Progressive Foam Technologies Revenue and Competitors

Progressive Foam Technologies, Inc. was incorporated in 1992, but the principals have been in the business of meeting market demands with expanded polystyrene (EPS) technology much longer. In fact, each has more than thirty years\' experience in the industry. The company was launched in 1992 with a patent for ThermoWall®, an EPS foam contoured material designed to enhance the performance characteristics, appearance and marketability of vinyl siding. Even before Progressive Foam was formed, the founders were working closely with members of the technical and marketing committees of the Vinyl Siding Institute (VSI) to test their products for approval for use with vinyl siding. Once that approval was secured, a process that took four years, they began contacting distributors, who insisted that their respective siding manufacturers approve the product individually. In the ensuing years, Progressive Foam worked with each siding manufacturer to perform both interior and exterior tests on the combined wall system consisting of vinyl siding and ThermoWall. The company contracted with government-approved third-party testing laboratories to conduct \"R\"-value tests and air infiltration tests on each siding profile on the market. Compressive resistance, flexural strength, water vapor transmission, permeability, water absorption, flammability, and toxicity were also evaluated by independent laboratories. By the company\'s second calendar year, sales were approaching $1 million. The company became profitable and secured an investor to finance the capital equipment needed to grow. Within the next year, sales surged ahead and in December 1995, Progressive moved into a new 38,000-square-foot manufacturing plant located in Beach City, Ohio. Less than 18 months later, Progressive added 42,000 square feet to the plant. At the same time, the company acquired \"world-class\" molding and cutting equipment to upgrade quality, ensure consistency and make the facility more productive and cost-efficient. During the spring of 1998, Progressive launched a lamination operation at the Beach City plant. This paradigm shift was an effort to draw vinyl siding manufacturers into the insulated siding market. Since that time, lamination has grown to become the largest segment of Progressive\'s business. In December 2001, Progressive moved its lamination operations into a separate 30,000-square-foot plant in nearby Dover, Ohio. This facility provided more room to expand and to operate efficiently.