Business View Magazine - April 2024

Matt Kohnke, President and Chief of Operations, and James Fischer, Vice President, are at the helm of this enduring enterprise, deeply rooted in the company’s vision. With a history spanning three ownerships, Newberry Tanks and Equipment has found stability under the leadership of Chris Long, Chief Executive Officer, whose tenure commenced in 2010. “Newberry has been through three ownerships in 100 years,” Fischer states. Since the acquisition in 2010, we’ve diversified our offerings to serve approximately 3,500 customers, spanning above- ground and underground storage tanks, including specialized solutions for the Automotive Oil Change Association.” NEW STRATEGIES FOR EXPANSION Strategic milestones and expansions have punctuated the journey to prominence in the market. Fischer elaborates on the pivotal moments that have propelled Newberry Tanks and Equipment to its current stature, including the acquisition of Faith Tank, well-known for its expertise in manufacturing rectangular tanks for quick lube service centers. “Our acquisition of Faith Tank marked a significant milestone in our expansion strategy,” Fischer notes. “Integrating their capabilities into our portfolio has fueled substantial growth, particularly in producing rectangular tanks.” Newberry Tanks defies expectations with unprecedented growth in an industry projected to experience a revenue decline over the next half- decade. While the metal tank sector witnessed a significant 6% drop in revenue in 2023 alone, Newberry Tanks soared to new heights, with a 16% increase in revenue during the same period, following an impressive 36% surge the previous year. An important point in the company’s evolution occurred in 2022 with the relocation to a larger, more efficient facility. This move not only doubled Newberry’s manufacturing capabilities but also tripled its production capacity for rectangular tanks, meeting the escalating demands of its clientele. The larger facility also allows Newberry to inventory and distribute the extra equipment needed by the lube industry. 137 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 04 NEWBERRY TANKS & EQUIPMENT