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Leading Manufacturer of Laser Components
Traverse City, MI - August 3, 2005 – Governor Jennifer M. Granholm toured Electro-Optics Technology, Inc. (EOT) today in a continued effort to spotlight companies that contribute to diversifying Michigan’s economy. EOT is a premier engineering and manufacturing firm providing components for high-power laser markets. EOT was honored in 2005 as one of the “50 Companies to Watch in Michigan” by the Edward Lowe Foundation. With 2004 revenues of $2.7 million and 45 percent of its sales outside the United States, EOT is poised for double digit revenue growth as lasers penetrate new industrial applications.
Embrace Change
“Electro-Optics Technology is an outstanding example of the kind of high-tech jobs Michigan must grow to succeed in a global economy,” said Granholm. “Since relocating here, they have partnered with our fine research institutions, developed new technologies, expanded their product line, increased their sales and hired more employees. Companies like this can grow across Michigan if we are willing to embrace the opportunities of the changing economy.”
Highly Skilled and Motivated People Founded in California in 1987, the company relocated to Traverse City in 1992. “The business decision to relocate was driven by the availability of a highly skilled and motivated workforce with competitive wages.” said David Scerbak, founder and president. “Quality of life in Northern Michigan has been an added benefit, nature and sporting activities are right here, that’s not available in Silicon Valley.”
Revenue Growth from R&D
Greater than 20 percent of 2004 sales revenue was invested in research and development. “To remain competitive in a global market place we must continually develop new products.” said Mike Torrance, sales manager, “We are very interested in the administration’s plan to reduce business taxes. Every dime we save in taxes could fuel new product development.”
Leveraging Michigan Resources
EOT has capitalized upon regional resources by partnering with firms such as Nanocerox, Inc. of Ann Arbor, an emerging producer of advanced ceramics materials, to further enhance product lines. In addition, collaboration with Michigan Tech and the University of Michigan has extended the research capabilities and knowledge base for EOT.
Fostering Entrepreneurship
EOT sponsored six summer internships in 2005 to provide students with experience in a high-tech entrepreneurial environment. “EOT had two specific needs: to determine what laser markets were most attractive and to identify what resources were critical to sustain a competitive advantage.” said Raymond Hudack, Marcel Gani intern from the Zell Lurie Institute at the University of Michigan Ross School of Business, “EOT provided a fast-paced entrepreneurial setting that I desired, while I leveraged my skills accumulated from the MBA program to help the company plan a growth strategy.”
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