingras of Murphy, Miller & Baglieri, LLP as the Institute's
Auditor for 2017.
GENERAL COUNSEL
The Board elected to re-appoint Michael Breen of Price, Meese, Shulman & D’Arminio as the Institute’s
General Counsel for 2017.
A COPY OF THE INVESTMENT CASTING INSTITUTE AND SUBSIDIARY

FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016, IS
AVAILABLE TO MEMBERS UPON RECEIPT OF A WRITTEN REQUEST
SENT TO THE INSTITUTE OFFICE.
PRESENTATIONS
2016 Business Summary
Joseph E. Fritz
ICI Spring Management Meeting

Joseph E. Fritz
Executive Director
Business Summary 1
This perspective of the investment casting industry is based on

survey responses received from North American foundries.
The contents of this Report, including any figures related to
projections, estimates, anticipated data, or future trends, are
based on survey responses, not the opinion of the Institute, and
are not necessarily representative of the investment casting
industry or the membership of the Institute.
The Institute does not make any recommendations or
suggestions, or express any opinion, on this Report or the
contents hereof.
Neither the Institute nor its officers accept any legal
responsibility for information, advice given or opinions
expressed.
Business Summary 2
“How’s Business?”
Business Summary 3
2016 Business Summary - “How’s Business?”
“How’s Business?” report – data collected as of March 27, 2017
18 reporting North American companies
Each company did not respond to every question
22% of Regular Members
Presentation of averages of data collected
Final report issued April 6, 2017

53 page report
Features 101 charts detailing participant responses
Full report only available to participants
Business Summary 4
How’s Business Summary
Accounts Receivable Collections & Terms
AverageDaysCollections EarlyPaymentDiscounts
70
12
NumberofCompaniesReporting
60 10
10
50
8
40
Days
6
30
4 3
20
2
10 2 1 1
0 0
0 0
DiscountRate
2013 2014 2015 2016
CustomerPaymentTerms Top5CustomerPaymentTerms
18 16 40 36
16 35
NumberofCustomers
14 12 30
11 26
12
25
10
7 20 17
8
15
6 4
4 10
2 1 5 2
0
0 0
30 45 60 75 90 >90 30 45 60 75 90
Days Days
Customersslowertopaythaninpastyears Business Summary 5

Labor
AverageWageIncrease AverageSalaryIncrease
3.50% 3.50%
3.00% 3.00%
2.50% 2.50%
SalaryIncrease%
WageIncrease%
2.00% 2.00%
1.50% 1.50%
1.00% 1.00%
0.50% 0.50%
0.00% 0.00%
2013 2014 2015 2016 2017F 2013 2014 2015 2016 2017F
2016WageandSalarygrowthlowestin
recentyears
Business Summary 6
Change in Personnel
Hourly Salary
6% 7%
4% 6%
ChangeinEmploymentLevel
5%
2%
4%
0% 3%
Ͳ2% 2%
1%
Ͳ4%
0%
Ͳ6% Ͳ1%
Ͳ8% Ͳ2%
2013 2014 2015 2016 2013 2014 2015 2016
AllPersonnel
4%
3%
2%
1%
Ͳ1%
Ͳ2%
Ͳ3%
Ͳ4%
Ͳ5%
Ͳ6%
Ͳ7%
2013 2014 2015 2016
Foundriesareplanningforgrowth Business Summary 7

Average Monthly Sales per Equivalent Employee
Casting&Tooling CastingsOnly
$16,000 $16,000
AverageMonthlySales/Equivalent
AverageMonthlySales/Equivalent
$14,000 $14,000
$12,000 $12,000
$10,000 $10,000
Employee
Employee
$8,000 $8,000
$6,000 $6,000
$4,000 $4,000
$2,000 $2,000
$0 $0
2013 2014 2015 2016 2013 2014 2015 2016
Nonotablechangeinefficiencyfrom2015
Business Summary 8
Workers’ Compensation
YOYCostIncrease Costasa%ofSales
20% 3.5%
3.0%
15%
2.5%
Percentage
Percentage
10% 2.0%
5% 1.5%
1.0%
0%
0.5%
Ͳ5% 0.0%
2013 2014 2015 2016 2013 2014 2015 2016
AverageLostDaysDuetoInjury
120
100
80
Days
60
40
20
0
2013 2014 2015 2016
2016sawfewerinjuriesrequiringlongtermrecovery Business Summary 9

Health Insurance
YOYCostIncrease Costasa%ofSales
9% 4.5%
8% 4.0%
7% 3.5%
6% 3.0%
Percentage
Percentage
5% 2.5%
4% 2.0%
3% 1.5%
2% 1.0%
1% 0.5%
0% 0.0%
2013 2014 2015 2016 2017F 2013 2014 2015 2016 2017F
Healthcarecostsarestillontherise,but
theyarenotgrowingasquicklyassales
Business Summary 10
Inventory – Average Annual Turns
TotalInventory WIPInventory
8 20
7 18
16
6
14
5 12
Turns
Turns
4 10
3 8
6
2
4
1 2
0 0
2013 2014 2015 2016 2013 2014 2015 2016
Inventoryturnsshowingdecline
Business Summary 11

Work in Progress
WIPasPercentageofSales WIPasPercentageofMfg.Cost
10% 16%
9% 14%
8%
12%
7%
10%
Percentage
Percentage
6%
5% 8%
4% 6%
3%
4%
2%
1% 2%
0% 0%
2013 2014 2015 2016 2013 2014 2015 2016
CapacityUtilization AverageCycleTime– WaxtoShip

72% 40
70% 35
68% 30
66%
25
Percentage
64%
Days
20
62%
15
60%
58% 10
56% 5
54% 0
2013 2014 2015 2016 2013 2014 2015 2016
Trendsareindicativeofasoftyear Business Summary 12

Delivery Performance
OnTimeDelivery
100%
95%
90%
Percentage
85%
80%
75%
70%
2013 2014 2015 2016
2016OTDperformanceattraditionallevels
Business Summary 13

Quality
Scrapasa%ofNetSales ScrapCastings
9.0% asa%ofCastingsShipped
8.8%
9%
8.6% 8%
8.4% 7%
Percentage
8.2% 6%
Percentage
8.0% 5%
4%
7.8%
3%
7.6% 2%
7.4% 1%
7.2% 0%
2013 2014 2015 2016 2013 2014 2015 2016
SalesReturnsasa%of
NetSales
1.25%
1.00%
Percentage
0.75%
0.50%
0.25%
0.00%
2013 2014 2015 2016
Concernovergrowthinescapes Business Summary 14

Quality – Top Reasons for Scrap
ReasonsforScrap
16 15
14
12
12
10
CompaniesReporting
10 9
Numberof
6 5 5
4
4
2 2
2 1 1
Processimprovement,betterprocesscontrolsand
trainingarekeyareastobeaddressed Business Summary 15

Aerospace Sales
YOYSalesGrowthRate YOYToolingSalesGrowthRate
40% 6%
35% 4%
30% 2%
25% 0%
Percentage
Ͳ2%
20%
Percentage
Ͳ4%
15%
Ͳ6%
10%
Ͳ8%
5%
Ͳ10%
0% Ͳ12%
Ͳ5% 2013 2014 2015 2016 2017F
Ͳ14%
Ͳ10% 2013 2014 2015 2016
2016sawminordecline,butAerospace
productionatnearrecordlevels
Optimisticoutlookfor2017
Business Summary 16
IGT Sales
INSUFFICIENT DATA COLLECTED
Business Summary 17

Commercial Sales
YOYSalesGrowthRate YOYToolingSalesGrowthRate
60% 10%
50% 5%
0%
40%
Ͳ5%
Percentage
Percentage
30%
Ͳ10%
20%
Ͳ15%
10%
Ͳ20%
0% Ͳ25%
Ͳ10% Ͳ30%
2013 2014 2015 2016 2017F 2013 2014 2015 2016
2016sawcontractioninCommercialsector
Optimisticoutlookfor2017
Business Summary 18
Sales
AverageQuoteLeadTime NewPartQuotationAwardRate
9.25 18%
16%
9.00
14%
8.75 12%
Percentage
10%
Days
8.50
8%
8.25 6%
4%
8.00
2%
7.75 0%
2013 2014 2015 2016 2013 2014 2015 2016
AverageLeadTime
8.75
8.50
8.25
8.00
7.75
Weeks
7.50
7.25
7.00
6.75
6.50
2013 2014 2015 2016
AverageQuoteLeadTimeimproving;AwardRateisoff Business Summary 19

Capital Expenditure
TotalCapitalExpendituresasaPercentageofSales
10%
9%
8%
7%
6%
Percent
5%
4%
3%
2%
1%
0%
2013 2014 2015 2016 2017F
Reinvestmentinthebusinesshasbeengrowing
Business Summary 20
Foreign Competition
61% of the survey respondents are concerned over foreign

competition
Respondent concerns
Lower labor costs abroad
Exchange rates, though improving are still unfavorable
Adoption of protectionist policies may result in retaliation
Respondents unconcerned cite:
Niche strategies are working
Customer has better understanding of domestic costs
Business Summary 21

Business Outlook
BusinessOutlookͲ PrimaryInternalConcerns
14
12
12
10
10
8
7
6
5 5
4
4
3
2 2
2
Finding,TrainingandRetainingTalentis
growingexceedinglydifficult
Business Summary 22
Business Outlook
BusinessOutlookͲ PrimaryExternalConcerns
14
13
12
10
10
9
8
7
6
5
4
3
Domesticconcernshavetakenprecedence
overforeigncompetition
Business Summary 23
Leadership & Accountability When It
Matters
Commander Kirk Lippold

Leadership & Accountability When It Matters
Presented By:
Commander Kirk Lippold

Keppler Speakers
Kelly Skibbie - Contact
Phone: 703/516-4000
E-mail: kskibbie@kepplerspeakers.com
2017: Labor & Employment in For
Major Transition
Rick Alaniz
John Cruickshank
Alaniz-Schraeder
2017: Labor & Employment in for Major
Transition
Presentedby:JohnCruickshank
Table of Contents
ɵ TheTransitionDefined
ɵ KeepinganEyeontheStates
ɵ 21st CenturyLaborRelations
ɵ ALongerTermLaborOutlook
ɵ BestPracticesTop10
ɵ HiringforHR
ɵ Miscellaneous
The Transition Defined
Asacountry,
weswallowed
theredpill.
Table ofWeContents
Where Were
ɵ Forthelast8years,weoperatedinaclimateof
regulatorygotcha
ɵ Regulatoryagenciesactivelysoughttoidentifytechnical
ruleviolationsinordertoassesspenaltiesandfines
– Andgeneratemediaattention
ɵ Tomakeitevenmoredifficult,theagenciesrepeatedly
changedtheguidanceortherulesandthenpromptly
institutedenforcement
– Thiswasespeciallytrueforwageandhour
Table ofWeContents
Where Are Going
ɵ Thepaceofnewrulemakingchangewillslow
enormously/halt
ɵ Manyproposedorrecentlyenactedruleswillbe
scrapped
– WhiteCollarsalarybasistest
– JointEmployertest
– BlacklistingRule
– PersuaderRule
– EnhancedEEOͲ1ReportingObligations PresidentTrumppromised
– AffordableCareAct torollbackregulations.He
ɵ Butthatwilltakeseveralyears willhaveplentytochoose
from.
Table Does
What of Contents
that Mean for Right Now?
ɵ Forseveralyears,wecanexpectdramatically
scaledbackfederalregulatoryenforcementand
expansion.
ɵ Thatmakesthenext18monthsanideal
opportunitytoexperimentwithlaborand
operationalchangesinpreparationforthereal
challengestocome.
– What’stherealchallenge? Breathingspace.
– Stayingaliveagainstyourcompetition.
Table
So Nothing
of Contents
More to Worry About?
Keeping an Eye on The States
PartyControlofState
Legislatures
State Agency Activities
ɵ Ifyouliveinabluestate,expectyourstateagencies
tobeevenmoreaggressiveoverthenextfewyears
ɵ Manyofthemareabletogeneraterevenuefortheir
agenciesthroughenforcementactivities
Seeanyone
ɵ Andmanystatesalreadyhavelittleknown yourecognize?
employmentstatutesonthebooksthattheycan
surpriseyouwith
– InOregon,itisillegalforanemployeeina
manufacturingfacilitytoworkmorethan13
hoursperday
.
How Are You Affected?
ɵ Directly
– EEs making minimum wage will get raises
– Who else will get a bump?
– Fewer applicants unless you increase wage
rates to pay more than Starbucks
ɵ Indirectly
– What about your suppliers & distributors?
– Can they afford the increases?
Sureits$2lessperhourbutits
– When they are affected, how are you
affected? climatecomfortableandthe
coffeeisfree.
Also Think About
ɵ Hourly contribution rates (Pension/H&W)
ɵ Unemployment Insurance Costs
ɵ PTO now more expensive

Theriseofthe
machines?Orare
theyalreadyarisen?
Final Thoughts on the Minimum Wage
And Coming Next, Paid Sick Leave

California,Connecticut,Massachusetts,Oregon,
andVermonthavestatewidepaidsickleavelaws.
Arizona’sandWashington’spaidsickleavelaws
begininJuly2017andJanuary2018.
ɵ Approximately20citieshaveenactedpaidsick
leaveordinances.
California Labor Update
ɵ PayEquity(A.B.168)
– Wouldbanemployersfromaskingabout
salaryhistory
ɵ OpportunitytoWorkBill(A.B.5)
– Offeradditionalhoursofworktoanexisting
nonexemptemployeebeforehiringan
additionalemployeeorsubcontractor.
– SanFranciscocityordinanceapplicableto
certainlargeretailersandtheCityofSan
Jose'sMeasureE—the"Opportunityto
Work“
California Labor Update

