MiTek Industries Inc.
- Written by: Jeanee Dudley
- Produced by: Victor Martins
- Estimated reading time: 4 mins
MiTek Industries Inc. (MiTek), a fully owned subsidiary of Berkshire Hathaway, is a world-leading supplier of a diverse line of construction products and services. The company has roots dating as far back as 1956; however, the business has changed drastically over the years. Now, with more than 3,000 employees worldwide, MiTek has impressively expanded its core market expertise to serve an even broader client base.
Nonetheless, the business’ core remains much the same as it has been for several decades. MiTek is the world’s leading supplier of software, products and services to manufacturers of prefabricated structural components in the residential construction industry. The team serves companies that produce prefabricated roof trusses, floor trusses and wall systems. MiTek has carved out a niche in the market; however, the business’ footprint is expanding further into the commercial sector.
MiTek works diligently through acquisitions, software development and product development to expand its growing capabilities in a rapidly changing market. The company’s growth efforts have also focused on reaching out to new strategic clients, consistently maintaining a strong and positive reputation in the industry. MiTek describes its market position and core business model as unique, combining design and workflow software with structural steel products and services. “It is our unique combination of elements that sets us apart and limits similar competitors,” Tom Manenti, chairman and CEO of MiTek, says proudly.
Within the last year MiTek has made several acquisitions to help boost its diversity, as well as its sales. Now more than ever, according to Manenti, the team is bringing expanded software offerings into the construction design process. The innovative programs help residential contractors and manufacturers collaborate to create a structure from the inside out, ensuring the company’s products are correctly specified; MiTek’s unique combination of software and products have established similar market leadership in countries around the globe.
While MiTek has been involved in software creation and distribution for more than 25 years, the development work never stops. The team and its partner businesses continue to build on this technology. MiTek’s varied programs allow businesses to better manage resources while offering higher quality products and more efficient services to customers.
“To enhance our position, we are now extending the breadth of our software offering further into the supply chain,” Manenti details. “We acquired a software company that gives us a strong footprint in the production builder enterprise, specifically in its workflow and planning systems. We are developing that to efficiently collaborate with the component manufacturing side, which is the core of our business.”
Expanding into the Commercial Market
Further extending the company’s footprint into the commercial sector, MiTek purchased Benson Industries in August 2013. The manufacturer, based in Portland, Ore., designs, tests, fabricates and supplies structural curtain walls for high-rise skyscrapers.
“This was a major acquisition for us,” Manenti notes. “We have operated globally for a long time in the residential sector; however, Benson Industries has worked in many notable structures around the globe. While we have a strong commercial presence already with our businesses, like Hohmann and Barnard, Aegis and SidePlate, this acquisition will now allow us to expand into the high-rise construction market in a meaningful and visible way.”
With the recent recession and concurrent burst of the housing bubble, diversity is key for the industry’s suppliers. According to Manenti, the residential market has, historically, been a major driver for MiTek and branching into the commercial sector has allowed the team to stay strong even in tougher market conditions.
“Residential has finally been recovering over the last year or so,” Manenti explains. “There has been a significant amount of rebuilding within the infrastructure of the industry. We supply a portion of that capacity through the equipment, software and structural connectors that we provide to component manufacturers.”
Manenti is optimistic about the direction of the housing industry and the economy. “We have faith in the American capitalistic system,” he explains. “We believe our economy will weather the storm at hand. General trends are going in a positive direction and I believe growth will continue.”
With new ground to cover in both the commercial and residential ends of the construction industry, MiTek is looking ahead to new opportunities and new products. MiTek plans to continue aggressive growth for the coming years, with a strategy driven by technological development and leadership; the business is making big strides. Along the way, the team will make even more acquisitions to enrich the business model at a rapid pace.
As MiTek grows throughout the recovery, the team will take advantage of the strategic acquisitions and the initiatives put into place during the downturn. In both the commercial and residential sectors, the team remains dedicated to providing efficient leading technology solutions to customers, while also managing costs and building stronger relationships. With a global presence and a strong financial backbone, the team is pressing forward, working toward its vision of one day seeing MiTek Industries Inc. products in every structure worldwide.
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