fishing vessels provided a more stable and growing market but it’s very specialized and dynamic compared to the refinery sector. However, it also prompted IRI’s leaders to explore more proactive ways of expanding, which most likely triggered the company’s most recent acquisition. “In November, last year,we acquired a local fabrication company called Superior Systems. Superior is about half the size of Industrial Resources but they’re a 25+ years well-established fabrication business. They’re a full service fabrication shop with some specialties,” says current President and CFO Jan Kallshian. Originally, IRI had a small fabrication shop to support its customers’ needs for custom marine and other components, however, this planted the seed for a firmer pathway into the larger fabrication industry.. This strategic acquisition quadrupled the company’s fabrication capabilities and provided an opportunity to direct more work internally, supporting the company’s existing operations. With this move, Industrial Resources positioned itself for future growth in the fishing sector and the broader fabrication market. “Not only do we have a very strong fabrication business that operates independently of the marine sector, but now we can direct a ton of work that used to go to somebody else in the fabrication business to ourselves,” Kallshian explains. “This also gives us more control over quality and schedule.” The most noticeable difference has been seen in the company’s revenue, which is projected to be around $20 million in 2024, a strong indication of the massive growth potential awaiting Industrial Resources within the fabrication industry. LEVERAGING TECHNOLOGY AND MODERN PRACTICES Although much of the work at Industrial Resources involves traditional hands-on trade skills, the company has embraced technology where applicable. This includes using robotic welding machines and modernized welding equipment to increase efficiency. Additionally, design software like SolidWorks is used 130 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 06
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