ɵ FamilyLeave(S.B.62)
– Wouldallowanemployeetotakeleaveformore
individualsincludingchildrenofadomestic
partnerandwouldremoveageanddependent
status.
ɵ ParentalLeave(S.B.63)
– Employeeswith20Ͳ49employersina75mile
radiuswouldhavetoprovideeligiblemaleand
femaleemployeeswithupto12weeksofjob
protectedbabyͲbondingleave.
ɵ SanFranciscoenactedapaidsickleaverulethatwill
applytoemployerswith
– 50+employeesin2017
– 35+employeesafterJuly1,2017
– 20+employeesafterJanuary1,2018
Oregon Labor Update
ɵ Employees“employedin”mills,factories,and
manufacturingestablishmentsmustbepaidat
oneandoneͲhalftimestheemployee’sregular
rateofpayforhoursworkedinexcessof10in
anydayandanyhoursinexcessof40hoursper
week.
ɵ Changedbecauseofalawsuitfiledonbehalfof
workersatabakery.
ɵ Courtruledagainstplaintiffsandsaidthatthey
werenotentitledtobothformsofovertime.
ɵ Therewillbeapossibleappeal
Washington Labor Update

ɵ PaidSickLeaveLaweffectiveJanuary1,2018
– 1hourforevery40worked
– Beginstoaccrueonthe1st dayofemployment
– Canuseaftertheir90th dayofemployment
– Usedforillness,injury,orhealthcondition;
Family’sillness,injury,orhealthcondition;
domesticviolence;orclosetheirchild’sschoolor
placeofbusinessforahealthrelatedreason
ɵ Newminimumwageincreases
– $11.50inJanuary2018
– $12inJanuary2019
– $13.50inJanuary2020
21st Century Labor Relations
ThePresident
meetingwithunion
leadersonDay1.
A Day Without Immigrants

Onlyhadaminorimpactbuttherewillbemoreofthis
typeofconcertedactivity
ɵ Anemployer’srights
– TheruleisthatanERmayprohibittheexpressionof
politicalspeechintheworkplace,unlessitpertainsto
termsandconditionsofemployment
– Thisincludeswalkingoffthejob
ɵ Therefore,ifEEswalkoffthejobtoprotestsomething Sheisfreetosaythatinpublic
nonͲworkrelated,youcanfirethem
spaces.Butnotinprivateones.
– Whetheryoushouldisamorenuancedquestion
Trends in Modern Union Organizing
ɵ Organizedlabor(UFCW,Teamsters,etc.)continuestoslowly
deteriorate
ɵ Moreunioncampaignsare“homegrown”ratherthandriven
byanoutsidelaborunion
– AloteasierwithmicroͲunits
– Millennialshaveprovenespeciallyadeptatorganizing
themselves(oftenoverSocialMedia)
– Petitionscannowbesignedonline(nocardneeded)
ɵ Recenthighprofileunionefforts(thatmadethenews):
– UberinCalifornia Hey,there’sanappforthat!
– WeWork inNewYork
– BoeinginSouthCarolina
– NissaninMississippi
Characteristics of a Vulnerable Employer

ɵ Breakingpromisestotheemployees
ɵ Recentlyundergoingamajorlayoff/cuttinghours
ɵ Announcingafull/partialsaletoaprivateequity
firm
ɵ Agreenfieldfacility
– Especiallyinahistoricallyunionarea
ɵ EEsfeeltheirgrievances/ideasarebeingignored
– Especiallytrueformillennials
Tactical Recommendations for Long Term
Union Avoidance
ɵ UseTownHalls
– Directcommunicationsb/whourlyEEsand
management
– GivingpraiseandrecognitionforEEaccomplishments
– ShowingrespectandhavingaplatformforEEideas
ɵ ***PlantManagershouldregularlywalkthefloorand
talktoEEs***
ɵ SalarySurveys– “yougetagoodwageforthearea”
ɵ SupervisorTraining Thewinningpercentageforunion
– No,notTIPS.Recognitionoforganizingactivityand campaignsyoudon’thave.
propermessaging.
ɵ Prompt&TailoredAntiͲCampaigns
ɵ DON’TRushtoFirePeopleforconcertedactivity
A Long Term Labor Outlook

Long Term Projection is Hard
ɵ Start with acknowledging things you can’t change
ɵ Draw some strategic conclusions
ɵ Making some tactical recommendations
Likewalkinginto
fog.
Things We Cannot Change: Low Wage Labor

Costs More than Ever
ɵ The cost of labor is increasing (duh). But proportionally, no
where is that increase greater than in low wage labor.
ɵ That’s what increasing the minimum wage does.
ɵ And why economists argue it hurts the poor the most.
ɵ Then add the costs from ACA mandated health insurance,
unemployment premiums, workers’ comp, and employment
litigation.
ɵ Conclusion: low wage labor is becoming less economically
efficient. Moremoneyforthe
samework.Whatcould
possiblygowrong?
Things We Cannot Change: Retention is Our
Biggest Operational Challenge
ɵ Open industry secret: everyone is
giving/considering wage increases right now.
ɵ Have to. You can’t keep people.
ɵ How many times last year did staffing shortages
affect production?
ɵ How many meetings have you had on retention?
ɵ How much has changed?
Higherwagesandlesspeople
working.Whataretheydoing?
Things You Cannot Change: Innovation is

Accelerating
ɵ Labor saving devices in are nothing new but they are
becoming more widespread and disruptive
ɵ Machines can do the jobs of five employees

- Seems ideal but what new problems does that
create?
Ilooksoeasy
tooperate.
The Fundamental Shift in our Labor Needs
Question: What jobs are we hiring for?
Yesterday. Tomorrow?Ortoday?
What Jobs are You Hiring for?

ɵ Foundry Personnel Melters? Manual Machinist?
ɵ Or Machine Operator? Quality Assurance?

Maintenance/Refrigeration?
ɵ Those are fundamentally different jobs categories
ɵ The skills required are different. And the value added is

substantially more. Ilooksoeasyto
ɵ Since one employee with a machine is now doing the operate.ButifI
work of five employees. breakdown…
Targeted Hiring
ɵ Where do you find most of your employees?
– Word of mouth?
– Temp Agencies?
– Community
ɵ What do you know about your employees?
– Are a lot of them from the same town?
– Immigrants?
– Graduates of a certain high school?
ɵ Once you know where your workforce comes
from you can adjust where you recruit?
Your Workforce and Culture

ɵ Approximately 30% of workers are dissatisfied
with their jobs.
ɵ 33% of U.S. employees in 2016 were engaged,
51% were not engaged and 16% were actively
disengaged.
ɵ How do you engage your workforce? Is it
working?
– Encourage employee innovation &
ownership
– Grant more control to employees
Strategic Conclusion
Maybe we aren’t such a low wage work force anymore…
Maybe we need to acknowledge that our industry is

transitioning (rapidly) to a higher skilled, higher wage work
force…
And retention is still lousy…
If You Aren’t Transitioning…

ɵ You are continuing to load up on low
wage, low skilled labor
ɵ Which we already identified as the least

economically efficient when minimum
wages increase
ɵ And when your skilled EEs start jumping

to your competitor… Dinosaurs&tarpits.
Tactical Discussion: Retention
Ifsomeoneisonlydoing
somethingformoney,retention
willbelousy.
Why is Retention Lousy?

ɵ Admittedly, there are many reasons.
ɵ Higher overtime, cold/hot working environment,
physical demands of the job, etc.
ɵ But one over looked reason has already been suggested
ɵ Imagine you are working and you’ve already seen 8% of

the jobs replaced by a machine.
Itisn’tjustGod’s
ɵ What are you going to conclude from that? handthatleavesa
ɵ Obviously, that your job isn’t long for this world. writingonthewall.
Being Replaced by Robots
Source:CNN&OxfordUniversity.
Career Path v. Replaced by a Machine

ɵ So how long does an employee want to stay working a job
that will be replaced by machine within 4 years
ɵ To stay, they need to believe…

ɵ That they won’t be replaced when that machine is
purchased
ɵ That instead of being down-sized, they’ll be operating
that machine
ɵ And that they will be making more money for it
CantheTͲ1000
reallybethatfar
ɵ That’s the difference between career path and job
behind?
Cross Training - #1 Recommendation
ɵ The easiest way to both Do More with Less & Improve Retention
ɵ Helps you identify new leaders and promotions candidates
ɵ Most younger workers expect to be learning new skills, they
don’t want to stagnate
ɵ Moves employees around so they form new relationships and
friendships
ɵ Stagnation is when the same five employees are doing the exact
same jobs together in the same department for five years
– See also: risk of bullying
ɵ Improves motivation and morale
Adds Robustness to the Overall Work Force

ɵ How many irreplaceable employees do you have?
ɵ Especially in production, but even generally?
ɵ Even one is too many.

– You should never have irreplaceable EEs
ɵ If only one EE knows how to operate a machine, that’s

bad management
Nevertoomuch
– Always have redundancy. There has to be a “next ofagoodthing.
man/woman up”
Reward with Wage Adjustments
ɵ So how do you encourage cross training?
ɵ Wage adjustments.
ɵ Employees with multiple skill sets are more

valuable. And they should be paid more.
ɵ Tying direct wage adjustments to expanded job

skills is the easiest way to do that.
ɵ And then the highest performers get those Andstartcallingita
jobs when they become available. careerpath.
Consider Micro-Wage Increases

ɵ Think about how you structure your wage increases
ɵ No debate that wage increases improve worker morale and

motivation
ɵ But research suggests that this effect is transitory (short-
lived)
ɵ Giving employees more frequent but smaller increases has a

greater overall increase in productivity
Stillastrueasever.
ɵ Even when the total amount of the increase remains the
same
And Don’t Forget Working Conditions
ɵ Working conditions, not pay, continues to be the
biggest complaint we hear from EEs
ɵ Frequent complaints that cause Retention problems:

ɵ Bullying
ɵ A lot goes on back there that you never see
ɵ Pay attention to the Leads especially
AssumeyourEEsare
ɵ And women on women bullying
afraidtocomeforward.
ɵ Nepotism/Favoritism That’swhynothingis
ɵ Especially in scheduling and promotions reported.
Thoughts on Culture Matters

ɵ Culture comes from the Bottom Up, not the Top Down
ɵ Solicit EE feedback as often as you can

ɵ Especially about supervisors
ɵ Learning about problematic supervisors and taking
action (additional training) will do more to improve Ifyouaren’tgettinggood
retention than $1.50/hour wage increases ideasfromyourpeople,
ɵ Management taking action on legitimate EE youaren’tdoingitright.
concerns is the single best way to improve morale Andyouprobablyaren’t
and retention doingmorewithless.
Best Practices Top 5
#10 – Use Arbitration Agreements with

Class Action Waivers
ɵ A lot of you in this room have already benefited from
the waivers
– If you got hit with a class action and were able to
get out of it using these waivers
ɵ If you don’t have them, be aware that the Supreme

Court is taking a look at their validity in the Ernest &
Young case.
– If Neil Gorsuch is confirmed, it is likely they will Kryptonitetoa
be upheld.
plaintiffs’lawyer
Table– ofMore
#9 Contents
Use of Employment Agreements
ɵ TheBasics:
– NonͲcompetes,NoSolicitationof
Customers,Confidentiality,etc.
ɵ Advanced:
– Addressretentionissuesinkey
positionswithrenewableemployment
contracts
– TradejobsecurityforEEloyalty
– Establishclearperformancemetrics
withbonusestiedtooutcomes
#8 – Don’t Overload the Trucks

ɵ Hypothetical:
One of your drivers comes to you with a ticket for an

overloaded truck.
You ask: why did you have an overloaded truck?
The driver responds: I always have an overloaded
truck.
You bring the Shipping Manager in and he confirms:
you are consistently running overloaded trucks. Whatcouldpossiblygo
What do you do? wrong?
#8 - Over Loaded Trucks
ɵ Instruct them both in writing that company
policy prohibits over loading trucks and that
they will be terminated if it happens again
ɵ Over loading trucks is a form of negligent

vehicle entrustment
ɵ If your over loaded truck is involved in an

Itsallfunandgamesuntil
accident, punitive damages against the
company will be very likely. somebodysues.Thenits
impossibletodefend.
#6 – Beware of Anti-Competitive Behavior

ɵ DOJplanstotakecriminalactionagainstnaked
wageͲfixingornoͲpoachingagreements.
ɵ WageͲfixing:whenyouandyourneighbor
discussmutualwageratesinordertokeepwage
ratesdown
ɵ NoͲpoachingagreements
“Let’sallagree.Noonepaysmore
than$11.50/hour.”
ɵ OtherAntiͲcompetitivebehavior
#4 - Hours of Service for Drivers
ɵ Maydriveamaximumof11hours after10
consecutivehoursoffduty
ɵ Maynotdrivebeyondthe14thconsecutivehourafter
comingonduty,following10consecutivehoursoff
duty
– OffͲdutytimedoesnotextendthe14Ͳhourperiod
ɵ Maynotdriveafter60/70hoursondutyin7/8
consecutivedays
– Adrivermayrestarta7/8consecutivedayperiod
aftertaking34ormoreconsecutivehoursoffduty
ɵ Also– bewarestates(likeCalifornia)thatrequire Especiallyaproblemfordriverswho
specialrestperiodcompensationforpiecerate
drivers(bythemile) youpaybytheloadorbythemile.
#2 – Don’t Forget to Adjust Overtime

ɵ The Low Hanging fruit of Wage and Hour
liability
ɵ Attendance bonuses, Safety “raffles,”

Production bonuses, etc.
ɵ You must recalculate their Regular Rate of

pay for overtime purposes
#1 - Don’t Misclassify Sales Employees
ɵ OutsideSales
– Primarydutymustbemakingsales;and
– Theemployeemustusuallyworkawayfrom
theemployer’splaceorplacesofbusiness.
ɵ Somestate’srequiremorethan50%time
ɵ InsideSales
– Workattheoffice
ɵ IndependentContractor
– AretheyanLLC?
– Dotheysettheirownschedule? .
Heshouldhavesaid“alwaysbe
– Cantheyworkforothercompanies? classifying”
Hiring for HR
Shouldbeeasy
right?
One of the Most Important Hiring Decisions
ɵ Oneofthemostchallenginghires
– Needtobuildaculturethatleads(notmanages)
yourworkplace
– Theyenforcetheworkplacerules,investigate
sensitivematters,andareresponsibleforavoiding
costlylawsuits
– Involvedinmostoftherestofyourhiring
– Abadhirewillcostyoumoney,exposeyouto
lawsuits,andmaygiveyouaunionsurprise Wealllookgoodonpaper,
– Andtheyknowwherealltheskeletonsareburied interviewwell,andareSHRM
whichisreallyawkwardifyouhavetofirethem certified.
What to Look for in an HR Representative

