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Universal Pursues Agressive Goal with Global Price Initiatives
August 4, 2003
Universal Instruments Corp has embarked upon a global cost reduction initiative designed to set new product pricing standards in the assembly industry. The company is implementing a price reduction strategy across the board for its surface mount products and standardizing global pricing. This move is facilitated by the corporation's strategy of cost reduction in every part of its operation. Key to the new pricing structure is the policy to pass on the dividends of cost reductions Universal has secured on four fronts: new manufacturing operations in China coming online; globalization of the supply chain; driving costs out of the U.S. supply base; and operational consolidation into state-of-the-art premises in Greater Binghamton, N.Y. Aided by these four initiatives the corporation also returned to profitability in Q1 2003 with continuation into Q2. In addition, design engineers have attacked cost at the outset of recent development projects.