2018 Greater Philadelphia

Manufacturing Survey
Contents

Executive Summary 3

Economic Outlook 5

Growth Expectations 9

Growth Strategies 10

Tax Reform 12

Trade Tariffs 14

International Activities 15

Human Capital Plans 16

Workforce 17

Employee Training 19

Labor Costs 20

Business Improvement Initiatives 21

IT-Enabled Business Improvements 22

Key Operational and Production Measures 23

Profitability Improvements 24

Research and Development Activities 25

Investment in Capital Equipment 26

Cyber Security and Risk Management 27

Methodology 29

Acknowledgements 33

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Executive Summary

Kreischer Miller recently conducted its sixth annual Greater Philadelphia Manufacturing Survey.
The survey is intended to gauge the economic results and outlook of regional middle market
manufacturers and to provide manufacturing executives and industry leaders a snapshot of best
practices being utilized by their peers and constituents, as well as trends being observed in the
industry. Some of the highlights identified from the responses to our survey are as follows:

Greater Philadelphia manufacturers are hiring and giving raises to employees. The
majority of respondents (59 percent) said their employee headcount increased in 2017 and an
even greater number (nearly 65 percent) said they plan to hire in 2018. And, more than 92
percent of respondents said their employees received a raise in the last year, versus 87 percent
last year.

Local manufacturers are optimistic about:

• The overall economy. Approximately 87 percent of respondents said they were optimistic
about the prospects for the U.S. economy over the next 12 months, compared to about 67
percent who expressed similar optimism last year.

• Their company's growth prospects. When asked how their optimism regarding their
company’s prospects compared to last year, 70 percent said they are more optimistic, up
from 58 percent who had the same response last year. In addition, half of the respondents
said they expect their company’s revenues to increase by more than 5 percent this year,
compared to 34 percent last year. And while 9 percent said last year they expected revenues
to decrease by 5 percent or more in 2017, just under 3 percent have that expectation for
2018.

• The new tax law. Almost 59 percent said the changes in tax law will have a positive impact
on both the economy and their businesses over the next five years.

However, local manufacturers are not as optimistic about:

• Finding skilled employees. A lack of qualified workers/skilled labor was by far the most
commonly cited barrier to growth in 2018 and is a persistent and growing problem; 50 percent
of respondents cited this as a concern this year, up from 41 percent in 2017 and 28 percent in
2016.

• The recently imposed trade tariffs. A follow-up pulse survey of respondents showed that a
majority (58 percent) think recent tariffs will have a negative impact on both their own
business and the economy as a whole.

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Executive Summary Continued

In short, Greater Philadelphia manufacturers are very optimistic about the future, both in terms
of the region’s economy and their own company's prospects. They expect their revenues to
grow to a greater degree in 2018 than in 2017, they intend to continue hiring (while recognizing
the challenge of finding skilled labor), and they are giving their current employees raises. This
optimism was somewhat tempered, however, by concerns about the potential impact of trade
tariffs.

-4-
Economic Outlook

The majority of respondents indicated a significantly more positive outlook toward the
overall economy compared to last year:

• Eighty-seven (87) percent felt some level of optimism, up from 67 percent last year;
• Only 1 percent were pessimistic, down from last year’s 5 percent; and
• Only 12 percent said they couldn’t tell (down from 24 percent last year).

Economic Outlook

70%

60%

50%

40%

30%

20%

10%

0%
Very pessimistic Somewhat Neutral/can't tell Somewhat Very optimistic
pessimistic optimistic

2016 2017 2018

-5-
Economic Outlook Continued

We also asked survey participants about their optimism regarding their companies’ prospects for
the year ahead compared to last year. With regard to their operations, respondents seemed
equally optimistic about their own outlook:

• A large majority (70 percent) felt more optimistic, with the reason being split fairly evenly
between internal factors (products, services, operations, and financing) and external factors
(economy, industry, and market trends);
• Only 9 percent were less optimistic, also split fairly evenly between internal and external
factors; and,
• Twenty-one (21) percent said they expect no notable change.

2018 Outlook: Corporate Optimism Matrix

More 39% 31%

Optimistic 19%

14% 8%
21%

Less
4% 5%
Optimistic

External Internal
Factors Factors

This year’s results are even brighter than those reported in the prior year, when 59 percent of
respondents were more optimistic about their companies’ prospects and 22 percent were less
optimistic.

