As we approach the end of Q1, we are glad to report that our sales outlook continues to remain strong. There has been talk of a potential recession, but we have not been seeing any signs of this in our forecasted orders.
In our efforts to improve our operations and meet the growing demands of our customers, we have begun the installation of a new Mazak Palletech System in our CNC department at our Front Street facility. This state-of-the-art system will add capacity to our horizontal machining profile. It will also streamline the setup process for our high-mix, low-volume shop. We are excited to see this new system increase our efficiency and productivity, ultimately benefiting our customers with high-quality products. You can read more about our new Palletech System in our recent company spotlight article, New Lou-Rich Machining Center Streamlines Setups.
In other news, we recently started a new tradition of celebrating Founder’s Day across our entire organization by having a taco bar meal on Monday, March 6th. Lou-Rich was founded on March 6th, 1972, in Hayward, MN, by Lou Larson and Richard Ackland. Back in 1972, Lou-Rich’s total sales were around $43,000. Fast forward to 2022, and our parent company, Innovance, achieved a remarkable $108M in total sales. We wanted to take a moment to honor the legacy of our founders, who started with humble beginnings and laid the foundation for our continued success. The Founder’s Day meal celebration was a great opportunity for our team to come together, reflect on our history, and look forward to a bright future.
In conclusion, we are thrilled to see the progress we have made in Q1 and are grateful for the support of our customers and partners. As we continue to navigate the evolving business landscape, we remain committed to delivering exceptional products and services that meet the needs of our clients. Our team is excited to see what the future holds, and we look forward to sharing more updates with you in the coming months. Thank you for your continued support and trust in our team.