Early in 1995 a new management team began retooling the H&P Die & Stamping Co., Cleveland, OH. A decade before, this contract metal stamper was a highly profitable maker of small, high-precision, highly durable components. However, over the years the business had become unprofitable and increasingly noncompetitive. Nevertheless, H&P had two strengths that convinced its owner, United Screw & Bolt Corp. (also of Cleveland), to try to save it. The 50-person workforce had acquired the valuable skills needed to make high-precision, high-quality stampings. And, H&P's 50 presses, while needing some attention, were still capable of banging out substantial profits.
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