|
|
Article: Ernst & Young Entrepreneur Of The Year 2009: Mary Petrovich, New life
- Article from:
- Smart Business Detroit
- Article date:
- July 1, 2009
- Author:
CopyrightCopyright Smart Business Network Jul 2009. Provided by ProQuest LLC. (Hide copyright information)
|
MANUFACTURING
WINNER
MARY PETROVICH
CEO
AxleTech International
In 2002, it looked like the end for a floundering AxleTech International. That December, Wynnchurch Capital acquired the manufacturer of planetary axles and suspension systems and brought in Mary Petrovich as CEO to turn the company around.
In her first year on the job, she renegotiated a 33 percent reduction in U.S. labor wages and benefits. She also drove global sourcing to reduce materials cost by 10 percent.
And she embarked on a strategy to attack new markets and customers, focusing on fast-growing markets where AxleTech didn't have a strong presence, and today, 40 percent of the company's business comes from foreign ...