WEBVTT - Faribault Mill's Commitment to American Manufacturing

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 2>Tim Stenovek on Bloomberg Radio.

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<v Speaker 3>We talked about salt manufacturing the US, I should say

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<v Speaker 3>the President in the White House talks.

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<v Speaker 1>About it a lot, and the important of just really

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<v Speaker 1>one hundred percent manufacturing have targeted big tech companies who

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<v Speaker 1>still have manufacturing elsewhere and they really just want to

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<v Speaker 1>be everything one hundred percent made in the USA.

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<v Speaker 3>Yeah, and there's been a lot of attracting investments into

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<v Speaker 3>the US is certainly a big theme here in twenty

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<v Speaker 3>twenty five. So our trade deals, changing global flows top

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<v Speaker 3>of mind for investors, which is why it's kind of

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<v Speaker 3>a great time to check in with our next guest,

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<v Speaker 3>whose company does manufacturing in the United States has been

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<v Speaker 3>doing so for one hundred and sixty years, is a

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<v Speaker 3>great read to on the US economy, US business and

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<v Speaker 3>also consumers. So it's nice to have back with us.

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<v Speaker 3>Ross wid Moyer. He is president and CEO of Barabau Mill.

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<v Speaker 3>He also held a senior merchandising roles are several I

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<v Speaker 3>should say, at Target and he joins US from Minnesota.

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<v Speaker 3>Ross good to have you back with us? How are you?

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<v Speaker 4>I'm well, thanks for having me on today.

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<v Speaker 3>So you know, I was thinking about this, We were

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<v Speaker 3>thinking about this and getting ready for you to join us.

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<v Speaker 3>I think we talked in July. Tell us about the

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<v Speaker 3>past few months. What's changed in terms of process, strategy,

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<v Speaker 3>outlook and really your outlook too. On the US economy.

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<v Speaker 4>Yeah, I would say a couple of things on that front.

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<v Speaker 2>Number One, you know, for us as a US manufacturer,

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<v Speaker 2>it's been business as usual, and I think other manufacturers

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<v Speaker 2>I've talked to, not only here in Minnesota, but around

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<v Speaker 2>the country, it's been anything but business as usual. So

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<v Speaker 2>you know, from that standpoint, it's it's been a good

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<v Speaker 2>thing for our company. It's been a good thing for

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<v Speaker 2>our employees, you know. I think the the other piece

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<v Speaker 2>I would add to that is, you know, with all

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<v Speaker 2>of the noise around tariffs and what that's going to

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<v Speaker 2>mean not only for manufacturers and consumer products, but also

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<v Speaker 2>for the consumer, there's a lot of noise and I

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<v Speaker 2>think it's caused a bit of an undercurrent of economic uncertainty,

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<v Speaker 2>which heading into the holiday season, you know, can be

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<v Speaker 2>a little bit scary for those of us who are

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<v Speaker 2>in the retail business, particularly a fourth quarter driven retail business.

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<v Speaker 2>But we're still despite all that, really optimistic about the

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<v Speaker 2>upcoming holiday season.

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<v Speaker 1>Your company has reported record revenue growth for around four

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<v Speaker 1>consecutive years and launched over one hundred new products. What's

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<v Speaker 1>driving that momentum and what lessons do you wish to

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<v Speaker 1>parlay to those who are saying that it's impossible for

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<v Speaker 1>things to be one hundred percent made in the USA.

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<v Speaker 4>Yeah, well, you.

