APV Engineered Coatings Finishes with Strong Sales Growth for 2019
AKRON, OH – APV Engineered Coatings ended 2019 with a record sales year. The growth was fueled largely by demand for its specialty chemical products in the aerospace, flexible films and industrial textiles, architectural building products, and tire and rubber industries. The company also saw significant growth in its private label and contract manufacturing business.
"Thanks to the dedication of our 100-plus employees and the mutually-beneficial partnerships with our new and long-term customers, APV had another record sales year," said David Venarge, Chairman, APV Engineered Coatings. "We're positioned for similar growth in 2020 and have been on this upward trend since the mid-1980s when I purchased the company."
APV entered the aerospace industry in 2003 and has since doubled its sales revenue. This growth was due to the company's highly specialized line of products used for turbine jet engine blades, among other applications. APV's technical expertise and manufacturing capabilities have allowed the company to grow its aerospace products business by developing new customized and innovative solutions that meet industry and customer demands.
"APV brings a great deal of engineering expertise to the aerospace industry, and our customers trust our products for their quality and performance," said Venarge. "In 2019, we made significant capital investments in our manufacturing equipment and facilities to ensure we can keep pace with demand that will remain robust through 2020 and beyond."
Industrial Fabrics and Textiles
Along with aerospace, APV continued to expand product offerings in the industrial fabrics industry under its VYNGUARD® line of topcoats and finishes for woven and non-woven substrates. Examples of new custom-engineered products include super-hydrophobic coatings for clothing; extreme stain-resistant topcoats for thermoformed cabinetry, wallcoverings and contract seating; and advanced UV-resistant finishes for architectural fabrics such as military membranes, tensile structures, tents, shelters, domed roofing and tents. APV also launched a broad-spectrum anti-microbial coating in 2019 for a range of applications from mattress materials to outdoor marine upholstery.
"Our custom innovations have been embraced by a wide variety of product manufacturers," said Venarge. "I’m proud to say we are a top formulator and solutions provider of protective coatings in the industrial fabrics industry."
Architectural Building Products
APV also continued to focus on growth opportunities in the architectural building products industry with its KAPGuard® and NeverFade® brands and achieved 31% year-over-year growth in 2019. The category now represents 8% of the company’s total sales. Venarge said he expects to see significant sales increases of these products in 2020, as manufacturers, architects, specifiers and building owners increase their demand for long-lasting, high-performance coatings.
"Our NeverFade® Façade Restoration Coatings with Kynar Aquatec® were recognized by Commercial Construction and Renovation Magazine with a 2019 Project Profile Award," added Venarge. "It was an honor to be considered as the 'best-of-the-best' for helping the Westin Hotel in Tampa significantly extend the life of its building exterior."
Tire and Rubber Products and Contract Manufacturing/Private Label Services
Tire and rubber products, such as cements, identification marking inks, paints and lubricants, have been a staple product line in APV’s history, and the segment continued to see steadfast growth through 2019. This was in part due to economic factors, but also to the introduction of new and improved product formulations, including water-based technologies, and APV’s advanced equipment engineering services for manufacturers. The company continues to expand its design and installation services of custom-built equipment for tread-striping ink applications to tire manufacturers, helping to optimize and streamline their production processes.
Contract manufacturing and private label services are also a long-standing sector and driver of growth for APV, especially among Fortune 500 manufacturers in the paints and coatings industry, for whom APV is a key resource. APV’s 14-acre plant, warehouse and grounds house well over 300 pieces of manufacturing equipment including 100 to 6,000-gallon blending tanks, high-speed dissolvers, dual shaft mixers, horizontal mills, pneumatic ram mixers, and more. Products can be processed with moisture and temperature controls. Specialty filling and private label packaging are offered as well. Together with tire and rubber coating products, these mature markets attributed to 3.6% year-over-year growth for 2019.