LSP Technologies Joins List of Inc. 5000 Two Years in a Row; 2020 Ranking at No. 4140 Reflects 83.4% Sales Growth, 2016-2019
DUBLIN, Ohio, Aug. 13, 2020 /PRNewswire-PRWeb/ -- LSP Technologies, Inc. has made Inc. Magazine's list of the 5000 fastest growing privately held companies in the country for the second year in a row. Dublin-based LSP Technologies seeks to make the world a safer place by protecting mission-critical metal parts against corrosion and cracking.
LSP Technologies developed and patented laser peening (See "How Laser Peening Works"), which uses high-energy laser pulses to enhance the fatigue life of metal components for commercial aviation, power generation, maritime, automotive and other market sectors. The company also invented Laser Bond Inspection, the world's only non-destructive testing method for evaluating the strength of adhesive bonds for composite materials after production and assembly.
"We attribute our growth to two major factors. The first is that we pivoted our business model from laser peening services in our facility to selling or leasing laser peening equipment, allowing our customers to laser peen their own parts in their own facilities," said LSPT's founder, CEO and President, Dr. Jeff Dulaney. "The second has been our focus on building a Humble, Hungry, and Smart culture."
From 2016 to 2019, LSP Technologies sales grew from $6.75 million to $12.38 million, or 83.4%, buoyed by sales of its Procudo® Laser Peening System and custom laser peening equipment, as well as a wide range of development projects and applications.
"The surge in our growth has not only kept us on the Inc. 5000, but it also reflects a surge in jobs here, from 28 team members at the end of 2016 to 59 at the end of 2019. We have multiplied our technical and engineering staff by a factor of five," Dulaney said.
"This is a difficult time to predict future results and growth," he said, "but we believe it is an opportune time to invest in our facilities, our laser technologies, and our ability to tell the world about laser peening, laser bond inspection, laser peen forming, and other technologies to grow our business while making our world a safer place."
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at http://www.inc.com/inc5000.
Methodology
The 2020 Inc. 5000 is ranked according to percentage revenue growth when comparing 2016 and 2019. To qualify, companies must have been founded and generating revenue by March 31, 2016. They had to be U.S.-based, privately held, for profit, and independent--not subsidiaries or divisions of other companies--as of December 31, 2019. For more information, visit http://www.inc.com.
SOURCE LSPTechnologies, Inc
