What happens when your supply chain dries up?
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Evanston, Illinois’ IRMCO Advanced Lubricant Technologies was faced with this very problem – but turned the stumbling block into a business opportunity.
Speaking with FBN’s Jeff Flock in a Conference Room interview, IRMCO Vice-President and Engineer Frank Kenny said the 100-year-old company had to undergo major changes during an oil embargo. IRMCO makes lubricants for the automotive and appliance industries, and was heavily dependent on petroleum.
“It was a real wake-up call,” Kenny said. “We did manage to survive that. We found alternate supply, but we started developing products that did not rely on petroleum oil.”
Kenny and IRMCO President Jennifer Kalas say the company’s non-oil products are now greener– giving IRMCO a competitive advantage.
“We find that mostly in Europe, they’re more attenuated to that. But we see that growing in the U.S., as well,” Kenny said.