ɵ Notajobhopper
ɵ Hungerforknowledge
ɵ Humility
ɵ Teambuilder
ɵ Likestospendtimeontheplantfloor
ɵ Understandstheimportanceoflocal
managementandemployeerelations
ɵ OpentocriticismandselfͲgrowth
What Else to Look For
ɵ Leadership,notmanagement
ɵ Focusontalentdevelopment.Internalover
external
ɵ Comfortablewithbigdata
ɵ Strategicvisionoflaborsolutions
– Puttingemployeeswheretheybelong
– Praiseinpublic,criticizeinprivate
ɵ GenerationalIssues
– Harnessingcreativeenergy
– Givesfeedbackandappreciation
HR Hiring Red Flags

ɵ Backstabbing
ɵ Gossip
ɵ “I’mamultiͲtasker”
ɵ Prefersboardmeetingsandthecorporateoffice
overtheplantfloor
ɵ Solutiontoeveryproblem:fireandhirefrom
outside
ɵ Lackofempathy
– HRshouldarguefortheemployee,notagainst
– Otherwise=Unionorclassactionlawsuit
Miscellaneous
Mental Health
ɵ EEOCreleasednewmaterialsinDecember
ɵ Youcannotfiresomeonebecauseoftheir
mentalhealthconditions
– Anemployerdoesn'thavetohireorkeeppeopleinjobsthey
can'tperform,oremploypeoplewhoposea"directthreat"to
safety(asignificantriskofsubstantialharmtoselforothers).
– Anemployer cannot relyonmythsorstereotypesaboutyour
mentalhealthcondition
– Inmostsituations,employeescankeeptheirconditionprivate
Addressing Mental Health
ɵ Encourageyouremployeestofeelcomfortable
expressingtheirneeds.Beobservantandtalkwith
youremployees.
ɵ Youneverhaveadutytoaccommodatethreatsor
violence.
ɵ InonecasetheNinthCircuitsaid,“Anessential
functionofalmosteveryjobistheabilityto
appropriatelyhandlestressandinteractwith
others.Andwhileanemployeecanbequalified
despiteadversereactionstostress,heisnot
qualifiedwhenthatstressleadshimtothreatento
killhiscoͲworkersinchillingdetailandonmultiple
occasions(here,atleastfivetimes).”
A Public Service Announcement
HiMark.
Nicephoto.
Eh?Isthat
somethingon
yourlaptop?
Cover the Camera on Your Laptop with
Tape
Targets for Rule Changes (Not Including

Immigration)
ɵ Scrapthejointemployerrule
ɵ Incentiveprogramsdonotaffectovertime
premiums
ɵ Permitincentivesforsafeworkplaces
ɵ Looseningthedutiestestforwhitecollar
exemptions
ɵ Reliefforfederalcontractors
ɵ Upholduseofarbitration&classaction
waiver
THANK YOU! ANY QUESTIONS?
JohnCruickshank
jcruickshank@alanizͲschraeder.com
Copyright2017AlanizSchraederLinkerFarrisMayesL.L.P.Allrightsreserved.Thismaterialmaynotbepublished,broadcast,rewritten,orredistributed.
Integrated Casting Order Network
(ICON)
Jerrod Weaver
Integrated Casting Order Network
(ICON)
Jerrod Weaver

Spring Management Meeting
May 1, 2016
Solicitation Volume
• February 2017
– 451 solicitations distributed
– $6,227,939 in volume
– 241 of the 451 matched based upon material and
process
– 210 of the 451 matched to foundries with existing
tooling
• Contract Award Totals
– 155 contracts worth $1,418,299 in February 2017
– Since July 2015 a total of 1,474 contracts have
been issued to ICON users worth $21,404,481
Objective
• Problem
– Unfilled and unqualified DLA/DoD orders containing cast
components
– Difficult to match bid solicitations with suppliers capable of
manufacturing those items
– Difficult for industry to identify sales opportunities for castings
from DoD/DLA
– Lack of visibility in OEM supply chain makes it hard to secure
replacement components from original sub-vendors
• Objective
– Automate the matching of capable suppliers with DoD
procurement needs
– Develop advanced resources to assist DLA/DoD in hard-to-
procure cast parts acquisition
– Ensure responsive metalcasting supply chain
• Technology
– Integrated Casting Order Network (ICON)
Needs and Benefits
DoD/DLA
– Enable a greater number of metal casters to identify
government/DLA/DoD business opportunities
– Increase the number of responses to open bid
solicitations
– Consolidate multiple resources into a single web
portal, such as supplier directory and tooling locator
– Reduction in component cost, administrative lead
time and production lead time (ALT & PLT)
– Replicable model to link capable industry suppliers to
DoD procurement needs with ability to scale
Needs and Benefits
Industry
– Comprehensive online portal for DoD business
tailored specifically for foundry industry
– Increase the visibility of potential sales opportunities
with DoD/DLA to industry
– Provide solicitations matched to existing tooling in
the foundry storage or in its own supply chain
– Provide solicitations matched to a supplier’s
capability based upon material, process, and
minimum order quantities and minimum order value
– Critical technical support to assist industry suppliers
with becoming vendors to DoD/DLA, leading to
becoming self-sufficient
– Opportunity to be identified as a capable supplier and
readily contacted by DoD/DLA procurement staff
ICON Procurement Flow

ICON Review
View Existing Tooling
Add Tooling to Profile

Email Notification from ICON
Solicitation Inbox
Solicitation Details
Technical Progress
Tooling Locator Results

Update Supplier Capabilities
Success Story
Problem: Procuring high quality, cost-efficient spare parts for DoD weapons systems, particularly legacy
systems, is a challenge for DLA. This can be attributed to factors such as small quantity orders, infrequent
buys, fragmented supply chains, and a diminishing manufacturing base. Furthermore, the administrative
and production lead times (ALT & PLT, respectively) required for these components can be particularly
challenging in allowing the DLA to provide parts on a timely basis to the requesting agencies.
Solution: The Integrated Casting Order
Network (ICON) portal provides casting
suppliers a better method to identify defense
related solicitations for which the supplier
already has tooling, or may have parts in
inventory. This allows suppliers to dramatically
reduce the ALT and PLT for defense related
orders by eliminating tooling development, or
by providing components that are readily
available within the supplier’s existing Aircraft Structural Support Component NSN 1560-01-044-4896
inventory.
Benefits: Reduced the First Article Testing (FAT) lead time by 19%, from 98 to 80 days. Reduced the
Production Lead Time (PLT) 66%, from 126 days to 42 days after FAT approval. It also allowed for a
single source supplier to provide a machined and primed component, simplifying the legacy supply chain
and allowing the vendor to reduce inventory levels at the same time.
“Thank you for working with Solidiform and assisting us with registering with the ICON portal. We
have seen opportunities that we might have missed using other search methods. The most recent
success involved castings we have had in stock since 2010 that we will now machine, prime and
sell for a much greater value added than the casting itself. Plus the inventory relief is an added
benefit. I look forward to working with NFFS as you continue to refine the capabilities of this
worthy program.” - Kevan Todd, Solidiform, Inc.
Additional Information
• ICON Web Portal

– portal.defensecastingresources.com
• Jacob Kornacker
– ICON Program Manager
– jacob@nffs.org
1480 Renaissance Drive, Suite 310
Park Ridge, IL 60068
847/299-0950
http://www.nffs.org
Has the New President Made a
Difference?
Dr. Ken Mayland

ClearView Economics, LLC.
Economic Briefing
Charleston, SC – May 2, 2017
Has the New President

Made a Difference?
Dr. Ken Mayland,
President
www.cvecon.com
Today’s Agenda …
9The current state of the
economy?
9How has the economy tracked
since the election?
9What might the new policies
portend for the economy’s
future?
9The next recession: When???
2
Current State of the Economy …
• Static measure: the February
unemployment rate = 4.7%
• Dynamic measure: payroll job growth has
averaged +209k over the last 3 months
• Retail sales: rising trend (chart)
Best Indicator to Watch…
http://www.dol.gov/ui/data.pdf
4
Conclusion…
… The U.S.
economy is
continuing to
expand, but…
5
… Such Slow Growth!
Remember
…
6
Dissecting Slow Growth …
Sector Contributions to Total Y/Y
GDP Growth, Last 4 Quarters
Gov't
Net Ex
Inventory
Bus Invest
Res Invest
Consumer
GDP
Total GDP
-0.5 0 0.5 1 1.5 2

% 7
Regional Situation: Winners and Losers
8
Tracking the
Economy
Since the Election
The Economy, Since the Election…
2400
S&P 500 Index (EOP)
2350
2300 Stock Prices
2250
2200
2150
2100
2050
2000
Sept Oct Nov Dec Jan 24-Mar
10
Tracking the Economy…
59
Purchasing Managers’ Index
58
57 PMI
56
55
54
53
52
51
50
49
48
Sept Oct Nov Dec Jan Feb
11
108
NFIB Small Business Index
106
104 Sm Business
Confidence
102
100
98
96
94
92
90
88
Sept Oct Nov Dec Jan Feb
12
2.7
“Dr. Copper” ($/lb.)
Price of Copper
2.6
2.5
2.4
2.3
2.2
2.1
2
Sept Oct Nov Dec Jan 24-Mar
13
Economic Impacts
of New Economic
Policies
14
New Policy Directions…
9Personal and corporate tax reforms
and tax cuts
9Import (or border) tax “equalization”
9Infrastructure spending
9Regulatory reforms and
reductions/eliminations
9Obamacare (ACA) repeal/replacement
15
“When will the

next recession
begin?”
16
Last 3 Expansion Durations
¾November 1982 to July 1990: 92
months
¾March 1991 to March 2001: 120
months
¾November 2001 to December 2007: 73
months
¾June 2009 to now: 95 months and

counting
17
When the Last 3 Recessions Began,

What Was Going On in the Economy?
9 Weekly initial claims saw an upsurge of
50k (or more).
9 Total y/y business inventory growth
exceeded total sales growth by about 5
percentage points (or more).
9 The difference between the yield on a
10-year Treasury bond and a 3-month
Treasury bill was zero, or even negative.
(This is called the “slope of the yield
curve.”)
18
How Are We Doing Now?
Weekly Initial Claims…
19

Y/Y Inventory Vs. Sales Growth…
20
10-Yr T-Bond Vs. 3-Mo T-Bill…
21
Conclusions for 2017, and Beyond:

What to Expect…
9 The current recession risk appears very low
9 Cyclically, and NOT taking into account the election
results, business growth appears to be accelerating to
at least a small extent
9 New economic policies, if fully enacted, will likely be
accretive to economic growth prospects, maybe +0.9%
in the short-run and +0.5% in the longer run
9 The domestic economic risk: political gridlock!
9 Foreign economic prospects are looking a bit better
9 A more dangerous world: geopolitical risks
9 A reasonable guess: 2 ½% real growth in 2017, 3 ¼ % in
2018, higher interest rates, and uptrends in price and
wage growth
22
Supplemental Charts…
23
24
25
26
27
28
29
30
31
Q&A
32
Management & Tax Opportunities
Bernard Gingras
Philip Murphy
Accounting for Leases

2017 Spring Management Meeting
May 1 - 2, 2017
Charleston, SC
MMBLLPAccountantsandConsultants 1
AccountingforLeases
•ASC#842– “TheFly”inFinancialStatement
Ointment.
•ComingtoatheaterNEARyoufor2020
–NowyoucanrelaxͲ maybeͲ maybenot
•Comparativestatementsmustbecompliantwiththe
newrulesso…
•2019couldbeyourfirstyear…butwait
•2019youneedtorestateyouropeningbalances
•Yourtargetis2018.
AccountingforLeases
• What’salease– It’sacontractorpartofcontractthatconveysthe
righttocontroltheuseofanidentifiableassetinexchangefor
consideration
• Memorylane– thecurrentstandardforleaseaccounting:
• Capitalleasesvs.operatingleases
• CapitalLeases
– Recordtheassetsandacorrespondingshortandlongtermliabilityonthe
balancesheet
– Depreciatetheassetovertheusefullife
– Reducetheliabilityandprincipleastheleaseisrepaid
– Recordtheimputedinterestexpensebaseontheeffectiveinterestmethod
(normalamortization)
AccountingforLeases
– Whendoesaleasequalifyasa“CapitalLease”?
• Changeofownershipattheendoftheleaseterm
• Bargainpurchasepriceattheendoftheleaseterm
• Theleasetermwasgreaterthan75%oftheuseful
lifeoftheunderlyingassetbeingleased
• Thecostofthepropertybeingleasedwaslessthan
90%ofthepresentvalueoftheminimumlease
payments
AccountingforLeases
– OperatingLeases:
• Expenseleasepaymentsasincurredontheaccrual
methodofaccounting
• Noeffectonthebalancesheet(noassetorliability)
• Providedetailsoffuturerequiredminimumlease
paymentsinafootnotetothefinancialstatements
AccountingforLeases
• Whendoesleasequalifyasan“Operating”
Lease?
– SimpleIfitdoesn’tmeetanyoneofthecriteriato
beacapitallease
AccountingforLeases
• TheNewAccountingStandardsforleases:
• Capitalleases:
– Capitalleasesarenowreferredtoas“Finance
Lease”
– Theywillcontinuetobetreatedinsimilarmanner
asundertheoldrules
– Nice!Nothingtoworryaboutright,ornot.Let’s
see
AccountingforLeases
• OperatingLeases(The“Fly”)
– Operatingleasesthataregreaterthanoneyear
arerequiredto:
• Recorda“RighttoUse”assetbothcurrentandlongͲ
termonthebalancesheet
• RecordaleaseliabilitybothshortandlongͲtermonthe
balancesheetonapresentvaluebasis
• RecordtheleaseexpenseonastraightͲlinebasisonthe
incomestatementassinglecost
• Leaseextensionsandpurchaseoptionshouldbe
includedifreasonablycertain
Accounting for Leases
• CanweavoidthistreatmentunderGAAP?
– StructuredarrangementsͲ aBIG“No”
– ExceptionforsmallTicketassets– Asmaller“NO”
– VariablepaymentssuchasCPIaretreatedas
additionalrentintheyearincurred
AccountingforLeases
• Whatdoesitallmean:
– Mostifnotallleasesarenowrecordedonthe
BalanceSheet
– Theleaseliabilityfortheseleaseswilldramatically
impacttheleverageonthebalancesheet
– Bankcovenantswillneedtoberevisitednow!!
AccountingforLeases
• Whatcanbusinessesdo:
– Easy,getoffofGAAPfinancialaccounting
– ButHow:
• ChooseadifferentframeworkofAccount
– TaxBasis
– CashBasis
– SME’s– SmallandMediumSizeBusinessAccounting
FrameworkestablishedbytheAICPAin2012
– Other
Disclaimer
ƒ The purpose of this article is to provide general
information, rather than advice or opinion. It is
accurate to the best of the authorʼs knowledge as of
the date of publication. Accordingly, this article should
not be viewed as a substitute for the guidance and
recommendations of a retained professional. As
required by the U.S. Treasury Regulations (IRS
Circular 230), we advise you that any tax advice
contained in this article (including any attachments) is
not intended to be used for, and cannot be used for,
the purpose of avoiding penalties under the United
States Federal Tax Laws.
Contact Information
Philip J. Murphy, CPA
Accountants and Consultants
Glen Rock, NJ
pmurphy@mmbllp.biz
The R&D TAX CREDIT
ARE YOU LEAVING
TAX DOLLAR$ ON THE TABLE?

