U.S. Tool Shops are Looking to Hire, but Finding Qualified Workers is a Challenge, Survey Shows
GIVAT SHMUEL, Israel, December 9, 2013 /PRNewswire/ --
"One of the first studies of its kind, Cimatron's 2013 North America Tool Shop Benchmark Survey highlights the performance levels and challenges faced by tool shops as they seek to ensure their success in an increasingly competitive marketplace," said Mr Bill Gibbs, Cimatron's President North America.
The survey reveals that while almost three-quarters of tool shops (73%) plan to hire additional employees in the coming year, over half of the respondents identified finding qualified workers as the top challenge they face.
"Cimatron continues to invest in simplifying our CAD/CAM software and in driving automation to promote tool shop standardization," said Mr Gibbs. "This assists shops in making the assimilation and training of new staff easier."
Additional key survey findings include:
- Healthy industry growth: Half the shops surveyed saw an increase in the number of quotes they issued in the past year, and close to half of survey respondents (46%) believe the price of tooling has increased in the past 5 years.
- Stronger competition: At the same time, 45% of the respondents say they face stronger competition compared to 5 years ago and 35% of the respondents win only 1-2 out of every 10 quotes they provide.
- Technological investment: Over half (59%) of the shops surveyed invested in new software in the past year. 40% of these shops intend to invest even more in the next 12 months.
- Improved delivery times: Many shops have been able to make strides in productivity and efficiency, with 44% of tool shops able to reduce their delivery times over the past two years.
"Given the significance of the results and the wide interest shown in the survey, we are in the process of duplicating the study in other regions worldwide," said Mr Gibbs."
The complete results of the 2013 North America Tool Shop Benchmark Survey can be downloaded at http://toolingtimes.com/toolshop-survey.
With over 30 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM software solutions for mold, tool and die makers as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles and ultimately shorten product delivery time.
The Cimatron product line includes the CimatronE and GibbsCAM brands with solutions for mold design, die design, electrodes design, 2.5 to 5 axes milling, wire EDM, turn, mill-turn, rotary milling, multi-task machining, and tombstone machining. Cimatron's subsidiaries and extensive distribution network serve and support customers in the automotive, aerospace, medical, consumer plastics, electronics, and other industries in over 40 countries worldwide.
Cimatron's shares are publicly traded on the NASDAQ under the symbol CIMT. For more information, visit http://www.cimatron.com
This press release includes forward looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. Such statements may relate to Cimatron's plans, objectives and expected financial and operating results. The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Cimatron's ability to control. The risks and uncertainties that may affect forward looking statements include, but are not limited to: currency fluctuations, global economic and political conditions, marketing demand for Cimatron products and services, long sales cycles, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties related to Cimatron's business, refer to Cimatron's filings with the Securities and Exchange Commission. Cimatron cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Cimatron undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
For More Information Contact:
Chief Financial Officer
Idit Pass Lagziel
Investor Relations contact:
Ehud Helft/Kenny Green
CCG Investor Relations
Tel: (US) +1-646-201-9246
SOURCE Cimatron Ltd