2023 Year in Review
1.5.2024
We ring in 2024 with another “Happy New Year!”
2023 brought expected decreases in several of the largest industries we serve. This resulted in a contraction of both sales and labor compared to prior years of growth. Luckily, through strategic analysis of economic and market factors, this contraction was anticipated, and ICON was well-prepared to weather this storm. A natural slow-down in work and overall reduced utilization allowed us to focus on key improvement efforts, including the roll-out of a comprehensive ERP/MES system (MISys Manufacturing), enhanced employee training, proactive changes to worker health & safety, and overhauled behind-the-scenes quoting to better provide fair pricing to our customers. The opening of ICON 3 was once again pushed back, but the timing of an early-2024 opening should be perfect to coincide with expected rises in customer demand. Even with a labor contraction, our incredible management team continued to shine—proving they could, in fact, do more with less, and that an abundance of people is not always the solution to providing consistent, quality parts to our customers. Despite all of these factors, the Board of Directors saw ICON as brimming with potential, looking forward to 2024 and beyond with a bold strategic plan for growth.
The following statistics represent our 2023 Year in Review:
Over 147 million parts shipped worldwide
66 customers over 7 industries
Largest segment of growth in 2023: Electronics 9.47% YOY growth
96% customer retention rate
43 presses between divisions
68% decrease in hiring from 2022
82% of open positions were filled by internal promotion with
100% of supervisory positions filled by internal promotion
Average wage increase of 6% per employee
Over $57,000 distributed in Bonuses/Prizes to staff
20 Employee Appreciation Events
1 new software implementation (MISys ERP/MES)
Launched ICON Wellness with 4 events held
5 ICON Cares events in support of different charities