2017 Spring Management Meeting
May 1 - 2, 2017
Charleston, SC
Background/Historical
Perspective
ƒ 1980’s – Code Section 41
ƒ Discovery Test
ƒ Contemporaneous Records
ƒ 2001/2003
ƒ “User friendly” modification
ƒ 2015/2016
ƒPATH Act makes it permanent
Costly Assumptions
ƒ Credits are intended for high-tech research
firms where most people work in white lab
coats.
Partially correct
ƒ Companies that have white lab coats
hanging in the break room typically do
qualify for the credit, but manufacturers
without an R&D department or an
engineering staff can qualify as well.
Costly Assumptions
ƒ Product improvements don’t qualify.

False
ƒ Expenditures that improve a product’s:
ƒ Functionality
ƒ Usability/Quality
ƒ Reliability
ƒ Performance
Costly Assumptions
ƒ Manufacturing process improvements do not
qualify.
False
ƒ Common misconception
ƒ Qualifying activities
ƒ Resources invested in experimental design
improvements to manufacturing equipment
ƒ Changes to existing equipment
ƒ to increase efficiency and output
ƒ to decrease scrap
Costly Assumptions
ƒ Unsuccessful projects do not count
False
ƒ The credit was conceived as an incentive
for U.S. based companies to take on
riskier projects.
ƒ Success cannot come without failure
ƒ Failures can be great examples of
qualified projects.
Costly Assumptions
ƒ Research Scientists’ and engineers’ wages are the
only qualifying salary expense.
False
ƒ Include salary expenses for all contributing staff
members
ƒ Quality control
ƒ Production
ƒ Tooling
ƒ Maintenance
ƒ Include other costs
ƒ Supplies
ƒ Contract research
Project Qualifications
ƒ Elimination of uncertainty
ƒ Process of experimentation
ƒ Technological in nature
ƒ Permitted purpose
Costs Allowed
ƒ Employee time
ƒ Supplies
ƒ Contract Research
Record Keeping 1
ƒ Project authorizations, budgets or work
orders
ƒ Internal authorization policies
ƒ Project summaries, progress reports,
meeting minutes
ƒ Field and lab verification data
ƒ Research credit studies – outside
consultants
ƒ Papers, treatises
MMBLLPAccountantsandConsultants
10
Record Keeping 2
ƒ Complete copies of
ƒ Contracts (including modifications)
ƒ Letter agreements
ƒ Memoranda of understanding
ƒ Documents for research performed by, or on
behalf of, a third party
ƒ Email
ƒ Web site content
Record Keeping 3
ƒ All material regarding a research project,
activities and expenditures.
ƒ Brochures
ƒ Pamphlets
ƒ Press Releases
ƒ Submissions to management, board of directors,
review committees
ƒ Documents including quarterly and annual reports
ƒ Minutes or notes
ƒ Web site content
12
Credit Computation
ƒ Basic Computation
ƒ Current expenditures in excess of base
amount
ƒ Computed on gross revenues and length of time
in business times 20%
Alternative Simplified
Credit
ƒ The excess of current research
expenditures over 50% of the average
qualified research expenditures of the
three (3) preceding years times 14%.
ƒ If not qualified research expenditures in
any one of the preceding three years
then the credit is 6% of current year
qualified research expenditures.
Tax Impact
ƒ Offset against Federal Income taxes

ƒ Payroll tax offset against FICA taxes
ƒ AMT “turn off”
When You Get Home

ƒ What qualifies for the credit?
ƒ Conduct a complete analysis of company
activities
ƒ Think outside the box
ƒ Review project qualifications
ƒ Accumulate expense data.
ƒ Both financial and quasi-financial
ƒ Install new systems and procedures to
facilitate data collection
When You Get Home
ƒ Document information
ƒ IRS is watching for abuses
ƒ Be aware of prepackaged submissions (off
the shelf)
ƒ IRS believes prepackaged submissions
usually lack information relevant to the
specific credit
ƒ Consult with your qualified professional
advisor
17
Disclaimer
ƒ The purpose of this article is to provide general
information, rather than advice or opinion. It is
accurate to the best of the authorʼs knowledge as of
the date of publication. Accordingly, this article should
not be viewed as a substitute for the guidance and
recommendations of a retained professional. As
required by the U.S. Treasury Regulations (IRS
Circular 230), we advise you that any tax advice
contained in this article (including any attachments) is
not intended to be used for, and cannot be used for,
the purpose of avoiding penalties under the United
States Federal Tax Laws.
Contact Information
Bernard R. Gingras, CPA
Accountants and Consultants
Glen Rock, NJ
bgingras@mmbllp.biz
Transition Planning
William R. Nicholson
Now is the Time
to Start Planning
A BUSINESS TRANSITION PROCESS
Q: What percentage of business

owners consider themselves
satisfied one year after the sale
of their company?
A: 25% satisfied – 75% said the sale

“Unlesscommitmentis did not meet their personal
made,thereareonly objectives...
promisesandhopes;
butnoplans.”
ͲPeterF.Drucker Why?
2
Q: What percentage of business
owners lack any comprehensive
transition or transition strategy?
“Planningisbringingthe
futureintothepresent
sothatyoucando A: Over 75%
somethingaboutitnow.”
AlanLakein,Author–
“HowtoGetControlof
YourTimeandYourLife”
Take Control of the Ownership Transition Process
{ The most common event that triggers business ownership

transition is the retirement of the business owner, caused by
age, health, or related factors.
{ Business owners can capitalize on this fact by:

Ù understanding that they have a lot of control over the
timing of their transition, if they start to plan early, and
Ù with planning, increasing the odds of achieving the
results that they want.
{ Business owners can make optimal use of this time by

implementing a three step transition planning process.
4
The Transition Planning Process – (Plan. Execute. Transition.)
1. Step One: Planning

Developing a comprehensive plan to maximize the value
of your business, and to prepare you and your business
for transition.
2. Step Two: Executing the Plan

Implementing your plan to maximize value and prepare
for transition.
3. Step Three: The Transition

Transitioning and transitioning your business on your
terms.
Plan Backwards, Execute Forward
Plan:
Saleofcompany
START
Developing Employment Yourfinalday
transitionplan Execute agreementw/buyer
Saleprocess atthecompany
Execution:
Plan Execute Transition
6
What Does My Company Look Like To A Buyer?
You want to maximize the value of your business whether you

are planning on selling it in six months or 20 years.
Think about your business as a classic car, say, a 1957 Chevy.
Today, it may look like this:
8
9
10
STEP ONE: THE PLANNING PROCESS
The Steps of the Transition Planning Process:
¾ Defining your personal goals;
¾ Completing your advisory team;
¾ Evaluating ownership transition options;
¾ Valuing your business and identifying key value drivers

and value enhancement opportunities;
¾ Developing a personal financial and estate plan; and
¾ Documenting and preparing to implement your

transition plan.
Step 1 typically takes 60-90 days, but can take six months or longer.
11
Defining Your Personal Goals
Your goals are the foundation of the plan. Business owners

commonly develop goals related to:
9 Funding Your Retirement Lifestyle
9 Staying Meaningfully Active in Retirement
9 Solidifying Your Family Legacy
9 Giving Back to the Community
9 Perpetuating the Business to the Next Generation
9 Enjoying More Leisure Time
12
Defining Your Personal and Professional Goals
Your advisory team will assist you in achieving your goals. This team will consist of all or
most of the following professional advisors:
9 Investment Banker/Valuation Firm
9 CPA/Tax Advisor
9 Estate Planning Attorney
9 General Corporate and M&A Attorney
9 Banker
9 Financial Planner/Wealth Manager
9 Insurance Professional
9 Real Estate Professional
9 Others as need is identified
Most business owners already have at least some of these advisors in place. The
key is to complete the team and coordinate the activities of all of the advisors to
achieve your goals. THE TEAM MUST COMMUNICATE!
13
Evaluating Ownership Transition Options
The largest single asset that most business owners have is their investment in
the business. Having a plan to convert this investment to cash safely and at the
right time is critical in achieving your personal goals.
The first step in transitioning the ownership of a business is to define your

objectives, which should support your personal goals. Common objectives
include:
o Transaction Goals (highest purchase price, best overall deal structure,

certainty of closing, minimizing risk of liability after closing, etc.)
o Appropriately Defining the Owners’ Roles after the Transaction
o Efficiently Transitioning Ownership
o Rewarding Key Employees
o Continuing Family Legacy of Business Ownership
In most cases, there are trade-offs among these objectives. This process will
craft a plan that provides the best overall result.
14
Evaluating Ownership Transition Options - (Continued)
A transition plan can be tailored for any type of transition option, including:
¾ Sale to third party (i.e., private equity group or strategic buyer)
¾ Transfer to family member(s)
¾ Transfer to other shareholder(s)
¾ Sale to management
¾ Sale to an ESOP
¾ Going public (IPO)
¾ Liquidation
However, how do you determine which transition option is right for your
situation?
15
Evaluating Ownership Transition Options - (Continued)
A complete review of the following items

to help determine which transition option is best for your situation.
Business Review Industry Conditions M&A Market Trends
¾ Products and Services ¾ Overall Size Usually analyzed by both size of

¾ Customers ¾ Number of Participants the firm sold and industry, focusing
¾ Geographic Markets ¾ Concentration of Industry (market on the following factors:
¾ Suppliers share of largest participants)
¾ Management Team ¾ Key Macro-Economic Drivers ¾ Number of Transactions Completed
¾ Sales & Marketing ¾ Barriers to Entry ¾ Trends in Valuation Multiples
¾ Operations ¾ Threats from New Products or ¾ Types of Buyers and Sellers
¾ Human Resources Services ¾ Types of Financing used for deals
(employment agreements, non- competes) ¾ Competition in the Company’s
¾ Facilities & Equipment Geographic Market
¾ Insurance ¾ Historical and Projected Levels of
¾ Debt Industry Growth
¾ Historical and Projected Financial ¾ Historical and Projected levels of
Performance Industry Profitability
¾ Organizational / Entity Structure ¾ Government Regulation
¾ Structure of Board of Directors and
Shareholder Issues
¾ Legal
16
Valuing Your Business, Identifying Key Value
Drivers and Value Enhancement Opportunities
¾ What is the business worth to you, and what is it worth
to likely buyers?
¾ What key factors drive the value of your business?

¾ Sales
¾ Expenses
¾ Customer concentration
¾ Expansion opportunities and capital availability
¾ Finding capable personnel
¾ Others
¾ What are some of the examples of opportunities for value enhancement?

