
After more than 25 years insuburban Philadelphia, Drexel Metals Inc. uprooted last fall and moved to Louisville, where it has established a corporate headquarters and processing facility at 1234 Gardiner Lane.
The company, which supplies contractors and distributors with materials to make metal roofing products through a supply-chain process, was drawn here, in part, when it received preliminary approval for $500,000 in state tax incentives from the Kentucky Economic Development Finance Authority a year ago.
To receive the incentives, Drexel agreed to invest $1.5 million here and create 25 local jobs with a payroll of about $1.5 million.
But beyond the incentives,company officials liked Louisville because of its ready work force, low cost of living and — most important — its central location, which makes it easy for Drexel to get its products to customers across the country, according to CEO Rob Waite.
“When you’re in Louisville, you’re close to Chicago,” he said. “You’re close to the Gulf Coast. You’re really close to a whole lot of things.”
23 workers already hired in Louisville
Waite, who has more than 30 years of experience in the building products industry, joined Drexel five years ago as a consultant. He later became CEO and bought a minority stake in the company in 2009.
A year and a half ago, he, company president Brian Partyka and Arborview Capital, a Chevy Chase, Md.-based investment firm, bought out Drexel founder Dick Carroll, clearing the way to move the operation to Louisville, where Waite haslived for seven years.
The company has hired 23 local workers to staff its corporate functions, such as accounting, human resources, technical services and information technology.
Companywide, Drexel has 63 employees and maintains operations in suburban Philadelphia, Baltimore, Denver and Tampa, Fla.
In Louisville, it also has four people working in the Gardiner Lane plant, where large metal coils are processed, cut into smaller coils and shipped, along with a variety of roofing accessories, to customers through Drexel’s network of regional manufacturers.
Success attributed to delivery method, increased demand
The Drexel Metals Association of Regional Manufacturers — or DM-ARM — is a group of more than 100 approved makers of on-demand roofing panels. It offers an integrated metal roofing supply chain that starts at the steel or aluminum mill and continues through the installation of the roofing product.
Through their association with Drexel, the manufacturing customers in the network have access to specific equipment, materials, training, quality assurance and warranty programs, according to Waite. They also receive customer service and skilled technical support.
Although themarket for the construction industry remains “at the bottom,” Waite said, Drexel has been growing its revenue at a double-digit rate every year since 2008.
He declined to disclosesales figures.
Waite attributed Drexel’s growth to increased demand for metal roofing, dramatic weather events across the country that have created a need for new roofs, and the company’s supply-chain delivery system, which he described as unique and more cost-effective than traditional distribution methods.
Looking for more opportunities
As CEO of Drexel Metals Inc., Rob Waite spends much of his time looking for acquisition and joint-venture opportunities for his company.
One such opportunity came together last fall, when Drexel acquired Metal-Fab Manufacturing LLC, a Jessup, Md.-based maker of architectural metal products, such as cornices and dormers.
Waite said Drexel now is able to offer MetFab’s products to its customers under the Drexel brand. His goal is to bring other similar companies under the Drexel umbrella. |
| Drexel Metals Inc. Type of business: Supplier of metal products to the roofing industry Founded: 1985 in Ivyland, Pa. Headquarters: 1234 Gardiner Lane, Louisville Other locations: Suburban Philadelphia, Baltimore, Denver and Tampa, Fla. Total employees: 63, including 23 in Louisville CEO: Rob Waite Web site: www.drexelmetals.com
Content from Business First by John R. Karman III, Reporter
Date: Monday, August 27, 2012, 9:02am EDT