Record Growth Year for 100% ESOP-Owned Hannibal Industries
April 3, 2017 (Chicago) – A staunch supporter of the American manufacturing movement, Hannibal Industries today announced that 2016 was a historic year of growth for one of the leading manufacturers of steel pallet racks in the material handling industry.
According to Executive Vice President Steve Rogers, Hannibal has experienced in excess of 30 percent annualized revenue growth over the last three years. It also has added over 100 jobs while manufacturing and shipping in excess of 100,000 tons (200,000,000 pounds) of steel in the previous fiscal period. Last year, the company also expanded its physical footprint in all three of its current locations: Los Angeles, Stockton, CA as well as Hannibal's new manufacturing facility in Houston, TX.
Contributing to Hannibal's recent growth, Rogers added, is "a significant increase in demand for our products and services. We are unique in the material handling industry in that our foundation as a manufacturer of racking products was in Los Angeles. Our original core market was caught in a rapidly evolving landscape of seismic awareness and code changes and, in conjunction with RMI, Hannibal was able to stay a step ahead for our customers. Hannibal conducts a thorough analysis of code requirements and seismic conditions to ensure compliance with local, state, national and international regulations and provides the most cost effective design to meet these requirements. With our expansion into the South Eastern United States, our experience with safe and creative design provides a competitive advantage to our customers, even in low seismic geography."
While pleased with Hannibal's growth record, Rogers said he is encouraged by the signs of increased business activity by American manufacturing firms in general. He referred to a new industry forecast by the Material Handling Institute (MHI) and Material Handling Equipment Distributors Association that indicate steady but moderate growth in the next three years.
About Hannibal Industries, Inc.
Hannibal Industries, Inc., headquartered in the Los Angeles metro area, is a pallet rack and steel tube manufacturer with a diverse product line that enables the company to offer material handling products to the most massive operations in the world. This employee-owned company is the largest U.S. manufacturer of steel pallet rack west of the Mississippi River.
The company's industry leading product offering includes TubeRack, Structural Pallet Rack, Roll-Formed Selective Pallet Rack, Hybrid Systems, Cantilever Systems, Pushback Systems, Pallet Flow Systems, Case Flow Systems, Drive-In Systems and shelving. Engineering and design services offered by the company include: system design; seismic engineering; permit administration; in-house installation and custom fabrication. A true innovator, Hannibal Industries was awarded a patent in 2006 for a pallet rack system adjustable safety restraint, and a patent for its TubeRack in 2015.