-6-
Economic Outlook Continued

The overall mood of the respondents is very much in line with national and regional
trends. The Institute for Supply Management (ISM), which releases its Purchasing
Managers’ Index (PMI) on the first of every month, reported continuing expansion of the
manufacturing industry during all of 2017.

Purchasing Managers' Index

65

Expanding
60

55

50

Contracting

45

40

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Economic Outlook Continued

Locally, the Federal Reserve Board of Philadelphia has been reporting similar results. Its
Manufacturing Business Outlook Survey (MBOS) and index also reported continued
expansion of the industry throughout all of 2017.

Philadelphia Fed MBOS Diffusion Index

50

40

Expanding
30

20

10

Contracting

-10

-8-
Growth Expectations

We asked survey participants about their expectations for revenue growth in 2018 as
compared to 2017. The results were more optimistic this year, perhaps positively
influenced by the overall economic outlook.

An overwhelming majority of respondents (nearly 78 percent) indicated that they expect

revenues to grow in 2018, with about half anticipating increases greater than five
percent. Only three percent indicated their revenues would decline this year.

Anticipated Changes in Revenues

60%

50%

40%

30%

20%

10%

0%
Decrease Stay The same Increase up to 5 Increase more than 5
percent percent

2016 2017 2018

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Growth Strategies

We asked survey participants to identify the main opportunity to grow their businesses
over the next twelve to eighteen months.

With results similar to last year’s survey, 67 percent cited a focus on existing markets,
either by increasing market share (40%) or through organic growth (27%). New product
development was identified by 22 percent (up from 15% last year), followed by mergers,
acquisitions, and strategic alliances at just 9 percent.

Primary Growth Strategies

2%

22%

9%

67%

Increase Share/Growth in Existing Markets M&A/Strategic Alliance New Products Other

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Growth Strategies Continued

We also asked participants about the expected barriers to growing their businesses in
2018. The following chart depicts those cited by more than 10 percent of respondents.

Expected Barriers to Business Growth

Industry-specific regulation

Decreasing profitability

Decline in demand from domestic U.S. markets

Capital constraints

Pressure for increased wages

Competition from foreign markets

Healthcare costs

Competition from domestic U.S. markets

Lack of qualified workers/skilled labor

0% 10% 20% 30% 40% 50%

The lack of qualified workers is a major concern that is growing at an ever increasing rate: over
50 percent of respondents cited the skilled labor shortage as their top barrier to growth, up from
41 percent and 28 percent in the past two surveys.

Healthcare costs (nearly 39%) remain a major concern for this year’s respondents (virtually
unchanged from last year). And while there is less concern about declining demand in domestic
markets (15% versus 35% last year), there is considerable concern about competition in both
domestic markets (39%, down slightly from 42% last year) and foreign markets (33%, up from
20% last year). Pressure for increased wages also remains a top challenge, cited by 25 percent
of respondents.

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Tax Reform

We asked survey participants how they felt the then-proposed tax reform, if enacted,
would impact the economy and their own company’s profits over the next five years. The
responses to both questions were very similar, with the majority indicating that it would
have a positive impact on both the economy and on their business (59 percent in both
cases). A much smaller percentage indicated it would have a negative impact on the
economy and on their business (seven percent and five percent respectively).

Expected Tax Reform Impact

50%
40%
30%
20%
10%
0%
Very positive Somewhat positive Neutral/can't tell Somewhat Very negative
impact impact negative impact impact

Economy Business

It is interesting to note that of those respondents who indicated that tax reform would
have a very positive impact, their optimism was significantly higher about the overall
economy than their own companies. Twenty-five (25) percent felt it would have a very
positive impact on the economy while 13 percent felt the same about their business.

Further, a significant number of respondents responded “neutral or can’t tell” to both

questions (34% – 36%). And, a few respondents provided comments expressing
concern and uncertainty about how tax reform would impact pass-through entities.
The Tax Cuts and Jobs Act of 2017 (Tax Act) was signed into law on December 22, 2017,
and while there are a number of provisions that will benefit all companies (e.g., expansion
of the Section 179 expense and bonus depreciation rules), the reduction of the corporate
tax rate to 21 percent applies only to C Corporations. Pass-through entities (such as S-
corporations and partnerships), on the other hand, may be able to deduct up to 20 percent
of their qualified business income. This would then be subject to the shareholders’
personal income tax rates, which were also reduced by the Tax Act (top marginal rate is
now 37 percent), making the top effective rate 29.6 percent on such income.