¾ Implement marketing program to increase sales
¾ Reduction of key person dependency
¾ Install expense control program
¾ Diversify the customer base
¾ Expand (geographically, product lines, etc.)
¾ Establish an aggressive recruitment program (strong independent
management team)
¾ Others
17
Of Hockey Sticks and Ski Slopes
Projections Projections
History History
18
A Transition Plan Will Drive Your Personal Financial and Estate Plan
¾ Your financial planner will assist in determining your income

requirements related to:
o Living, entertainment, and leisure expenses
o Transfers to family members
o Charitable contributions
¾ Your wealth manager will develop and implement a plan to invest your
funds and insure your goals.
¾ Your estate attorney will develop or update a number of estate

documents.
¾ Your estate attorney and accountant will prepare to set up trusts for
family members and charities.
¾ Your corporate attorney will review your shareholder agreements and

organizational documents.
¾ Your tax attorney and CPA will help you with personal tax issues and
planning.
19
Documenting and Preparing to Implement Your Transition Plan
¾ At the end of Step 1, all of the business, wealth management,

estate, and other items that need to be completed are put in one
comprehensive document, which is your transition plan.
¾ Your entire advisory team then helps you to implement the plan
to achieve your goals. Your Transition Planning advisor
coordinates this process.
20
STEP TWO: IMPLEMENTING THE TRANSITION PLAN
This step will take between six and 18 months to complete, and
could be the most profitable time of your life.
THINK MULTIPLES!!!
For every dollar that you increase the recurring profit of your
company, the value will increase by 3.0x to 8.0x, or more.
21
By implementing the plan, you can move from:
to:
or
22
Value Maximization Example
Company A* is a professional medical services firm that provides consultative and

auditing services in the benefits industry.
Conducted a Value Stream Analysis of the sales and marketing process that included:
¾ A two day event that included the President, CFO, and sales and marketing
team
¾ In the meeting, the team mapped the sales and marketing process, identified
non-value added steps, created a streamlined future process, and devised a
plan for implementing the changes.
This process resulted in increased income of over $400,000 annually by eliminating

non-value added services and related costs, and creating additional throughput.
The following page shows the return on investment and payback period for
implementing this recommendation.
* - Specific details regarding the subject company are omitted. The costs and benefits presented are based on actual results.
23
Value Maximization Example
Return on Investment Calculation
Cost Benefits
External Cost (Paid to Consultant) $20,000 Annual Increased Income $400,000
Internal Cost (Salary of Employees that $20,000 x Valuation Multiple 5.0x

attend the VSA, supplies, etc.)
Total $40,000 Total Increase in Value $2,000,000
24
Other Value Enhancement Opportunities
¾ Strategies to improve sales

o Developing a marketing plan to increase revenues, while reducing key customer
concentration
o Client that stopped doing business with largest customers, and immediately
became profitable
¾ Add depth to management team and reduce key person dependency

o Reduces the dependency on the owner for major decisions
o Allows for smoother transition to the potential buyer
o Makes the company more attractive to a wider group of buyers
¾ Shareholder issues
o Repurchase a minority shareholder’s interest
o Life insurance for shareholders and key employees
o Review provisions of shareholder agreement (e.g., drag-along provision)
¾ Improve Key Business Processes

o Re-design manufacturing facility to improve the flow of materials, allowing the
…client to increase revenues without hiring new employees
o Improve the customer service and manufacturing departments to improve on-
time delivery percentage
25
STEP THREE: THE TRANSITION
9 Review Transition Options and Transition Plan, and make an transition option decision
9 Formalize the Transition Process
9 Execute the Transition

Without adequate planning, Phase III typically takes 9-24 months (or longer).
With proper planning, it should take 5-9 months.
Business Ownership Transition Timeline
# of Months to 6 12 18 24 30 36 Or
Complete Transition months Months Months months Months months Longer
Without Formal Planning Transition

Planning Process
With an transition Planning & Implementation Transition

Plan
26
Representative Transaction Timeline
(Without an transition Plan)
Estimated Transaction Execution Timeline
Select an Investment Banker
Investment Banker Initial Due Diligence
- Initial Valuation Model
- Analysis of Market/Types of Buyers
- Develop Buyer Contact List
- Develop Financial Models to Support Transaction
Draft Information Memorandum & Validate Financial Performance
Develop Management Presentation and Prepare Management Team
Update Valuation Analysis
Prepare Initial Data Room
Finalize Buyer Contact List
Buyer Contact Program (Including Confidentiality Agreement)
Conference Calls for Interested Buyers
Responses to Questions from Buyers
Initial Letters of Intent

Select Final Group of Potential Buyer(s)
Full Due Diligence for Final Buyer(s)
Receive and Evaluate Final Offers
Negotiate Final Agreement with Selected
Document and Close Transaction
Months 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
The representative transaction timeline shown above is 21 months. However, the timeline could range from 12 months
to 36 months, or longer, depending on the company's circumstances.
27
Now is the Time to Start Planning

Maximize Your Value. Control Your Future.
4417 Beach Blvd., Suite 302 Ž Jacksonville, Florida 32207
904-354-9600
www.HeritageCapitalGroup.com
Consistent Selling Improvement…
Techniques, Skills & Concepts
Don Zavis
Don Zavis Sales Training
Consistent Selling Improvement…
Techniques, Skills & Concepts
Presented BY:
Don Zavis
National Sales Trainer
1302 West Stone Forest Place
Oro Valley, AZ 85755 USA
Phone: 520/903-4654
E-mail: donzavis@comcast.net
Politics, Policy and Reality: What’s
Really Going on In Washington
Stephanie Salmon
American Foundry Society-
Government Affairs
Politics, Policy and Reality: What’s
Really Going on In Washington
STEPHANIE SALMON
POTOMAC GOVERNMENT RELATIONS /AMERICAN FOUNDRY SOCIETY
– WASHINGTON OFFICE
ICI SPRING MANAGEMENT MEETING
CHARLESTON, SOUTH CAROLINA
MAY 3, 2017
Trump Administration
Key Topics for Presentation
• Leaks, Wiretaps, Russian inference in election…

• First 100 Days & Beyond of Trump Administration
and 115th Congress
• Regulatory Reform, Trade Reform, Tax Reform
• Changes at Key Agencies Impacting Metalcasters
• How can YOU Get Involved…
Trump Brings the Boardroom to
Washington
• Trump starts his day at the center of a rectangular wood table in the
White House's Roosevelt Room — the closest thing to his Trump Tower
boardroom — and sometimes in the State Dining Room or the Cabinet
Room
- Listening Sessions - meeting with a rotating cast of business leaders, political
figures and activists – a few every week
• Cabinet industry barons – Commerce Secretary Wilbur Ross, Treasury
Secretary Steven Mnuchin & Secretary of State Rex Tillerson + Gary
Cohn, National Economic Council
16 Official Cabinet Positions – Additional

Positions with Cabinet Rank
Outside-the-Beltway Cabinet
New Sheriff in Town

• Decidedly Pro-Business and Pro-Employer Bent
• Seismic Shift in Agency Regulatory Agendas
–Curtail number of new rules
–Amend or withdraw regulations (process often takes years)
• Increase Domestic Sourcing Requirements
–Looking to expand the number of federal grant programs that are
required to use domestic materials
–Close loopholes in programs
Trump Agenda
• U.S. Manufacturing is Front and Center
íRoll back host of regulations
íImplement Major Tax Reform
íRepeal Obamacare, with replacement plan
íTrade Reform
íInfrastructure Package
íBuy America provisions
íImmigration Reform
Early Policy Actions:

Trump "Promises" Kept
• Regulatory Freeze
• Withdrawal from TPP
• Keystone XL and Dakota Access Pipelines
• Construction of American Pipelines
• Expedited Environmental Reviews for “High-Priority”
Infrastructure Projects
• Proposed Border Wall + More Agents
Congress: First 100 Days
• Congress began process to repeal and replace Obamacare
• House GOP progressing on tax reform
• House, Senate rolled back multiple Obama regulations
• Senate floor time dominated by Cabinet and Supreme Court
nominations; Congressional Review Act regulatory reviews; ‘vote-
a-rama’ sessions
• Wild card: Trump
í President Trump’s bumpy weeks have slowed his agenda
í While markets reflect optimism, controversies, infighting have impeded
momentum
Appointees
• More than 1,100 Executive Branch Positions

are Subject to Senate Approval - 700 Deemed Crucial
• Trump administration slow to fill subcabinet positions and deputies
íWill take months before political appointees in place – widespread
vacancies at most agencies
• While nominees require only a simple majority to be confirmed,
each nomination can be debated in the Senate for as long as 30
hours
Impact on Courts
• Monumental Opportunity to Reshape

Judiciary
• U.S. Supreme Court Vacancy
• Nominee 10th Circuit Judge Neil Gorsuch
• More than 100 Court Vacancies
• Throughout the federal circuit and district courts
115th Congress
Key Figures Working to Implement
Trump Policies on Capitol Hill
Senate Majority Leader Speaker of the House

Mitch McConnell (R-KY) Paul Ryan (R-WI)
Vice President
Mike Pence
Congress is very New

Majority of Lawmakers Not Here for
Votes on Key Legislation in Play
Importance of U.S. Senate

• U.S. Senate will play critical role in whether President
Trump’s policy initiatives succeed or fail
• Senate GOP maintains a thin majority
í Republican: 52 Democrat: 46 Independent: 2
í Senators tend to be more independent – up for election every 6 years
í Trump has made many enemies in the Senate, 11 of the 52 Republican
senators pointedly refused to support him during the campaign
í Majority of bills and Supreme Court appointments still require 60 votes to
beat a filibuster, meaning at least 8 Democrats will have to be won over to get
most bills through – a tall order
Key Senate Democratic Targets
Republicans Most Likely to Target to Avoid Filibusters…
• Most pressure will fall on the following 5 Democratic Senators in deep

red states that Trump won by double digits & all five are up for
reelection in 2018:
í Joe Manchin (D-WVA), Heidi Heitkamp (D-ND), Joe Donnelly (D-IN),
Claire McCaskill (D-MO), and Jon Tester (D-MT)
• On the other end of the scale are those Dems from states Trump won
in a squeaker:
í Bob Casey (D-PA), Tammy Baldwin (D-WI), Bill Nelson (D-FL) and
Debbie Stabenow (D-MI)
í Somewhere in the middle is Sherrod Brown (D-OH), from a state Trump
won by 8 points
Executive Orders and Presidential Memoranda

Impacting Regulations and Permitting
Manufacturers face double the

regulatory costs of other industries,
lowering that burden will help
manufacturers to better compete and
provide needed economic growth
Freeze on New Regulations – Jan. 20, 2017
• Hold put on issuing federal regulations – except those “critical to
health, safety, financial or national security matters”
• Does not establish a duration for the regulatory freeze, instead
applyies the freeze to an agency until a Trump-appointed or
Trump-designated agency head approves a regulation
• Directs agencies to withdraw regulations that were in the Federal
Register’s publishing queue but not actually published
• Places a minimum 60-day delay for rules that have been
published but have not taken effect
Commerce Department Requested Information

on Cutting Red-Tape on Manufacturers
• Request for Information on:
í the process of acquiring Federal permits required for the construction, expansion,
or operation of their facilities; and/or,
í the burdens of complying with Federal regulations for manufacturing facility
construction, expansion, or operation
• AFS submitted comments at end of March 2017 highlighting the following rules:
í OSHA’s Silica and Beryllium rules
í EPA’s Residual Risk and Technology Review (RTR) for Iron and Steel Foundry
NESHAP for Major Sources, Stormwater Management, Startup, Shutdown and
Malfunction (SSM) Provisions, 2015 Ozone NAAQS Revisions, EPA Greenhouse
Gas (GHG) Emissions from Electric Generating Utilities, and Waters of the U.S.
President’s “One In-Two Out” Proposal – Jan. 30, 2017
• For every new rule an agency implemented, two regulations must

be rescinded per executive order and implementation guidance
í Employer costs saved by deleting the 2 rules must be the same OR
greater than the employer costs of complying with the new rule
• Agencies will face difficult choices as they learn how to comply
with the new executive order
í In some cases, agencies are mandated by law to write regulations
(impossible in some cases to completely abandon them)
Regulatory Reform Officer to be Designated – Feb. 24, 2017
• President Trump signed an executive order requiring the head of

each federal agency to designate a Regulatory Reform Officer
to oversee and enforce implementation of the administration’s
regulatory reform policies and initiatives within 60 days
• Directs every federal agency to establish a task force to ensure each
has a team to research all regulations
• Report on the progress within 90 days
Improve “Efficiency, Effectiveness, and Accountability” -
March 13, 2017
• Trump Administration issued an executive order for a comprehensive plan

for reorganizing the executive branch
• Agencies to submit proposed plan to reorganize the agency in order to cut
costs and improve the efficiency, effectiveness, and accountability of that
agency in 180 days
• Office of Management and Budget (OMB) Director will propose a plan to
reorganize governmental functions and eliminate unnecessary agencies…,
components of agencies, and agency programs
• OMB Director will publish a notice in the Federal Register inviting the
public to suggest improvements in the organization and functioning of the
executive branch
Department of Commerce Seeks Input on

Pipelines Made in America - March 16, 2017
• Commerce Dept. requested input on the use of American-made materials in
construction and maintenance of American pipelines specifically on:
í U.S. demand for line pipe
í Current pipeline construction technology and requirements
í Domestic supply chain for pipeline materials, including capacity, capacity utilization,
and inventories
í Factors influencing the decision to source line pipe domestically
í Federal permitting requirements
• AFS submitted comments and focused on wide variety of castings
critical to the construction, operation and maintenance in pipelines
Regulatory Rollbacks Under
Congressional Review Act
• Why is the Congressional Review Act an Important Oversight Tool?
í Used to overturn a regulation published on or after June 13, 2016
í Need a simple majority to pass resolutions
í Rule is voided and agency is forever barred from issuing any rule that is “substantially
the same”
í Last time utilized - Bush Administration to overturn Clinton’s ergonomics rule
• Key CRAs resolutions of disapproval before Congress:

í H. J. Res. 37 – Department of Labor Blacklisting Rule
í H. J. Res. 83 – Department of Labor relating to ‘‘Clarification of Employer’s
Continuing Obligation to Make and Maintain an Accurate Record of Each
Recordable Injury and Illness’’
Trade Reform in
• Rolled out aggressive trade agenda, including 5 executive
orders in March and April
• Trump trade plan is built around these key principles:
1. Renegotiating / withdrawing from NAFTA
2. Stopping "unfair imports"
3. Ending "unfair trade practices"
4. Pursuing bilateral trade deals
5. Currency manipulation - so far lots of talk, no actions
Trade: Section 301
• Grants the President broad authority to remedy unfair trade
practices of U.S. trading partners
• Investigations can be commenced either by petition or self-initiation
by US Trade Representative
• “Mandatory” vs. “discretionary” Section 301: certain actions may
require use of WTO dispute settlement, while others may not
• This discretion and ability to take action to address distortions
outside of WTO dispute settlement will likely appeal to the new
administration and is an avenue they are likely to
explore
Use of U.S. Trade Laws

• Antidumping
• Treatment of China as a non-market economy
• Subsidies/Countervailing Duties
• Duty collection and duty evasion (ENFORCE Act)
• Safeguards
• Covers imports from all sources
• Must show “serious injury” to a domestic industry
• Broad Presidential discretion
• Section 301
Buy America: Practical Implications
• Several potential implications of the Trump Administration’s
heightened focus on Buy America:
–Greater opportunities for U.S. manufacturers
–Broader application of Buy America across federal agencies
–Stringent definitions of “produced in the United States” in new
Buy America provisions
–More robust certification requirements
–Heightened enforcement (e.g., more audits)
–Fewer waivers
Buy America: Future Developments

