Mayville Engineering Company, Inc. (MEC): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how a company can provide manufacturing solutions from start to finish? Mayville Engineering Company, Inc. (MEC), founded in 1945, stands as a leading U.S.-based value-added manufacturer, offering everything from design and prototyping to fabrication and assembly. With a reported annual revenue of $555.1 million as of 2023, how does MEC manage to serve diverse industries such as commercial vehicles, construction, and even the military?

MEC operates with 19 facilities strategically located across seven states, boasting over three million square feet of manufacturing capacity. MEC is a publicly traded company listed on the New York Stock Exchange under the ticker symbol MEC. Join us as we explore the history, ownership structure, mission, and operational mechanics that drive Mayville Engineering Company's success and discover how it continues to be a key player in the manufacturing world.

Mayville Engineering Company, Inc. (MEC) History

Mayville Engineering Company, Inc. (MEC)'s Founding Timeline

Year established

The company was established in 1945.

Original location

The company was founded in Mayville, Wisconsin.

Founding team members

The founding team members included:

• Ted Frey
• Ernie Grulke
• Martin Gallun

Initial capital/funding

The initial capital to start the company was $7,800.

Mayville Engineering Company, Inc. (MEC)'s Evolution Milestones

Mayville Engineering Company, Inc. (MEC)'s Transformative Moments

• Lean Manufacturing Implementation: In 2003, the company embraced lean manufacturing principles, significantly improving operational efficiency, reducing waste, and enhancing overall productivity. This initiative marked a shift towards continuous improvement and optimization of processes.
• Strategic Acquisitions: The acquisitions of Defiance Metal Products in 2019 and Iowa Laser Technology, Inc. in 2021 were pivotal in expanding the company's market reach and technological capabilities. Acquiring Defiance Metal Products allowed entry into the military market, while Iowa Laser Technology enhanced laser cutting and fabrication services.
• Initial Public Offering (IPO): The IPO in 2018 was a transformative event, providing capital for growth and increased visibility in the market. Becoming a publicly traded company allowed access to broader investment opportunities and enhanced the company's reputation.

To gain more insights into the core values that drive the company, check this link: Mission Statement, Vision, & Core Values of Mayville Engineering Company, Inc. (MEC).

Mayville Engineering Company, Inc. (MEC) Ownership Structure

Mayville Engineering Company, Inc. (MEC) features a mix of institutional and individual ownership, typical of publicly traded companies.

Mayville Engineering Company, Inc.'s Current Status

Mayville Engineering Company, Inc. is a publicly traded company, meaning its shares are available for purchase on the open market. As a public company, MEC is subject to regulatory oversight by the Securities and Exchange Commission (SEC) and is required to file regular financial reports, ensuring transparency for investors.

Mayville Engineering Company, Inc.'s Ownership Breakdown

Understanding the ownership structure of Mayville Engineering Company, Inc. provides insights into the distribution of control and influence within the company. The following table summarizes the ownership breakdown:

Mayville Engineering Company, Inc.'s Leadership

The leadership team at Mayville Engineering Company, Inc. is responsible for setting the strategic direction and overseeing the company's operations. Key members of the leadership team as of April 2025 include:

• Robert L. Kamphuis: Chairman, President and Chief Executive Officer
• Todd M. Butzlaff: Executive Vice President, CFO & Treasurer
• Randall Watson: Executive Vice President and COO

For more insights into the financial health of Mayville Engineering Company, Inc., you can explore this analysis: Breaking Down Mayville Engineering Company, Inc. (MEC) Financial Health: Key Insights for Investors

Mayville Engineering Company, Inc. (MEC) Mission and Values

Mayville Engineering Company, Inc.'s mission and values reflect its commitment to customers, employees, and the communities it serves, focusing on delivering high-quality solutions and fostering a culture of integrity and collaboration.

Mayville Engineering Company, Inc.'s Core Purpose

Official mission statement

Mayville Engineering Company, Inc. (MEC) aims to be a leading provider of complex manufacturing solutions. While an official, concise mission statement is not publicly available, MEC's focus is evident in its strategic objectives:

• Driving profitable organic growth.
• Expanding margins through operational improvements and efficiencies.
• Strategically deploying capital.

These objectives underscore MEC's commitment to delivering value to its stakeholders through sustainable growth and operational excellence. For more in-depth insights into MEC's investor profile, see Exploring Mayville Engineering Company, Inc. (MEC) Investor Profile: Who’s Buying and Why?

Vision statement

While a specific vision statement for Mayville Engineering Company, Inc. (MEC) isn't formally declared, their actions and long-term goals suggest a vision centered on:

• Sustained growth and market leadership: Aiming to be a top provider in the complex manufacturing solutions sector.
• Operational excellence: Continuously improving efficiency and effectiveness in their operations.
• Customer satisfaction: Providing high-quality, innovative solutions that meet customer needs.
• Strategic capital deployment: Investing in opportunities that enhance long-term value.

