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Distributor's Link Magazine Summer 2021 / Vol 44 No 3


114 THE DISTRIBUTOR’S LINK METROPOLITAN FASTENER DISTRIBUTORS ASSOCIATION PO Box 72, Lake Zurich, IL 60047 TEL 201-254-7784 FAX 847-516-6728 EMAIL WEB ITR ECONOMIC FORECAST MEETING RECAP by Rob Rundle “What investments are we [you] making now to handle future growth?” was a question posed to the MFDA membership by ITR Economics’ Tyler St. Germain at the MFDA Economic Forecast meeting this past March. Tyler’s virtual presentation discussed ITR’s forecast for the near and long-term future of the US Economy, and the Fastener business in general. Tyler said that the first half of 2021 will continue to be a recovery from the COVID-19 lockdown recession of 2020. ITR predicts that the remainder of 2021 and much of the next three to four years will be a period of strong growth. In order to be in the best position to handle the coming surge, MFDA members should ask themselves the following: ¤ Do we have the cash to climb the hill? ¤ Are we investing in capital? Personnel? ¤ What are our current bottlenecks? How can we overcome them? ¤ What would we have done differently in 2010 (the last time we came out of large recession)? ITR sees interest rates staying relatively low for the next few years, but increasing afterwards, making now a good time to borrow money at the current low rates. Inflation will be a concern during this decade. Tyler shared that the ITR president was encouraging employees to purchase property and stocks, which tend to be hedges against inflation. That being said, he felt the stock market was overvalued compared to corporate profits. ITR is very concerned about 2030, which they feel will be the next depression. The combination of demographics (baby-boomers retiring), rising health care costs, entitlement costs increasing, inflation, and continued US National debt growth (The US national debt ASSOCIATION ARTICLE to GDP ratio is now 133.1%, a number not seen since WWII. The national debt is now ,000 per person) will cause the county severe problems if not addressed. However, we are not the only country facing issues with our population. According to the presentation, Japan now purchases more adult diapers than baby diapers. While there will be bumps in the road in the 2020’s and the 2030’s won’t be terrible the entire decade, Tyler gave the members a glimpse into what the trends and indicators showed. Now it’s up to us to take advantage of that information. The MFDA board thanks Brighton-Best International for providing the Zoom platform for the event. Save The Date! MFDA’s 25th Annual Golf Outing “The East Coast Fastener Premier Golf Outing” Saturday, September 11, 2021 Event: Pre-Golf Cocktail Party Location: Crystal Springs CC Time: Hardyston, NJ 4:30pm – 6:30pm Sponsored by Member & Associated Companies Sunday, September 12, 2021 Event: Golf Outing Location: Ballyowen Golf Club Time: Crystal Springs CC, Hardyston, NJ 6:45am - Registration 8:00am – Shot Gun Start For more information contact Ken Schneeloch or Nancy Montesano by Tel: 201-644-7424, or email or METROPOLITAN FASTENER DISTRIBUTORS ASSOCIATION

SOLON MANUFACTURING CO. THE DISTRIBUTOR’S LINK 115 425 Center Street, Chardon, OH 44024 TEL 1-800-323-9717 EMAIL WEB SOLON FIRST-EVER RECIPIENT OF PRESTIGIOUS AWARD Solon is honored to be chosen as the first-ever recipient of the Geauga County 2021 Excellence in Manufacturing award presented by the Geauga Growth Partnership in partnership with the manufacturing growth and advocacy network, MAGNET. Says company president, Diane Popovich, “we are grateful for the support from these organizations who are dedicated to helping businesses in Northeast Ohio thrive. This award is so meaningful as it highlights our collective achievements as we persevered through a particularly challenging time in our 72-year history due to the pandemic. Thank you humbly and sincerely, for the honor of acknowledging our strategic vision and operational excellence”. BUSINESS FOCUS ARTICLE The award, a bench made of iron, steel and wood was hand-crafted by BAMF Welding and Fabrication, LLC in Newbury, Ohio and sits outside Solon’s main office for all employees and visitors to enjoy. A video was made by a local film company to announce and present the award, which took place during the GGP Annual Meeting held via Zoom and was live-streamed by Solon’s employees as they gathered to celebrate this achievement together as a team. Established in 1949, Solon Manufacturing Co., located in Chardon, OH, is a premier designer and manufacturer of Belleville springs and washers used to reduce bolted joint failures by maintaining the bolt preload in industrial bolting applications. SOLON MANUFACTURING

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