• Trump’s campaign promise: Pursue an “America’s Infrastructure First”
policy that supports investments in transportation and other infrastructure
• Lawmakers exploring ways to pay for infrastructure package
• Senate Democrats recently introduced a $1 trillion infrastructure plan to
revitalize U.S. roads, bridges, waterways, airports, etc.
• What does this mean for Buy
America? There are many unknowns:
– Funding source?
– Scope of coverage?
– Standard for “produced in the U.S.”?
– International obligations?
Trade & Metalcasters Moving Forward
• Trump Administration presents unique trade policy advocacy

opportunities
• Adapt vocabulary to the “new normal” in U.S. trade policy
–Not “free trade,” but “smart trade”
• Greater scrutiny of foreign investment in the United States, especially
from China
• Administration not only going to protect U.S. marketplace, but also to
open foreign markets for U.S. manufacturing and service industries
Tax Reform
• US business tax system increasingly uncompetitive with the rest of the world
• US corporate tax rate (plus state and local taxes) highest among advanced
economies
• U.S. House of Representatives – Tax Reform Blueprint – “Better
Way”
í Lower corporate tax rate from 35% to 20%
í New pass-through income tax system with top rate of 25% for owners of C
corporations, S corporations, partnerships and sole proprietorships
í Reduce individual tax rates to 33%
í Full expensing for business costs under border-adjustable destination-
based cash-flow business tax system
Border Tax: Could They Do It?
• Tax reform heating up
• Competing industry coalitions on border adjustment tax
• Depends how – even without a trade agreement in place there is no
obvious legal channel for the President to proclaim higher tariffs on
individual companies simply because they offshore
• But, a generally applicable “VAT-style” or “cash flow” tax on U.S.
sales, including imports, is possible to align U.S. tax with foreign tax
systems
• Consider how to adjust supply chains
Key Agencies
Changes Coming to EPA…
New EPA Administrator & Team

• Scott Pruitt – New Administrator for EPA
• Trump wants a smaller EPA - Eyes huge budget and staff cuts
• Trump’s budget request cuts EPA’s budget by 31% from current level of $8.1
billion to $5.7 billion
í Cuts 3,200 positions or more than 20% of the agency’s current workforce of about 15,000
í Eliminates more than 50 EPA programs, including office of environmental justice
• Lawmakers will decide which parts of Trump’s budget to keep

• Many lawmakers, including some Republicans, have declared it dead on arrival
• Congressional process will likely lead to funding for FY 2018 with less severe cuts for the
EPA and other environment programs than initially proposed
Trump Climate Order
• Begin process to undo:
íClean Power Plan - EPA’s rule to limit greenhouse gas emissions from power
plants
íMethane regulations
íMoratorium on coal leasing on public land
íLengthy process to undo Clean Power Plan rule – it will take years
í Not clear if EPA will write new version or argue no replacement is needed or legally justified
• Drop climate change as a factor in making government decisions covering
environmental reviews of industry regulations and pipeline projects
• Reconsider government’s use of a metric known as the "social cost of
carbon" that reflects the potential economic damage from climate change
í Used by the Obama administration to justify a suite of regulations
What Can We Expect in

a Trump Labor Department/OSHA?
• New Enforcement Philosophy
– Stopping Public Shaming as an Enforcement Tool when a company is fined
• Compliance Assistance & Consultation Programs now a
Priority
• Changes to Rules/Programs
í Re-Interpret New Injury Reporting Rule - Anti-retaliation, post-incident
drug testing, safety incentives
í Amputation/Hospitalization Rule
í “Severe Violators Enforcement Program (SVEP)
í Making the Voluntary Protection Program (VPP) permanent
Significant OSHA
Developments in 2016
• Major New Rules Finalized in 2016/2017

1. Crystalline Silica Rulemaking
2. Electronic Recordkeeping
3. Walking-Working Surfaces & Fall Protection Systems
4. Clarification of Employer’s continuing Obligation to make &
maintain Accurate Records of each recordable injury/illness
5. Beryllium Rule
6. Increased Fine Amounts went into Effect
OSHA’s Crystalline Silica Rule

Overview
• Final Rule: March 25, 2016
• Cuts the Permissible Exposure Level (PEL) in half from 100
μg/m3 (8 hour TWA) to 50 μg/m3
• Action Level of 25 μg/m3 (8 hour TWA)
• Bans dry sweeping,
• Foundries must comply by June 23, 2018
• Medical surveillance - >PEL (30 days or more) – June 23, 2018
• >AL (30 days or more) – June 23, 2020
Crystalline Silica Rule –
What’s Next?
• Briefing phase of the lawsuit concluding March 23, 2017
• U.S. Court of Appeals will need to set date for oral arguments – likely
summer 2017
• AFS and other industry stakeholders waiting to meet with new
political appointees to work to mitigate the impact of the rule
í Ask DOL to Stay and Re-open the rule
í Ask DOL to inform the Court that they are reopening the rule and suggest that
the court stay the litigation pending the re-opening
í In effect, DOL would not be defending the rule
í Nothing set in stone until the new leadership is in place & discussions take place
Connect with Your Lawmaker

Build Relationships
• Reach out to your lawmakers both federal and state

level
• Showcase your Facility by hosting a Plant Tour
• Hold coffee meet and greet with your Lawmaker or
their District Director with metalcasters and
suppliers in your area
AFS Government Affairs Fly-In
June 20-21, 2017 - Washington, D.C.
Join Metalcasters at the only foundry-

specific Washington Conference
Updates on Key Issues from Expert Speakers
Reception / Awards
Metalcasting Day on the Hill – Visits with
congressional lawmakers and staff
Election 2018: U.S. Senate

Democrats (23)
Republicans (9) • Dianne Feinstein – CA • Ben Cardin - MD
• Luther Strange - AL • Bob Menendez – NJ • Sheldon Whitehouse – RI
• Jeff Flake – AZ • Chris Murphy – CT • Elizabeth Warren – MA
• Roger Wicker – MS • Martin Heinrich – NM • Tim Kaine – VA
• Tom Carper – DE • Debbie Stabenow – MI

• Deb Fischer – NE
• Kristen Gillibrand – NY • Maria Cantwell – WA
• Dean Heller – NV
• Bill Nelson – FL • Amy Klobuchar – MN
• Bob Corker – TN
• Heidi Heitkamp – ND • Joe Manchin – WV
• Ted Cruz – TX
• Mazie Hirono – HI • Claire McCaskill – MO
• Orrin Hatch – UT
• Sherrod Brown – OH • Tammy Baldwin – WI
• John Barrasso – WY
• Joe Donnelly – IN • Jon Tester – MT
• Bob Casey – PA
Questions?
A Review of World Investment Casting
Market Trend Data Over The Past 25
Years
Ron Williams
INVESTMENT CASTING INSTITUTE 2017 SPRING MANAGEMENT MEETING
APRIL 30 – MAY 3, 2017, CHARLESTON, SC
A REVIEW OF WORLD INVESTMENT CASTING MARKET TREND DATA
RON WILLIAMS
MANAGING DIRECTOR
THE BLAYSON GROUP LTD INCORPORATING BLAYSON OLEFINES LTD
CAMBRIDGE, UK
INTRODUCTION
Over the past 25 years or so, various Papers have been presented at Conferences around the World
reviewing market data for the investment casting industry. The majority of Presentations are
available through the various World associations and the data used for this current Presentation is a
synopsis of the information in these past Presentations. The data has been provided by such
associations as the Investment Casting Institute (ICI), European Investment Casters’ Federation
(EICF), Japan Foundry Society (JFS), China Foundry Association (CFA) and Cast Metals Federation
(CMF) together with individual contributors.
The information given is based on official figures, together with best estimates, where statistics are
not available. No legal responsibility is accepted for information, advice given or opinions expressed.
As part of their commitment to the World investment casting industry Blayson has been involved
over the years in the collation and preparation and presentation of market data and the various
Papers presented are available via the website www.blayson.com [1].
Using historical data available from the past Presentations, this current Paper endeavours to
examine how World investment casting markets have developed over recent decades and also
attempts to examine any data trends within the industry.
Firstly the methodology is explained and then we study the size of the World investment casting
market and sales by region for the period 1982 to 2001 followed by the period 2001 to 2016. A
review is made of World investment casting sales by sector and finally the latest available World
investment casting sales data is presented.
Page 1 of 10
METHODOLOGY
The first major Presentation on the subject of investment casting markets was a Paper by Gould and
Baker [2] of the then English China Clay Company, presented by Gould at the 6th World Investment
Casting Conference in Washington DC 1984. Although much of the data was estimated figures, this
Paper set the approach to the subject for subsequent studies.
At the 22nd EICF Conference in Paris 1992 a Paper on World Investment Casting Markets [3] was
presented showing information for the years from 1982 to 1991. The original Paper by Gould and
Baker estimated output in terms of annual sales for the main production areas, US, UK and Europe
combined and Japan. The 1992 Paper did the same, but included a World total by giving an estimate
for “others”, i.e. countries for which limited data was available at the time.
In Presentations from 1994 onwards, the three major geographical regions were re-designated as
North America, Europe and Asia and efforts were made to include data from more countries. Whilst
these efforts made the survey much more comprehensive, there remained one major gap in the
coverage. There was no quantitative information about the Chinese investment casting industry and
it was only at the 10th World Conference in Monte Carlo 2000 [4], that reliable information from
China was obtained.
With more reliable information now available and the introduction of meaningful data from China, a
Paper was presented at the 25th EICF Conference in Berlin 2002 [5] which set the standard for future
World sales reviews and Presentations.
In subsequent conferences from 2002 onwards the format of recording data into four main regions,
North America, Europe, China and Asia became the norm together with estimates for other markets.
It became easier to understand the World market and the contributions from individual regions.
World investment casting data has continued to be presented in this way up until the current time.
The 11th, 12th, 13th and 14th World Conferences of 2004 in Edinburgh, 2008 in Dallas, 2012 in Kyoto
and 2016 in Paris all use this method of data presentation [6].
WORLD INVESTMENT CASTING MARKET SALES BY REGION FOR PERIOD 1982 - 2001
The data presented in Figure 1 shows the size of the World investment casting market for the period
1982 to 2001. This data was presented at the 25th EICF Conference in Berlin 2002.
Although some of the earlier data was estimated, the annual sales of the investment casting industry
over this period, showed an approximate growth from US$2.08 Billion to US$6.90 Billion.
Page 2 of 10
ANNUAL SALES FOR INVESTMENT CASTING INDUSTRY, millions of US dollars
YEAR N. America Europe Asia Others Total
1982 1470 375 120 110 2075

1988 2130 850 450 180 3610
1989 2300 1030 470 200 4010
1990 2500 1150 520 220 4390
1991 2300 1000 550 200 4050
1993 1910 970 700 200 3780
1995 2125 1075 850 200 4250
1996 2600 1250 850 300 5000
1999 3240 1350 1150 120 5860
2000 3350 1450 1150 120 6070
2001 4000 1500 1250 150 6900
Figure 1
The following Figure 2 represents this graphically.
Investment Casting Sales 1982 - 2001

8000
ANNUAL SALES, millions of US dollars
7000
6000
5000
N. America
4000 Europe
3000 Asia
Others
2000
World
1000
0
1982 1988 1989 1990 1991 1993 1995 1996 1999 2000 2001
Year of Data
Figure 2
The data in Figure 3 was also presented at the 25th EICF Conference in Berlin 2002 and shows the
percentage share of the World investment casting market by geographical area or region. Again as in
Figure 1 the review period is from 1982 to 2001.
Page 3 of 10
PERCENTAGE SHARE OF INVESTMENT CASTING MARKET BY GEOGRAPHICAL AREA
YEAR N. America Europe Asia

1982 71 18 6
1988 59 23 12
1990 57 26 12
1993 51 25 18
1996 52 26 17
1999 52 23 17
2000 55 24 19
2001 58 22 18
Figure 3
WORLD INVESTMENT CASTING SALES BY REGION FOR PERIOD 2001 – 2016
The changing designation of the major investment casting production areas to North America,
Europe and Asia, was logical and beneficial.
With the growth of investment casting in China from 2000 and with market data for this region
reliably available, the designation of the major production areas was further divided to show China
sales data as a separate category to the remainder of Asia. From this point, World sales were
designated into the following regions North America, Europe, China, Asia and Others. This formed
the basis for all subsequent market Presentations.
Using the above methodology various market Papers were subsequently presented. This sales data is
summarised in Figure 4 showing the distribution of market share for the various regions from 2001
to 2016. The North American share has consistently contributed 40% or more of the total World
market share, Europe has contributed a relatively constant 20 to 30% of market share and with
China demonstrating a growth through this period from approximately 7% to 19% of market share.
With the emergence of the BRIC economies, 2010 saw the introduction of investment casting sales
data from the additional regions of Russia and South America to present a truly global picture.
With the increasing reliability of World investment casting sales data available since 2001 we are
able to demonstrate in Figure 5 the market share by region as a percentage of total World
investment casting sales.
Page 4 of 10
World Investment Casting Sales US$M
14000
12000
10000 Russian Federation

South America
8000
Other Markets
6000 Asia
China
4000
Europe
2000 North America
0
2001 2003 2005 2007 2009 2011 2013 2015 2016
Est.
Figure 4
World Investment Casting Market Shares 2001 - 2016

100%
90%
80%
70%
Other Markets
60%
Asia
50%
China
40%
Europe
30% North America
20%
10%
0%
2001 2006 2011 2016
Figure 5
Page 5 of 10
WORLD INVESTMENT CASTING SALES BY SECTOR
To facilitate additional market analysis, World investment casting sales since 2001, have been
divided and reported in the three main casting sectors of High Added Value, Automotive and Other
Markets. World investment casting market Papers from 2001 have used this format for presenting
sales data. The following figures present the World investment casting sales by sector.
Figure 6 demonstrates World investment casting sector trends from 2001 to 2016, all sectors have
shown growth over this period but the high growth rate of the High Added Value sector should be
noted. Figure 7 shows the World investment casting sales for the year 2003 by sector and region and
in comparison Figure 8 shows the World investment casting sales for the year 2016 by sector and
region.
Investment Casting Sector Trends