Company slogan/tagline

Mayville Engineering Company, Inc. (MEC) does not have a widely publicized official slogan or tagline. Instead, they emphasize their capabilities and values through their actions and project outcomes, focusing on:

• Complex manufacturing solutions: Highlighting their expertise in handling intricate manufacturing challenges.
• Customer partnerships: Working closely with clients to deliver tailored solutions.
• Operational efficiency: Ensuring projects are completed effectively and to the highest standards.

Mayville Engineering Company, Inc. (MEC) How It Works

Mayville Engineering Company (MEC) specializes in providing manufacturing solutions, including design, prototyping, tooling, fabrication, coating, assembly, and aftermarket services, primarily serving the commercial vehicle, construction, powersports, agriculture, military, and other end markets.

MEC's Product/Service Portfolio

MEC's Operational Framework

MEC operates through two primary segments:

• Fabrication: This segment focuses on producing a wide range of metal components and assemblies, utilizing processes like laser cutting, forming, welding, and machining.
• Coatings: This segment provides surface treatment services, including powder coating and liquid painting.

Key aspects of MEC's operational framework include:

• Design and Prototyping: Offering upfront engineering support to optimize designs for manufacturability.
• Supply Chain Management: Managing the procurement of raw materials and components to ensure timely production.
• Quality Control: Implementing rigorous quality checks throughout the manufacturing process.
• Logistics and Distribution: Coordinating the delivery of finished products to customers.

For more information on MEC's financial performance and stability, you can check this link: Breaking Down Mayville Engineering Company, Inc. (MEC) Financial Health: Key Insights for Investors

MEC's Strategic Advantages

MEC's strategic advantages include:

• Diversified End Markets: Serving a variety of sectors reduces dependence on any single industry.
• Comprehensive Manufacturing Solutions: Offering end-to-end services from design to aftermarket support.
• Advanced Technology: Investing in modern equipment and processes to improve efficiency and quality.
• Strategic Locations: Operating facilities in key geographic areas to serve customers effectively.
• Strong Customer Relationships: Maintaining long-term partnerships with major customers.

Mayville Engineering Company, Inc. (MEC) How It Makes Money

Mayville Engineering Company, Inc. (MEC) primarily generates revenue through providing manufacturing solutions, including a wide array of prototyping and tooling, fabrication, coating, assembly and aftermarket services.

Mayville Engineering Company, Inc.'s Revenue Breakdown

The revenue streams for Mayville Engineering Company, Inc. are diverse, stemming from various manufacturing services provided to a range of industries.

Mayville Engineering Company, Inc.'s Business Economics

The business economics of Mayville Engineering Company, Inc. (MEC) are influenced by several key factors:

• Pricing Strategies: MEC's pricing is likely determined by factors such as material costs (steel, aluminum), labor expenses, overhead, and the complexity of the manufacturing processes involved. Value-based pricing, where prices reflect the value provided to customers through specialized services or high-quality products, may also be utilized.
• Economic Fundamentals: MEC operates in cyclical industries. Therefore, economic upturns typically drive higher demand, while downturns can reduce manufacturing volumes. Additionally, government spending on defense and infrastructure projects can significantly impact MEC's revenue.
• Supply Chain Management: Effective supply chain management is crucial. Disruptions in the supply of raw materials or components can lead to increased costs and production delays, affecting profitability.

Mayville Engineering Company, Inc.'s Financial Performance

Mayville Engineering Company, Inc.'s financial performance can be assessed through the following points:

• Revenue Growth: MEC reported net sales of $636.5 million for the year 2024, compared to $605.9 million for the year 2023.
• Gross Profit: The gross profit for 2024 was $77.9 million, an increase from $62.9 million in 2023.
• Net Income/Loss: MEC reported a net income of $7.8 million for 2024, compared to a net loss of $4.6 million for 2023.
• Adjusted EBITDA: Adjusted EBITDA for 2024 was $49.5 million, compared to $39.1 million for 2023.

To gain more insights into the company's values, read this article: Mission Statement, Vision, & Core Values of Mayville Engineering Company, Inc. (MEC).

Mayville Engineering Company, Inc. (MEC) Market Position & Future Outlook

Mayville Engineering Company, Inc. (MEC) holds a significant position in the manufacturing sector, particularly noted for its metal fabrication and complex manufacturing solutions. The company's future outlook is shaped by strategic initiatives aimed at expanding its market reach and enhancing operational efficiencies.

Competitive Landscape

Opportunities & Challenges

Industry Position

MEC operates as a leading provider of manufacturing solutions, focusing on value-added services such as:

• Metal fabrication
• Complex assembly
• Coatings
• Aftermarket services

The company differentiates itself through its:

• Diversified customer base across various sectors, including commercial vehicles, construction, and agriculture.
• Integrated manufacturing capabilities that offer end-to-end solutions.
• Commitment to innovation and continuous improvement in its processes.

To gain a deeper understanding of the values that drive MEC, explore: Mission Statement, Vision, & Core Values of Mayville Engineering Company, Inc. (MEC).

MEC's ability to capitalize on market opportunities while mitigating risks will be crucial for sustaining and improving its industry standing.