At some point you will find yourself sitting at a car dealership to purchase a brand new sports or luxury car. But have you ever wondered who makes many of the parts in the vehicle you’ll be showing off in within the next hour? Prospect Machine Products Inc. (PMP) did when they started manufacturing deep draw metal stampings back in 1950, which are used in automotive structuring as well as for medical devices, bearings, sealing technologies, and sensors.
PMP, located in Prospect, Connecticut, was founded by husband and wife Michael and Concetta Pugliese. They were classic American entrepreneurs and worked endless hours. The couple was thrifty and they built their business customer by customer, brick by brick. During daughter Mary’s time as president, the company more than tripled its annual sales, adding significant new floor space and capital equipment, while acquiring an International Organization for Standardization (ISO) certification to bolster its high-quality production and credibility. Prospect Machine continues to be a family-ran enterprise with Michael’s son-in-law Richard Laurenzi as its current president.
PMP’s “deep-drawing” business, which is a process that forms metal into complex shapes not possible with other forms of stamping, primarily served surrounding manufacturers in the local Connecticut area and then spread to manufacturing markets in New York, New Jersey, and Massachusetts. In 2009, the company reached out to EXIM for safeguarding against any potential financial risks it could encounter while exporting overseas. At the time, PMP had already been shipping to Mexico and Australia, but needed support to expand and sustain its export sales.
In accordance with the company’s unique needs, EXIM Bank provided the deep-drawn-metal manufacturer with a $100,000 export credit insurance policy that would protect against the risk of nonpayment from any of its foreign buyers. The company now offers its products in four markets, including Mexico, Italy, Brazil and China. Importantly, the increased sales resulted in 20 new company jobs.