9000
8000
7000
6000
5000 High Added Value
4000 Automotive
Other Markets
3000
2000
1000
0
2001 2003 2005 2007 2009 2011 2013 2015 2016
Figure 6
Page 6 of 10
2003 Investment Casting Sales by Sector US$M
3000
2500
2000
High Added Value

1500
Automotive
Other Markets
1000
500
0
N America Europe China Asia Other
Figure 7
2016 Investment Casting Sales by Sector US$M

5000
4500
4000
3500
3000
High Added Value
2500
Automotive
2000
Other Markets
1500
1000
500
0
N America Europe China Asia Other
Figure 8
Page 7 of 10
LATEST WORLD INVESTMENT CASTING SALES DATA
The latest World investment casting sales data reported in the January 2017 issue of INCAST [7]
showing the up to date position for World investment casting sales is represented in Figure 9. Sales
for the World investment casting industry for 2016 are estimated to have reached a level of
US$13.45 Billion.
Figure 10 demonstrates 2016 World investment casting sales by geographical region with the 4 main
regions contributing the following percentage share. North America 43%, Europe 24%, China 18%,
Asia (excluding China) 12% and Others 3%.
Figure 11 demonstrates 2016 World investment casting sales by sector, as to be expected the High
Added Value sector dominates at 59% with Other Markets at 28% and Automotive at 13%.
World Investment Casting Sales US$M

14000
12000
Russia
10000
S America
8000 Other
Asia
6000
China
4000 Europe
N America
2000
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Figure 9
Page 8 of 10
Sales by Region 2016
3%
12%
43% N America
18% Europe
China
Asia
Other
24%
Figure 10
Investment Casting Sectors 2016
High Added Value Automotive Other Markets
28%
59%
13%
Figure 11
Page 9 of 10
SUMMARY
There have been numerous World investment casting market Presentations over the past decades,
providing sales data for the industry, the individual regions and the individual sectors. This data has
been well received at the various industry meetings and conferences and has given the industry a
valuable guide to its performance. The data demonstrates that the industry has seen steady growth
in sales with the exception of the periods during the brief financial downturns of 2001 to 2003 and
2008 to 2009.
As this Paper has demonstrated the industry saw total World investment casting sales grow from
US$2.08 Billion to US$6.90 Billion from 1982 to 2001 and from 2001 to 2016 a further growth to a
level of US$13.45 Billion.
The reliability of market data within the World investment casting industry has considerably
improved since the early days of market Presentations. A knowledge and understanding of such data
is important to everyone associated with the investment casting industry and hopefully the sharing
of World market data will continue to benefit us all.
REFERENCES
[1] – The Blayson Group Limited - www.blayson.com - www.investmentcastingwax.com market

lectures under library section
[2] – G Gould and C G Baker - Investment Casting Industry Current and Future Trends – 6th World
Conference on Investment Casting, Washington DC 1984
[3] – R B Williams - Update on Market Trends in the Investment Casting Industry – 22nd EICF
Conference, Paris 1992
[4] – R B Williams - Investment Casting Market Review – 10th World Conference on Investment
Casting, Monte Carlo 2000
[5] – R B Williams and R F Smart - A Review of Investment Casting Market Trend Data – 25th EICF
Conference, Berlin 2002
[6] – Richard Hirst and Ronald Williams - World Investment Casting Market Reviews - 11th, 12th, 13th,
14th World Conferences on Investment Casting, Edinburgh 2004, Dallas 2008, Kyoto 2012 and Paris
2016
[7] – World Market Review - Incast January 2017
Page 10 of 10
A Look at The 787 Supply Chain
Model and How Boeing is Changing
The Face of Supply Chain
Management in The Aerospace
Industry
Darren Sekiguchi
The Boeing Company
A Look at The 787 Supply Chain Model and
How Boeing is Changing The Face of Supply
Chain Management in The Aerospace Industry
Presented BY:
Darren A. Sekiguchi
Director, Boeing South Carolina Production Control
& Site Supplier Management
The Boeing Company
5400 International Blvd., M/C 7830-NE51
North Charleston, SC 29418 USA
Phone: 843/641-1894
E-mail: darren.a.sekiguchi@boeing.com
2017 Market Outlook
Joseph E. Fritz
2017 Market Outlook
ICI Spring Management Meeting

Joseph E. Fritz
Executive Director
Market Overview 1
2017 Market Outlook
This perspective of the investment casting industry is based on

the collective input of ICI Members, government agencies,
related trade associations, industry publications, customers and
individual contributors.
Sales numbers, market segment breakdown, and forecasts

are ‘Best Estimates’.
Neither the Institute nor its officers accept any legal

responsibility for information, advice given or opinions
expressed.
Market Overview 2
Investment Casting Trends – North America
¾ Current estimates of 2016 sales of investment castings produced in

North America reflected 3% growth over 2015 levels
¾ Sector performance varied widely, from significant gains to

staggering declines
Environment…
¾ Feelings about the economy are improving
¾ Aerospace and automotive continue to show growth
¾ Major downturns in several sectors due to oil over-supply
Industry Concerns…
¾ Government regulation cost
¾ Healthcare insurance
¾ Finding, retaining & developing skilled labor
Market Overview 3
NAM’s Outlook Survey

Respondents predicting 4.9% sales growth
Market Overview 4
North American Investment Casting
2016 Sales by Sector ($ Billion)
Aerospace/Defense 3.48
IGT 1.00
Automotive 0.43
General Industry 0.71
TOTAL: $ 5.63 Billion
Market Overview 5

2016 Sales by Alloy Type ($ Billion)
Superalloy 3.24
Steel 1.38
Titanium 0.57
Aluminum & Copper 0.44
2015 Casting Dollars

$ 5.49 Billion
Market Overview 6
Worldwide Investment Casting
2016 Sales by Region ($ Billion)
North America 5.63

Europe 3.23
Asia Pacific 4.03
Other 0.40
Market Overview 7
2016 Business-scape
Ongoing effect of 2014 world oil overproduction softening

Impact not limited to oil & gas sector
Pump & valve, agriculture, transportation, mining affected
Aerospace and automotive benefiting from low gas prices
Despite normal fluctuations, the dollar was relatively strong
against foreign currencies
Imports on the rise, exports showing decline
Interest rates still relatively low
Debt Ceiling Extension ended March 15, 2017
Trump administration pushing hard to raise ceiling
Gov’t currently implementing “extraordinary measures”
Aging baby boomers benefiting orthopedic and medical
Market Overview 8
Market Segments
Aerospace
Industrial Gas Turbines
Automotive
General Industry
Market Overview 9
Aerospace - Commercial Aircraft Overview
Obsolete aircraft replacement continues

2016 saw a record 1618 deliveries with 708 retirements
Fleet grew by 910 to 25,861 airframes
Record domestic traffic tied to economic growth
Revenue Passenger Miles grew 6.6%
Available Seat Miles grew at 6.2%
Load Factor increased by 0.3% to 80.8
Air traffic expected to double within 15 years
Fleet growth driven by single aisle jets
Regional jet deliveries up 9.0% to 182
Narrow body deliveries up 5.0% to 1035
Wide body deliveries down 2.4% to 401
Market Overview 10
Aerospace - Commercial Aircraft Overview
In 2016, orders were placed for 2,016 airframes

Off 53.8% from 2014 high of 3,748
Lowest point since 2010
Further declines in new orders are expected
Orders still outpacing deliveries pushing 2016 Year-End
Backlog to 15,027, a new record
Equivalent to over 9 years’ production
Deliveries strong, but softening in forecast years
2012-2016 CAGR: 4.2%
2016-2020 CAGR: 1.6%
Market Overview 11
Commercial Aircraft
Deliveries, Orders and Backlog
Commercial Aircraft Deliveries Commercial Aircraft Orders

CAGR 4.2% CAGR -5.2%
1,800 1,618 4,000 3,748
1,530 1,564 3,444
Commercial Jet Aircraft
1,600 1,404 3,500

1,400 1,317
3,000 2,636
1,200 2,262
2,500 2,016
1,000
2,000
800
600 1,500
400 1,000
200 500
0 -
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
Commercial Aircraft Backlog

CAGR 8.4%
16,000 14,988 15,027
14,290
14,000 12,072
12,000 10,032
10,000
8,000
6,000
4,000
2,000
-
2012 2013 2014 2015 2016
Analysis Based on Published Reports from Airline Monitor Speed News / Boeing / Airbus / Public Record
Market Overview 12
Commercial Aircraft
Airframe Deliveries
Commercial Aircraft By Type Commercial Aircraft by OEM

2,500 2,500
CAGR: 1.6%
2,000 2,000
CAGR: 4.2%
1,500 1,500
1,000 1,000
500 500
- -
2012 2013 2014 2015 2016E 2017F 2018F 2019F 2020F 2012 2013 2014 2015 2016E 2017F 2018F 2019F 2020F
Narrow Body Wide Body Regional Jets Boeing Airbus Comac Irkut Bombardier Embraer Other
Narrow Body & Regionals by OEM Wide Body Deliveries by OEM

1,600 500
400
1,200
300
800
200
400
100
- -
2012 2013 2014 2015 2016E 2017F 2018F 2019F 2020F 2012 2013 2014 2015 2016E 2017F 2018F 2019F 2020F
Boeing Airbus Comac Irkut Bombardier Embraer Other Boeing Airbus
Market Overview 13
Commercial Aircraft
Engine Deliveries
Deliveries by Airframe Type Deliveries by OEM

4,000
4,000
3,000
3,000
2,000
2,000
1,000
1,000
-
- 2012 2013 2014 2015 2016E 2017F 2018F 2019F 2020F
2012 2013 2014 2015 2016E 2017F 2018F 2019F 2020F
Pratt & Whitney General Electric GE/P&W Alliance
Narrow Body Wide Body Regional Jets Rolls Royce CFM International Intern'l Aero Engines
Market Overview 14
Defense – Procurement
2017 Budget
President Obama’s FY2017 defense budget totaled $610B
$551B base + $58.8 Overseas Contingency Spending
Key Program cancellations deferred
A-10 Warthog will remain in service through 2022
Extend life for F/A-18E/F Super Hornet through 2017
Future Years Defense Program (FYDP 2017-2021)

USAF diverting funds for JSF and LRSB F-15/F-16 upgrades
404 F-35s to be purchased over 5 years
Navy revamp of UCLASS UAV as a refueling tanker
Market Overview 15
Defense
FY17 DoD Budget Breakdown
Budget by Service* Budget by Title

$509 Billion $581 Billion
$7 , 2%
$7 , 1%
$112 , 22% $72 , 13%
$139 , 27% $139 , 24%
Army Military Personnel

Navy Ops & Maintenance
$112 , 19%
Air Force Procurement
Defense Wide RDT&E
MILCON, Housing
$251 , 49% $251 , 43%
*Note: Excludes RDT&E

Market Overview 16
Defense
Aircraft Missile Defense

$45.3 Billion $8.5 Billion
$2.3 , 5%
$2.4 , 5% $1.2 , 3% Aircraft Modification
$1.8 , 21% $1.0 , 12%
$6.3 , 14%
Unmanned Aerial
Vehicles
Technology Tactical Missile
Development Defense
Support Aircraft Tactical Ballistic Missile
Defense
Combat Aircraft Ballistic Missile
Defense System
Cargo Aircraft
$8.6 , 19%
$18.9 , 42% Aircraft Support
$5.7 , 67%
$5.6 , 12%
Market Overview 17
Defense
Ground Systems Tactical Missile

$0.4 , 4%
$0.8 , 8%
$1.0 , 10%
$0.4 , 4% Weapons $5.0 , 36% $2.4 , 17%
Support Equipment
Tactical Missiles
Combat Vehicles
Conventional
Heavy Tactical Ammunition
Vehicles Strategic Missiles
Heavy Tactical
Vehicles
$2.5 , 26% Medium Tactical

Vehicles
$4.7 , 48%
$6.5 , 47%
Market Overview 18
Defense
Shipbuilding & Maritime Space Based Systems

$2.7 , 38%
$2.9 , 11%
$2.2 , 8%
$0.9 , 3% Surface Combatant
$0.7 , 3%
Support Ships
Support Satelites
Support
Technology
Development Launch
Outfitting & Post
Delivery
$3.2 , 45%
Submaring Combatant
$7.8 , 29%
$12.5 , 46% $1.2 , 17%
Market Overview 19
Defense
FY17 Modernization Accounts
$11.9 , 7% $7.1 , 4%
$8.8 , 5%
$25.6 , 14%
$8.2 , 5%
$7.4 , 4%
Space-Based Systems
Shipbuilding & Maritime Systems
$12.3 , 7% RDT&E S&T
Mission Support
$184 Billion* Aircraft
C41 Systems
Ground Systems
Missile Defense
Missiles & Munitions
$48.8 , 27%
$47.4 , 27%
*Note: Procurement plus RDT&E

Market Overview 20
Defense
FY17 Modernization Objectives
43 F-35 Joint Strike Fighters ($10.1B)

P-8 Aircraft ($2.2B)
15 KC-46 tanker ($3.1B)
B-21 Long Range Strike Bomber development ($1.4B)
7 Ships (28 ships over the next 5 years)
Ohio replacement submarine development ($1.9B)
Reduces plan for Littoral Combat Ship program
Cyber fully funded ($6.7B)
Ballistic Missile Defense development ($1.1B)
Army helicopter modernization ($2.1B)
MQ-9 Reaper procurement ($1.1B)
Higher than 2016 Budget
5 E-2D aircraft ($1.2B) Higher than 2016 Budget & ongoing
Same level as 2016 Budget
CVN refueling Overhaul program ($1.9B) Reduced from 2016 Budget
NEW 2 Navy MQ-4C ($759M)
NEW Virginia-class attack submarines ($5.2B)
Market Overview 21
Defense – Procurement
Trump Administration Requested Modifications
October 2015 Debt Ceiling Extension ended March 15, 2017

