176% Sales Growth, 2015-2018, Earns LSPT a Rank of 2278 in Nation’s 5000 Fastest-Growing Companies
NEW YORK, August 14, 2019 – Inc. magazine today announced that LSP Technologies, Inc., of Dublin, Ohio, is No. 2278 on the 2019 Inc. 5000 list of the nation’s fastest-growing private companies.
LSP Technologies is the world’s only supplier of commercial-grade laser peening equipment for sale or lease, and the company has pioneered laser peening services since 1995. It also offers Laser Bond Inspection, using laser technology to test the integrity of adhesive bonding for composite parts in aviation, ground transportation, and other applications.
LSPT Technologies’ patented laser peening process improves the useful life and safe operation of a wide range of metal alloy components for aerospace, power generation, automotive, heavy equipment, and medical applications.
LSP Technologies sales grew 176% from $3.98 million in 2015 to $11.0 million in 2018. During that time the company’s employment grew from less than 25 to 60 team members today. The Inc. 5000 rankings are a function of the highest three-year compound sales growth rates, and the company entered the top half of the list the first time it appeared.
“I like to think we’re the best 24-year-old startup company around!” said Jeff Dulaney, founder, President and CEO of LSP Technologies. “We have invested long-term – in technology, in customer relationships, and in opportunity for our team members. We have launchpads for growth in Europe and China. And it is our humble hope that the long-term dividends of that research, product development, teamwork, and customer service have only just begun.”
Head of Mechanical Engineering Gary Grossenbacher reviews a custom laser peening tool design with Mechanical Engineer Devin Hilty.
LSP Technologies shares the secrets of rapid growth in custom laser peening solutions
LSP Technologies Inc. has nearly tripled in size and sales due to a fundamental shift in its business strategy. In addition to its robust laser peening services business, LSPT now provides laser peening equipment and custom-engineered laser peening solutions. But perhaps the real secret to its success is a high-performance team culture.
Just three years ago, LSPT became the only company in the world to offer a turnkey laser peening system. Today, LSPT offers custom solutions that allow customers to deal with large stationary parts, hidden surfaces, complex geometries, and hazardous environments.
The proliferation of laser peening technology took a giant step forward in 2015 with the introduction of the Procudo® Laser Peening System, the world’s first and only commercial, high power, diode-pumped laser peening system. The first three Procudo® Laser Peening Systems were installed on three different continents: at LSP Technologies’ facility in Dublin Ohio, at Guangdong University of Technology in Guangzhou, China, and at the Center of Applied Aeronautical Research in Hamburg, Germany (See MFN International, July 2018 cover story).
This year, a Chinese auto components manufacturer signed a joint venture agreement with LSP Technologies for the purpose of providing laser peening services in China utilizing Procudo® Laser Peening Systems. That joint venture, Shandong Maitelaisi Metal Surface Technology Co., Ltd. (MTLS), is now a reality. MTLS has a 100,000sqft facility, now in final stages of construction, which will open this fall in Weifang, China.