WATERVILLE, ME – F3 MFG is proud to be Maine’s third-fastest growing company, as recognized by Inc. 5000. Nationally, the company places no. 1,317 on business magazine Inc.’s annual report of the top 5,000 fastest-growing businesses in the United States. Rankings are based on revenue growth rate over a three-year period; F3 MFG has achieved a 363% revenue growth rate over three years to reach $10.3 million in 2017.
“We are pleased to be recognized on a statewide and national level, and we credit our success to our innovative, driven team,” explains Joyce Galea, one of three owners of F3 MFG.
Located in the former Wyandotte Mill on Trafton Road in Waterville, F3 MFG is at the forefront of the market shift in truck equipment toward aluminum rather than steel. The company manufactures strong, lightweight aluminum truck and van bodies, headache racks, and truck bodies branded DuraMag and Magnum. Aluminum bodies are 45-50% lighter than steel bodies, generating significant fuel consumption and maintenance benefits without rust.
F3 MFG’s revenue growth is mirrored by job growth, with 60 new hires expected by the end of the year, bringing 2018’s total employment to 160 employees. In January of 2016, F3 MFG had only 14 employees, scaling up quickly to meet demand for its high-quality products. “With the expansion of our national presence, we expect to employ 250 people in 2019, generating sales in excess of $30 million,” said Bill Cleaves, one of the owners.
The manufacturer’s revenue and employment growth has necessitated expansion into additional industrial workspace at the Trafton Properties building. Since January of 2016, the company has increased its production floor footprint from 50,000 sq’ to 150,000 sq’. In order to supply the region with additional manufacturing space, Trafton Properties has acquired permits for a new 120,000 sq. ft. facility.
“F3 MFG’s exponential growth is an exciting example of Waterville’s historically rich manufacturing sector and the success and future potential of precision manufacturing in our region,” said Garvan D. Donegan, Director of Planning and Economic Development at Central Maine Growth Council. “Moreover, F3 MFG epitomizes the development of Trafton Road as mid-Maine’s newest logistics, manufacturing, and transportation hub.”
Trafton Road, which features an I-95 off-ramp completed in 2017, exhibits strong central geography, a supply of infrastructure, large site acreage options, and includes a tax increment finance (TIF) district which incentivizes the development of industrial workspaces.
About F3 MFG
F3 MFG, formerly Magnum Manufacturing Inc., was founded in 2016 to create an efficient manufacturing process that produces superior aluminum automotive products at pricing that is competitive with lower quality steel counterparts. The leadership team has over 85 years of collective manufacturing experience as market leaders in both the automotive and the aluminum trailer industry.
Last modified: September 13, 2018