Prior to joining Ontario Global 100 (OG100), Gincor Werx was conducting little to no export business. Luc Stang, President & CEO, knew that expanding exports would not only grow the business, but also help mitigate future risk. However, he wasn’t sure where or how to begin.
In 2018, Luc joined OG100. Meeting with OG100 members, speakers, and affiliates, the path to building a successful export business became much clearer and Gincor Werx soon entered the US market.
In 2018, export sales came out to 0.5% of its total combined revenue, which increased to 5% the year after. In 2020, exports totalled 6.5% and are now trending to 10% of combined revenue. The bulk of the growth remains in the USA, however they are now taking orders from clients overseas and have weekly activity in target markets in Europe, the Middle East, North Africa, and in the region of Oceania. Having established a permanent office in Spain for overseas business development has provided excellent insight in foreign markets, where they continue to build momentum.
Despite increased shipping costs and component shortages, the company is well on its way to north of 10% in export activity. Employee pride and stakeholder satisfaction has significantly increased. Domestic annual growth remains strong at targets of 14% year over year, while exports are outpacing their domestic growth rate with sights set at hitting 30% of overall revenue within 5 years.
“While our numbers are small compared to some of our fellow OG100 members, our growth is proof of the benefits we’ve experienced since working with OG100″, said Luc Stang, President & CEO, Gincor Werx.
“The peer-to-peer network and leadership within the OG100 network removes the fear of the unknown, or as I like to see it, the gap between what we know and don’t know. By shining a light on that gap and sharing their respective journeys – good or bad, they encourage other companies to grow beyond our borders”
– Luc Stang
Gincor Werx takes a photo of its first order to Australia in 2021. By joining OG100, President & CEO Luc Stang, found the tools, knowledge, and counsel he needed to kick off and build a successful export strategy. Exports are now trending toward 10% of the business and, despite a challenging trade environment, continue to grow.
Luc Stang, President and CEO of Gincor Works, had an extremely prospering vehicle business which had experienced domestic growth as Luc continued to accomplish and carry out his business plans. Luc has been a significant member of OG100 since 2018, and we are more than happy to see him thrive and continue to build a successful business.