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<v Speaker 2>Know, I wouldn't say it's impossible because we've been doing

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<v Speaker 2>it for one hundred and sixty years here in Minnesota,

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<v Speaker 2>and we have a proven product. We've been perfecting our

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<v Speaker 2>woolen cotton blankets that we make here in Minnesota also

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<v Speaker 2>in Maine, I should say over that course of time,

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<v Speaker 2>so you know, made in America is we were doing

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<v Speaker 2>made in America before made in America was cool. But

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<v Speaker 2>I would say that they're really with a new found

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<v Speaker 2>investment in American manufacturing, developing the workforce, reinvigorating a plant

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<v Speaker 2>like we did here in Minnesota. We put a multiple

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<v Speaker 2>million dollar effort and investment into our mill here in

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<v Speaker 2>the States with new equipment to help modernize us and

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<v Speaker 2>get us not only out of the nineteenth century, but

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<v Speaker 2>into the twentieth and eventually the twenty first century, and

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<v Speaker 2>that's really kind of helped us gain this new found

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<v Speaker 2>momentum we have as a company as a brand, and

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<v Speaker 2>we're really excited about it and we'd love for others

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<v Speaker 2>to follow in our footsteps as well.

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<v Speaker 1>And you've recently been able to lower prices permanently also,

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<v Speaker 1>which is something very rare in the manufacturing space. Can

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<v Speaker 1>you walk us through any specific changes that you've made,

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<v Speaker 1>whether it's technological or more procedural, that made that possible.

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<v Speaker 4>Yeah.

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<v Speaker 2>No, I think that's been the big news coming out

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<v Speaker 2>of fairboughm Minnesota, is that we've been lowering prices while

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<v Speaker 2>others are raising prices, especially in this hyperinflationary environment we've

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<v Speaker 2>experienced over the last up of years. And we've been

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<v Speaker 2>able to do that all the while raising wages here

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<v Speaker 2>with our workers in Minnesota.

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<v Speaker 4>Which're really proud to have done that.

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<v Speaker 2>But really for us, it's about the investment in new

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<v Speaker 2>equipment and helping automate the manufacturing of a craft.

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<v Speaker 4>That we've been doing for one hundred and sixty years.

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<v Speaker 2>And I think sometimes automation is a bit of a

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<v Speaker 2>dirty word particularly if you're in the workforce, it oftentimes

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<v Speaker 2>means replacing workers with machines. We're doing anything but that

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<v Speaker 2>where we're continuing to grow employment here at our plant

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<v Speaker 2>in Minnesota and in Maine, but we're able to make

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<v Speaker 2>more product as a consequence.

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<v Speaker 4>Of the new high speed, high.

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<v Speaker 2>Tech machinery we've invested in invested in over the last

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<v Speaker 2>couple of years, and that's allowed us to make blankets

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<v Speaker 2>more cheaply, and rather than pocket all that game, we

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<v Speaker 2>wanted to pass it on to our consumers because we

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<v Speaker 2>know that they're getting pinched from all corners of their

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<v Speaker 2>life and it's the least we could do here as

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<v Speaker 2>a great American and in the great American company.

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<v Speaker 3>Hey, you know, I am curious too about selling, Like

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<v Speaker 3>I'm on your website right now. I mean, how much

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<v Speaker 3>is direct to consumer? How much is and forgive me

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<v Speaker 3>for not knowing like retail or do you have partnerships

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<v Speaker 3>that you sell at you know, existing retail?

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<v Speaker 4>Yeah, we do it all.

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<v Speaker 2>We you know, we've really over the last five years

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<v Speaker 2>made a strategic pivot from a long run contract based

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<v Speaker 2>manufacturer into more of a short run, nimble, customizable direct

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<v Speaker 2>to consumer marketer and merchant merchandiser, and that's really helped

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<v Speaker 2>us grow our business. You talked about our top line

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<v Speaker 2>sales growing over the last four years. We're expecting this

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<v Speaker 2>to be a record year number five for US. But

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<v Speaker 2>we also do a lot of partnerships with different brands

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<v Speaker 2>around the country.

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<v Speaker 4>Coach and Supreme have been too that we worked with.