Trump administration pushing hard to raise ceiling $54B
Government continues to use war funding (Overseas
Contingency Operations) to avoid Budget Control Act
restrictions
Revised 2017 Budget proposed additions:

$13.5 Billion for additional F-35, F-18, Apache, H-60
Blackhawk, tactical missiles, unmanned aircraft, THAAD and
part of a DDG-51 destroyer
$2.1 Billion for air and ballistic missile defense and cyber
OCO significantly increased in FYDP from prior plan
Market Overview 22
Defense
Potential effect of new administration
Obama Administration Trump Administration

$800 $800
$750 $750 $730
$695
$700 $700
$670
$640
$650 $650
$US Billions
$US Billions
$610
$596
$600 $580 $583 $576 $581 $600 $580
$568
$550 $550
$500 $500
$450 $450
$400 $400
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
Enacted Request FYDP FYDP FYDP FYDP Enacted Request FYDP FYDP FYDP FYDP
Base Budget OCO Base Budget OCO
Market Overview 23
Aerospace and Defense Outlook
Commercial Aerospace
2016 saw casting sales grow at ~3%
Outlook for 2017 is favorable with forecast growth of 5-7%
Defense
2016 casting sales grew by 7+% over the prior year
Continued growth at the same rate is anticipated for 2017
Market Overview 24
2016 realized a 2.3% decline in new GT sales

Power Generation GTs declined 5.6% to 542 units
Mechanical Drive GT deliveries were flat at 294 units
Marine GTs realized 16.9% growth to 76 units
Though GT deliveries declined in 2016, casting sales rose

moderately (about 2%) due to spares requirements
OEMs predicting nearly 4% growth in 2017

Power Generation ~4+%
Mechanical Drive ~1%
Marine ~12%
With spares casting sales could reach 5-6% in 2017

Market Overview 25

Turbine Deliveries (All Types): Actual and Forecast
Market Overview 26
Forecast Unit Production % by Turbine Type
Market Overview 27

Forecast Gas Turbine Power Generation by Region
Market Overview 28
Deliveries and Forecast
Gas Turbine Deliveries by Application

1,200
CAGR: -2.9%
CAGR: 1.6%
1,024
1,000 981
960 970
933 948
912
800
600
400
200
-
2013 2014 2015 2016E 2017F 2018F 2019F
Power Generation Mechanical Drive Marine
Market Overview 29
Automotive – US Passenger Vehicles 2016
2016 realized the sale of 17.5 million passenger vehicles, a 0.5%

increase over 2015, marginally breaking last year’s record
SUV Sales grew at a rate of 7.2% and accounted for 59.5% of
all vehicle sales
Pickup Trucks grew at 5.9% to 2.7 million vehicles
Market Drivers
Gasoline prices remain at low levels
Widespread credit availability and dealer incentives
Employment gains
Industry experts anticipate a relatively flat overall market with

continued growth in SUVs and light trucks offset by declines in
passenger cars
Market Overview 30
Automotive
US Passenger Vehicle Sales
US Passenger Vehicle Sales by Year

2013 to 2016
20,000,000
CAGR: 3.0%
17,386,300 17,465,000
18,000,000
16,435,300
16,000,000 15,531,600
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
2013 2014 2015 2016
Market Overview 31
Automotive
Global Passenger Vehicle Sales (Key Markets)
Worldwide Passenger Vehicle Sales by Year

2013 to 2016
80,000,000
CAGR: 3.8%
70,000,000 66,817,600
62,705,700
60,905,600
60,000,000 57,617,100
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
2013 2014 2015 2016
Europe (EU+EFTA) Russia* USA* Japan Brazil* India China
* Data for Russia, USA and Brazil excludes heavy vehicles

Market Overview 32
Automotive – US Passenger Vehicle Sales
CAGR: 5.3% -15.4% 3.0% -2.4% -13.7% 3.8% 9.8%
* Data for Russia, USA and Brazil excludes heavy vehicles
Market Overview 33
North American Average Monthly Motor Vehicle

Production
North American Motor Vehicle Production Forecast 2017-2019

20.0
CAGR: 0.4%
CAGR: 1.8% 17.7 17.9 18.0 18.0
18.0 17.4 17.5
16.5
16.0
Average Monthly Production (Vehicle Million)
14.0
12.0
10.0
FORECAST
8.0
6.0
4.0
2.0
0.0
2013 2014 2015 2016 2017 2018 2019
Market Overview 34
General Industry
Overall market sector generally tracks to the US rate of

industrial production, though subsectors vary greatly
Member survey data indicates

Overall, 2016 General Industry sales declined by 1%
2017 showing signs of recovery, with anticipated growth
estimated at 3%
Market Overview 35
General Industry – Oil & Gas
2016 US field production was down 5.7% from 2015

Q4-2016 monthly YOY change in production output improving
US Rig Count is up 63% from May’s low of 404 to 658 at year-end

Even at 658, Rig Count was down nearly 80% from 2012 high
As of March 2017, Rig Count was up to 809
Overproduction is still an issue, as of February 2017

OPEC has complied with 94% of pledged production cuts
US inventories up 10.3% from YE 2016
Equal to 67 days production and growing due to recent
production increase
Market Overview 36
Production
U.S. Field Average Daily Production of Crude Oil

10,000
9,416
8,760 8,876
9,000
8,000
7,466
Average Daily Production (Barrels 000)
7,000
6,486
6,000 5,644
5,352 5,476
5,185 5,086 5,077 4,999
5,000
4,000
3,000
2,000
1,000
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Market Overview 37

Year-Over-Year change showing signs of promise
U.S. monthly oil production and year-over-year change

2.0 12.0
1.5 9.0
million barrels per day
million barrels per day
1.0 6.0
0.5 3.0
0.0 0.0
-0.5 -3.0
-1.0 -6.0
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
Year-Over-Year Change Average Daily Oil Production (Barrels Millions)
Market Overview 38
Rig Count showing signs of recovery
Total US Rig Count

2,500
2,000
1,500
US Rig Count – Land vs Offshore
2,500 70
60
2,000
1,000
50
Off Shore
1,500 40
Land
1,000 30
20
500 500
10
- -
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
-
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Market Overview 39

A Member’s Perspective
The following charts were provided by an ICI Member Company
The data represented tracks orders for a key part, the performance
of which has proven indicative of the Oil & Gas segment at large
Market Overview 40
Many oil producers have depleted casting inventories

Orders on the rise with growth of 10-15% anticipated for 2017
Offshore still weak as a $50/barrel price or better is required to be

cost effective
Exploration still very weak
US is poised to be a net exporter of liquid natural gas by 2018

In 2016, the US was a net importer of LNG
Several LNG export project currently under construction
Expected to surpass pipeline export of natural gas by 2020
Market Overview 41
General Industry – Heavy Vehicles
2016 saw a decline of 10-12% in castings for Heavy Vehicles
Further declines are anticipated for 2017 to the tune of 5-7%
Heavy Vehicles
Build Forecast
1,000
900 868
793
800 765
734
700 681 308 684
269
288
Units (000)
600 245
234 239
500
237
400 227
202 247 247
300 242
200
297 323
100 245 230 203 242
-
2013A 2014A 2015A 2016E 2017F 2018F
Class 8 Class 5-7 Trailers
Market Overview 42
General Industry – Heavy Vehicles
CLASS 8 – NET ORDERS & BUILD CLASS 5-7 NET ORDERS
TRAILERS NET ORDERS
Market Overview 43
General Industry – Recreational Firearms
Recreational Firearm Sales

2016 Firearm Sales spiked to a record ~$10.5 million
Casters saw a sharp increase of approximately 15%
Post election sales are in decline
2017 expected to see a 15-20% decline in casting sales
Total U.S. Firearms Production By Type

12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
Handguns Rifles Shotguns

Market Overview 44
General Industry – Heavy Machinery
Agriculture
2016 represents 3rd year of decline
2WD Tractors 40-100 HP down 2%
2WD Tractors over 100HP down 22%
4WD Tractors down 26%
Combines down 19%
2017 expected to be flat or slightly negative
Construction Machinery
2016 saw an abrupt change from the prior year
CAT NA Construction down 9%
Komatsu NA down 11%
2017 expected to see further declines on the order of 5%
Market Overview 45
General Industry – Orthopedic & Medical Devices

Baby boomers driving industry growth
Market Overview 46
General Industry - Orthopedic
Orthopedic Implants
The industry reports a 6.3% rise in 2016
Little changes with continued growth being fueled by

Aging baby boomers
Active lifestyle trends driving implants
Technology advances extending implant life
Medical Devices
Foundries reported 2016 growth of 8.0%
Both sectors expected to continue growing at the same rate for

the forecast period
Market Overview 47
General Industry – Others
Pump & Valve

2016 Sales relatively flat
Declines in the Energy and Iron & Steel sectors
Growth in Chemical, Commercial Construction, Water &
Wastewater and Food & Beverage sectors
2017 expected to grow by 3%
Dairy and Food Processing Equipment

2016 sales were up 4.4%
2017 expected to grow by 5%
Market Overview 48
Select Market Trend Summary
2016 2017
Aerospace
IGT
Automotive
Oil & Gas
Heavy Vehicles
Recreational Firearms
General Industry
Agriculture
Construction Machinery
Orthopedic Implants
Medical Devices
Pumps & Valves
Dairy & Food Processing
Market Overview 49

2016 Estimated Sales and 2017 Forecast ($ Billion)
2016E 2015F
Aerospace 3.48 3.71
IGT 1.00 1.05
Automotive 0.43 0.43
General Industry 0.71 0.73
$ 5.63B $ 5.92B (5.2%)
Market Overview 50
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Montvale, New Jersey 07645-1720
Phone 201-573-9770 Fax: 201-573-9771
www.investmentcasting.org

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INVESTMENT CASTING INSTITUTE

April 30 – May 3, 2017

The Mills House Wyndham Grand Hotel

The Investment Casting Institute will market the investment

2017 SPRING MANAGEMENT MEETING

Sunday, April 30, 2017

Monday, May 1, 2017

8:00 a.m. - 8:30 a.m. Welcome Opening Remarks

8:30 a.m. - 9:00 a.m. Joseph E. Fritz 2016 Business Summary

10:00 a.m. - 10:15 a.m. Break

12:30 p.m. - 5:00 p.m. Golf Outing or Drayton Hall Plantation

Evening On Your Own or

Drayton Hall Plantation

12:30 p.m. - 5:00 p.m.

10:00 a.m. - 10:15 a.m. Break

10:15 a.m. – 11:15 a.m. William R. Nicholson Transition Planning

12:30 p.m. – 2:30 p.m. Don Zavis

5:30 p.m. - 9:30 p.m. Dinner Event

Old Exchange and

5:30 p.m. – 9:30 p.m.

8:00 a.m. - 8:10 a.m. Morning Welcome

10:00 a.m. - 10:15 a.m. Break

11:15 a.m. - 11:45 a.m. Joseph E. Fritz 2017 Market Outlook

Has the New President Made a Difference?

Leadership & Accountability When It Matters Management & Tax Opportunities

2017 Labor & Employment in For Major Transition Transition Planning

Integrated Casting Order Network (ICON) Consistent Selling Improvement…Techniques,

Politics, Policy & Reality: What’s Really Going

A Review of World Investment Casting Market

A Look at The 787 Supply Chain Model & How

Joseph E. Fritz………….……………………………….…………………………………………………………………………..…………………Paper No: 1

Commander Kirk Lippold.………...……………………………………………………………………………………..………..…………………Paper No: 2

Rick Alaniz…………………………………………………………………………………………………………………………………………….….Paper No: 3

John Cruickshank…………………………………………………………………………………………………………………………………….…Paper No: 3

Jerrod A. Weaver …………………………………………………………………………………………………………………………………..…...Paper No:4

Dr. Ken Mayland……………………………………………………………………………………………………………………………………..…..Paper No: 5

Bernard R. Gingras..……………………………………………………….………………………………………………………………………….Paper No: 6

Philip Murphy………………………………………………………………….………………………………………………………………………....Paper No: 6

William R. Nicholson……………………………………………………………..……………………………………………..Paper No: 7

Don Zavis…………………………………………………………………………………………………………………….……………………………Paper No: 8

Stephanie Salmon...……………………………………………………………………………………………………………………………………..Paper No: 9

Ron Williams……………………………………………………………………………………………………………………………………………Paper No: 10

Darren Sekiguchi………………………………………………………………………………………………………………………………………Paper No: 11

Annual General Meeting

INVESTMENT CASTING INSTITUTE

The Mills House Wyndham Grand Hotel

4. To receive the report of the Board of Directors

5. To receive the financial report for the year 2016

7. Date and place of next meeting

Minutes of the 2016 Annual General Meeting

INVESTMENT CASTING INSTITUTE

Loews Ventana Canyon

April 11, 2016

MINUTES OF THE 2016 ANNUAL GENERAL MEETING

REPORT OF THE BOARD OF DIRECTORS FOR 2016

FINANCIAL REPORT FOR 2016

Additionally, the Institute’s procedures were satisfactory and found no deficiencies.

DATE AND PLACE OF NEXT MEETING

FOR THE YEAR

B OARD O F D IRECTORS R EPORT

MEETINGS OF THE BOARD OF DIRECTORS

THE BOARD OF DIRECTORS

Regular Members: Brad DeSplinter, (President) TPM, Inc.

This perspective of the investment casting industry is based on

“How’s Business?” report – data collected as of March 27, 2017

18 reporting North American companies

Each company did not respond to every question

22% of Regular Members

Presentation of averages of data collected

Final report issued April 6, 2017

61% of the survey respondents are concerned over foreign

Lower labor costs abroad

Exchange rates, though improving are still unfavorable

Adoption of protectionist policies may result in retaliation

Respondents unconcerned cite:

Niche strategies are working

Customer has better understanding of domestic costs