Lou-Rich Machine Tool, Inc. was founded by Louis Larson and Richard Ackland in Hayward, MN

Acquired Albert Lea facility and established headquarters

Formed ESOP (employee ownership)

Name changed to Lou-Rich, Inc.

Became ISO 9000 registered by UL and acquired Exact Manufacturing division

Established Innovance, Inc. as holding company and acquired Almco, Inc. subsidiary

Opened assembly facility in Albert Lea, MN