On October 6th, the Daviess County CEO group toured NASCO Industries, Inc., meeting with Jeff Smith, Lauren Wilson, Zach Smith, and Jordan Sherman. Founded in 1979 when Neil A. Smith acquired the Uniroyal plant in Washington, Indiana, NASCO has been instrumental in supporting the local economy by preserving jobs when the original facility faced closure. In 1984, the company transitioned to a 100% employee-owned structure through an Employee Stock Ownership Plan (ESOP). The group received an immediate tour that sparked numerous questions.
NASCO's expansion accelerated in 1988 when Duke Energy and DuPont encouraged the company to diversify beyond affordable rain gear into high-end protective garments. Today, NASCO leads the protective outerwear industry, supplying gear for petroleum and energy workers throughout the United States and Canada. Their products are widely used by electric company linemen and petroleum workers, reflecting NASCO's commitment to safety and durability.
Jeff Smith emphasized NASCO's dedication to American manufacturing with their "Made in the USA for the USA" slogan, highlighting their focus on serving the U.S. energy sector. He also showcased the company's lifetime warranty, which covers repairs for any damage, from tears to broken buttons.
Students learned about NASCO's approach to workforce development, with employees cross-trained across multiple positions within the plant. Jeff explained the company's strategic decision to protect trade secrets rather than pursue patents, maintaining their competitive advantage. The discussion covered key business concepts including return on investment (ROI), the importance of management visibility on the production floor, cost and managerial accounting principles, and the strategic considerations between patent protection and trade secret preservation.
The conversation also emphasized the value of proactive engagement in one's career and adopting a "Dreamer in Business" mindset. The CEO students departed with newfound inspiration and valuable insights into the operations of one of Daviess County's most innovative businesses. Special thanks to Jeff, Lauren, Zach, and Jordan for creating a memorable and educational experience.