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<v Speaker 2>Not to mention the fact, we've been making blankets for

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<v Speaker 2>the US military since before World War One, and we

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<v Speaker 2>were just awarded a five year Army contract, so now

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<v Speaker 2>we make blankets for both the US Navy and the

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<v Speaker 2>US Army, so anybody who enlists will get a blanket

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<v Speaker 2>made here in Fairbeam, Minnesota. So it's a multi channel

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<v Speaker 2>approach to retailing that we do, driven largely by direct

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<v Speaker 2>to consumer as you mentioned, but strategic wholesale and contract

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<v Speaker 2>manufacturing as well.

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<v Speaker 3>What's the biggest part of your revenues and revenue growth?

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<v Speaker 3>Is it the direct to consumer?

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<v Speaker 2>It is the direct to consumer, and that really starts

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<v Speaker 2>with product. You know, I've been around a lot of

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<v Speaker 2>consumer product companies over the course of my career, and

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<v Speaker 2>newness is the lifeblood of any consumer product company. Newness

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<v Speaker 2>and unique product, and we have a lot of unique product,

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<v Speaker 2>which makes me really optimistic about the holiday season because

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<v Speaker 2>I think regardless of any consumer uncertainty, those retailers that

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<v Speaker 2>have unique, differentiated product are poised to win.

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<v Speaker 4>And we think we fall in that category.

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<v Speaker 2>With our city maps, our flag blankets, our artist collections,

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<v Speaker 2>we have a lot of unique products you can't find

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<v Speaker 2>anywhere else, all of which is made here in the

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<v Speaker 2>United States.

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<v Speaker 1>It seems like matter if your peers are facing margin

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<v Speaker 1>pressures and arising input cost but you're striving and if

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<v Speaker 1>you must. What would you say is the biggest pain

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<v Speaker 1>point when you produce and manufacture everything in the US?

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<v Speaker 1>Is it labor? Is it just competing with overseas prices?

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<v Speaker 1>Is it just the cost of these materials? What would

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<v Speaker 1>you say it is?

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<v Speaker 4>Yeah?

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<v Speaker 2>I think you know, historically it's been cost it's been

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<v Speaker 2>more expensive to produce here in the United States that

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<v Speaker 2>it has been let's say in China, because of what

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<v Speaker 2>we pay our workers, and we pay our workers a

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<v Speaker 2>good and a fair wage here. We want them to

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<v Speaker 2>be able to sustain good middle class lifestyles here in Farbough,

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<v Speaker 2>Minnesota and also out in mom With, Maine, where we

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<v Speaker 2>produce our cotton blankets, so it's an important part of

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<v Speaker 2>our mission as a company. But I will tell you

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<v Speaker 2>with the tariffs in place, that cost gap has shrunk.

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<v Speaker 2>We have a proven product that we've been making for

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<v Speaker 2>over one hundred and sixty years, and we're made here

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<v Speaker 2>in the United States. So if you go back to

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<v Speaker 2>the old operational middle of winning on cost, quality, and flexibility,

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<v Speaker 2>we think we can wear on all three aspects of

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<v Speaker 2>that of that model. And that's why we're really excited

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<v Speaker 2>about where we are today and why we're really excited

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<v Speaker 2>about the future.

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<v Speaker 3>You know, we talk a lot with you and also

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<v Speaker 3>in general this year, certainly with President Trump and the

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<v Speaker 3>White House about you know, manufacturing coming back to the

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<v Speaker 3>United States. You know, what would make manufacturing easier for

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<v Speaker 3>you in the US?

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<v Speaker 4>Is it?

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<v Speaker 3>I mean, you want to pay workers what they're worth,

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<v Speaker 3>you know, especially in an economy where we talk about

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<v Speaker 3>a ca shaped economy where not everybody's doing so well

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<v Speaker 3>and people can't afford to, you know, put food on

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<v Speaker 3>their table or provide housing. I mean, it's just really

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<v Speaker 3>tough for a lot of Americans, not just a few,

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<v Speaker 3>but a lot of Americans. So when you look at this,

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<v Speaker 3>what would make it easier.

