Growing to 'historic' proportions

Vermont Business Magazine, Jan 01, 2004 by Kelley, Kevin

The history of Bennington-based Vermont Composites, Inc, parallels that of the United States. The company was established by English interests and remained British-owned for several years. It eventually became an independent American enterprise and grew to the status of a world leader.

Forthergill & Harvey, a small English manufacturer of composite x-ray tables, launched the business in Bennington in 1979. Working in partnership with a firm based across the Vermont border in Hoosick Falls, N.Y., Forthergill hoped to find buyers in the U.S. for its specialized products.

Two years later, however, Forthergill. & Harvey was taken over by Courtaulds, a British multinational corporation. The new owner continued to operate the plant in Bennington, which at that time had about 15 employees. Courtaulds stayed in charge until the mid-1990s when it decided to focus exclusively on its core businesses and began selling off subsidiaries it had acquired. The Bennington operation was bought by seven of its managers, including Dan Maneely, a mechanical engineer with extensive management experience. Maneely now serves as the company's president.

Vermont Composites has roughly doubled in size in the seven years since the Vermont team took over. The company currently employs 125 people in a 45,000-square-foot facility. "We're definitely the largest manufacturer of x-ray tables in this country and probably in the world," Maneely says.

The company also designs and builds carbon fiber-based composites for use in conjunction with many of the latest diagnostic imaging machines. That part of the medical industry offers consistent growth opportunities, Maneely notes. "They keep inventing new machines, so new generations of equipment are always needed."

General Electric is the company's biggest customer, and it has also begun to do business with other corporate powerhouses such as Lockheed and Northrop. The company's move into aerospace includes construction of the payload fairing

for Orbital's Taurus launch vehicle. Aircraft and aerospace "is the single biggest growth area for us," Maneely says.

But as is the case for many American manufacturers, the current success of Vermont Composites is shadowed by uncertainties cast by foreign competitors. "It's a big worry for us," Maneely acknowledges, saying the threats to his company come from both Mexico and Asia. Vermont Composites' response is simple. "We just have to keep moving into higher tech," Maneely says.

As one of the larger employers in a part of Vermont hit hard by manufacturing job losses, Vermont Composites enjoys friendly relationships with state economic development agencies. They were helpful in arranging financing for the original purchase of the business and for subsequent expansions, Maneely says. The Town of Bennington has done its part as well, providing assistance through a revolving loan fund.