A leaner Carmanah will weather alternative-energy doldrums, CEO Ted Lattimore says
A little over a year ago, solar products maker Carmanah Technologies Corp. appeared to be in big trouble. It was saddled with expensive inventory, the high Canadian dollar was killing margins, and it had spread itself thin across too many product lines.
When former telecom executive Ted Lattimore arrived to take over the CEO spot in October, 2007, he set to work to slim down the Victoria-based company and return it to profitability.
Mr. Lattimore sold off the parts of the business that required custom design - such as solar lighting for transit shelters - and concentrated on segments where there were economies of scale. He also trimmed expenses, slashed staff, and closed some manufacturing operations.
Now Carmanah concentrates on making solar-powered warning lights and beacons that use light-emitting diodes (LEDs), along with solar-powered generators for telecommunications stations and other industrial purposes. It also sells large solar power systems connected to the power grid, and LED illuminated signs.
Slimming down the company has boosted Carmanah back into the black - it generated $800,000 in profit in its third quarter...
Read the full interview at GlobeandMail.com