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<v Speaker 2>Yeah, I think, you know, I talked to a lot

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<v Speaker 2>of manufacturers and I chair the Manufacturer's Council here in

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<v Speaker 2>the state of Minnesota, and the number one issue I

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<v Speaker 2>hear from manufacturers and we feel it as well, is

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<v Speaker 2>is finding not only workers and a workforce, but a

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<v Speaker 2>skilled workforce that can do the type of work we

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<v Speaker 2>need them to do with state of the art machinery

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<v Speaker 2>that we've invested in over the last two years. So

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<v Speaker 2>I think I think there has to be a renewed

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<v Speaker 2>focus on investing in education in this country, particularly vocational education,

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<v Speaker 2>starting not only a two year vocational schools, but all

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<v Speaker 2>the way to high schools and even middle schools.

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<v Speaker 3>So you don't need so you don't need somebody necessarily

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<v Speaker 3>with a college degree.

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<v Speaker 2>No we I mean, you know, I tell people all

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<v Speaker 2>the time, if if you post on indeed for a

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<v Speaker 2>weave technician, you're gonna be sitting by your computer a

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<v Speaker 2>long time waiting for people to.

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<v Speaker 4>Fill that out with experience. So we train people. It's

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<v Speaker 4>an apprenticeship business.

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<v Speaker 2>And so what we need are people with mechanical aptitude,

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<v Speaker 2>who are willing to work, who are willing to learn,

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<v Speaker 2>who are curious. And I think those are skills that

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<v Speaker 2>can be trained, certainly in middle school all the way

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<v Speaker 2>to high school and if need be.

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<v Speaker 4>Up to two year vocational colleges as well.

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<v Speaker 1>What about looking ahead? You said that you've been making

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<v Speaker 1>things in America even before it was cool. Well, now

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<v Speaker 1>that is cool or what is encouraged? Do you believe

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<v Speaker 1>that the current momentum in US manufacturing here is sustainable?

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<v Speaker 1>Like what if everyone really does manufacture in America? Is

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<v Speaker 1>that something that can.

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<v Speaker 3>Be Yah, Well, we have enough workers, especially if.

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<v Speaker 1>We need work materials and everything.

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<v Speaker 2>Yeah, that's the key question is I think do we

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<v Speaker 2>have the workers to do that? I think workers coupled

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<v Speaker 2>with state of the art technology, you know, where you

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<v Speaker 2>can have the same number of workers like we do here,

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<v Speaker 2>but if we have the right technology, we can actually

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<v Speaker 2>produce more product.

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<v Speaker 4>You know.

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<v Speaker 2>That's kind of the secret sauce, and that's what we

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<v Speaker 2>have to figure out as a country, as a society.

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<v Speaker 2>It's not going to be an easy task. I don't

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<v Speaker 2>think it's going to be as easy as maybe it's

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<v Speaker 2>sometimes made out to be in the media. But those

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<v Speaker 2>of us who are doing it are working at it

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<v Speaker 2>really hard, and we're working at it with like minded

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<v Speaker 2>companies as well, because it's good for our companies, it's

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<v Speaker 2>good for our communities, it's good for our investors too.

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<v Speaker 3>All Right, we're gonna have to leave it there. Ross.

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<v Speaker 3>Always good to get some time with you, Ross, and

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<v Speaker 3>maybe we can get another chat with you as we

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<v Speaker 3>get closer to the holidays, because the season is just

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<v Speaker 3>around the corner. Although we have to get through.

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<v Speaker 1>Halloween first Halloween, and Thanksgiving.

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<v Speaker 3>And Thanksgiving, but you know how it goes around here.

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<v Speaker 3>It's like Christmas or the holidays, all of it's coming.

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<v Speaker 3>Ross Win Moyer. He's President CEO of Ferrebau MIL joining

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<v Speaker 3>us from Minnesota.