Compco Industries Celebrates 60 Years in Business
COLUMBIANA, Ohio -- The secret to 60 years in business boils down to a simple philosophy: treat your company and its employees as if they are family and you won't be disappointed in the results.
"We all work for each other, and we're very lucky," reflects Clarence Smith Jr., who founded Compco Industries Inc. in 1954 and is now the retired chairman of the company. "Our employees, we know their families and we tie them together into one group. These are the keys to our success."
That success has played out repeatedly throughout good times and bad, through financial turmoil and prosperity, and through the terms of 11 presidents.
Compco was established in 1954 as a manufacturer of metal pipe hangers, Smith says. Soon, the company diversified its product base and today custom stamps metal products and produces metal tank heads for a variety of markets and customers.
"It's come a long way, and the good Lord has taken care of us," says Smith, whose father Clarence Smith, Sr., started the Diamond Steel Construction Co. in 1928.
Along with three generations of leadership by the Smith family, Compco boasts 11 families that represent a legacy of employment with the company, reports Greg Smith, Compco's chairman.
"The culture here is a family culture that is driven away from internal politics," the younger Smith says. "The turnover is less than 1%, and we have fourth generation employees working here."
Greg says his father has also infused a sense of community loyalty and support into the culture of Compco. "My father has a big heart for the community. He's given a lot of his time and treasure to it. His philosophy is that wealth is not ours to manage."
Over the years, Compco has undergone many changes, reflects the elder Smity, but its dedication to its customers and employees still remains intact as the business looks forward to ongoing success.
"We believe we have the most incredible group of people working with us," he emphasizes. "That's why we're a success."
Copyright 2014 The Business Journal, Youngstown, Ohio.
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