Specialty Fabrics Review June 2022 - 36

FASNAP CORP.
It comes down
to what business
leaders and owners
want when balancing
risk aversion versus
possible reward. Are
they focused on the
next few months
or years, or are
they implementing
strategies and plans
for five or 10 years
into the future? "
Fasnap®
Doug Reed,
Corp.
Keeping a watchful eye
As luck would have it, COVID struck
just as the completion of Fasnap®
Corp.'s facilities expansion-one
enlarging its office and production
facilities by an additional 14,000
square feet-was being finalized, says
Doug Reed, president of the fastening
solutions manufacturer. Headquartered
in Elkhart, Ind., the company provides
snap fasteners, grommets, eyelets and
narrow woven textiles used in boat top
covers, semi-truck interiors/passenger
vehicles, military-grade personal
equipment, space suits and more.
" Construction began in late 2018
and was completed in early February
2020, " Reed recalls. " Office equipment
was installed immediately and our
staff set up workspaces. Then, March
came along with lockdowns, social
distancing and everything else. "
However, Fasnap became one of
the " very first " IFAI members to be
declared as a critical infrastructure
supply chain partner, says Reed,
allowing the company to remain open,
with some staff working remotely, and
some in production areas that had
already been designed as 8-by-8-foot
work cells, fortuitously adhering to the
CDC's 6-foot distancing guidelines.
" Many of our products are used
A Fasnap®
Corp. machine is readied
to add snaps to webbing. When COVID
hit, the company was one of the first
IFAI members to declare as a Critical
Infrastructure Supply Chain Partner,
remaining open and serving its 60-plus
markets with globally-sourced fastening
solutions. Photo: Fasnap Corp.
36 SPECIALTY FABRICS REVIEW / June 2022
in manufacturing face shields, face
masks, partitions or curtains, even
body bags, " Reed explains. " While our
own internal capabilities are limited for
producing those items, we were able
to facilitate matching inquiries and
needs with local companies capable of
manufacturing them. "
The company's first-quarter revenues
did take a big hit, due to local-market
shutdowns and subsequent layoffs.
Still, says Reed, the company not only
hung onto its 44 employees but added
two more by the end of that fiscal year.
(Fasnap currently has 48 full-time
employees, with openings throughout
the organization.)
Supply chain issues were somewhat
mitigated by a new materials
requirement planning and advanced
capacity planning process Fasnap
implemented in 2019, which gave
staff members the tools to collaborate
more closely with the company's key
stakeholders. Even so, strategizing was
necessary at times. As families sought
to spend more time outdoors, demand
from the local RV, leisure boat and
marine textiles markets shot up, at times
doubling compared to periods past.
Cooperation is key
" The key to managing such cyclical
demand was and continues to be close
cooperation between our customers,
factories and factory suppliers, again
matching future requirements across
the entire supply chain, " Reed explains.
" Long supplier lead times are normal for
Fasnap, yet as we saw demands and costs
increasing, we began placing supplier
orders out further, rather than creating a
logjam for our partners and customers. "
Reed is keeping a watchful eye
on the war in Ukraine, believing
it presents a threat similar to the
2008 financial crash with respect to
its potential long-term impact. As
such, the company is identifying
" performances ranges for upside and
downside conditions, " modeling a
24-to-30-month impact on its markets.
Product demand is shifting from
what it was during COVID, which
saw increased consumer demand
for handguns, rifles, cases and
ammunition, leading to shortages
in certain industrial metals (such as
copper) among its manufacturing
partners adhering to the Buy American
Act or the Berry Amendment.

Specialty Fabrics Review June 2022

Table of Contents for the Digital Edition of Specialty Fabrics Review June 2022

Specialty Fabrics Review June 2022 - Cover1
Specialty Fabrics Review June 2022 - Cover2
Specialty Fabrics Review June 2022 - 1
Specialty Fabrics Review June 2022 - 2
Specialty Fabrics Review June 2022 - 3
Specialty Fabrics Review June 2022 - 4
Specialty Fabrics Review June 2022 - 5
Specialty Fabrics Review June 2022 - 6
Specialty Fabrics Review June 2022 - 7
Specialty Fabrics Review June 2022 - 8
Specialty Fabrics Review June 2022 - 9
Specialty Fabrics Review June 2022 - 10
Specialty Fabrics Review June 2022 - 11
Specialty Fabrics Review June 2022 - 12
Specialty Fabrics Review June 2022 - 13
Specialty Fabrics Review June 2022 - 14
Specialty Fabrics Review June 2022 - 15
Specialty Fabrics Review June 2022 - 16
Specialty Fabrics Review June 2022 - 17
Specialty Fabrics Review June 2022 - 18
Specialty Fabrics Review June 2022 - 19
Specialty Fabrics Review June 2022 - 20
Specialty Fabrics Review June 2022 - 21
Specialty Fabrics Review June 2022 - 22
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Specialty Fabrics Review June 2022 - 24
Specialty Fabrics Review June 2022 - 25
Specialty Fabrics Review June 2022 - 26
Specialty Fabrics Review June 2022 - 27
Specialty Fabrics Review June 2022 - 28
Specialty Fabrics Review June 2022 - 29
Specialty Fabrics Review June 2022 - 30
Specialty Fabrics Review June 2022 - 31
Specialty Fabrics Review June 2022 - 32
Specialty Fabrics Review June 2022 - 33
Specialty Fabrics Review June 2022 - 34
Specialty Fabrics Review June 2022 - 35
Specialty Fabrics Review June 2022 - 36
Specialty Fabrics Review June 2022 - 37
Specialty Fabrics Review June 2022 - 38
Specialty Fabrics Review June 2022 - 39
Specialty Fabrics Review June 2022 - 40
Specialty Fabrics Review June 2022 - 41
Specialty Fabrics Review June 2022 - 42
Specialty Fabrics Review June 2022 - 43
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Specialty Fabrics Review June 2022 - 45
Specialty Fabrics Review June 2022 - 46
Specialty Fabrics Review June 2022 - 47
Specialty Fabrics Review June 2022 - 48
Specialty Fabrics Review June 2022 - 49
Specialty Fabrics Review June 2022 - 50
Specialty Fabrics Review June 2022 - 51
Specialty Fabrics Review June 2022 - 52
Specialty Fabrics Review June 2022 - Cover3
Specialty Fabrics Review June 2022 - Cover4
Specialty Fabrics Review June 2022 - Expo Brochure 1
Specialty Fabrics Review June 2022 - Expo Brochure 2
Specialty Fabrics Review June 2022 - Expo Brochure 3
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Specialty Fabrics Review June 2022 - Expo Brochure 6
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