Since 1956, family-owned company VT Industries has been making commercial and residential doors and countertops. Historically, the company sourced the fireproof core for its commercial doors from an outside supplier. VT was unhappy with product quality and availability, however. The company wanted to explore the possibility of manufacturing its own fireproof door cores.
VT Industries consulted with the Iowa State University Center for Industrial Research and Service (the Center). The Center brought our group in to oversee a technology scouting project for VT Industries. We researched and identified materials with the greatest potential, conducted due diligence, and recommended two options. After selecting one of the two options, VT Industries developed a proprietary formulation and manufacturing process based on it.
Our technology scouting ensured that VT Industries understood potential materials available. And our strategic advising resulted in significant economic and financial impact, including
- a $10 million investment in a new plant
- the addition of 12 skilled professionals to manufacturer the material for use in VT Industries’ fireproof doors and the construction industry.
The estimated project impact was $24 million over three years. This included $2 million in new sales in the first year.