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Tax Reform Continued

The Tax Act was signed into law during this survey’s response period. As a result, we
conducted a follow-up “pulse survey” with respondents to see whether there were any
significant changes in their responses to these questions now that the provisions of the
Tax Act were better known, given the extensive media coverage.

Respondents of the pulse survey were just as optimistic as the initial survey
respondents about the impact of the Tax Act on their own business, with 58 percent
indicating that it will have a positive impact (versus 59 percent in the initial survey).

However, with respect to the impact of tax reform on the overall economy, 69 percent of
pulse survey respondents indicated it would have a positive impact (up from 59 percent
in the original survey), while the “neutral or can’t tell” category dropped from 34 percent
to 19 percent.

March 2018 Pulse Survey - Expected Tax Reform Impact

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Very positive Somewhat positive Neutral/can't tell Somewhat Very negative
impact impact negative impact impact

Economy Business

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Trade Tariffs

In early March 2018, trade tariffs were imposed by the Trump administration on imported
aluminum and steel. Since these tariffs were not being discussed when we administered
our original survey, we added two questions about this topic to the aforementioned
follow-up pulse survey. We asked participants what impact they anticipate these tariffs
will have on their business, as well as on the overall U.S. economy.

The majority of respondents thought that the tariffs will have a negative impact on both
their businesses and the economy as a whole – nearly 58 percent in both cases.

Interestingly, of those who indicated the tariffs would have a positive impact, a far
greater number responded that way about the overall economy (27 percent) than their
own businesses (8 percent).

March 2018 Pulse Survey - Expected Trade Tariffs Impact

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%
Very positive Somewhat positive Neutral/can't tell Somewhat Very negative
impact impact negative impact impact

Economy Business

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International Activities

We asked survey respondents to answer two questions with respect to their

international activities: (1) What percentage of your sales are export (international)
sales, and (2) What percentage of your manufacturing was conducted outside of the
United States.

Although the majority indicated that they engage in some level of international (export)
sales, only 12 percent have export sales that account for more than 20 percent of their
company’s revenues. This number has steadily declined in our survey over the last three
years.

Percentage of Export Sales

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
None 1% to 10% 11% to 20% Over 20%

2015 2016 2017

Our region’s manufacturers tend to concentrate their production efforts domestically,

with 69 percent indicating that they do not conduct any manufacturing outside of the
country. Another 14 percent have less than 10 percent of operations outside the U.S.

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Human Capital Plans

Headcount in manufacturers continues to show steady growth as reported results

appear to exceed prior year’s forecasts.

In last year’s survey, 51 percent of respondents said they expected to increase

headcount during the upcoming year. In the current survey, 58 percent said they actually
did increase their headcount last year.

Additionally, 65 percent of this year’s survey respondents expect to increase headcount

over the next 12 months.

On another positive note, none of the companies surveyed expect to decrease

headcount in 2018.

Planned Changes to Head Count

70%

60%

50%

40%

30%

20%

10%

0%
2016 2017 2018

Increase Stay the same Decrease

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Workforce

Over the past three years the survey results have shown a clear trend in increasing
workforce turnover. The number of respondents who have experienced turnover in the 1
percent to 5 percent range has decreased, while the number who have experienced
turnover rates greater than five percent has increased.

Labor Turnover Rate

70%

60%

50%

40%

30%

20%

10%

0%
0 - 1.0% 1.1% - 5% 5.1% - 10% >10%

2015 2016 2017

-17-
Workforce Continued

Increases in turnover and headcount have put additional strain on the already tight
supply of skilled workers. We asked participants about their primary sources for filling
skilled worker positions. It is not a surprise that social media platforms were the most
popular choice, since it is an inexpensive way to reach a wide audience.

Methods of Employment

Competitors

Apprenticeship programs

Workforce development board

Local high schools/colleges

Social media or online job websites (e.g. Monster)

0% 20% 40% 60% 80%

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Employee Training

The majority of survey respondents (35%) are providing eight to 20 hours of training
each year for plant employees. Companies that provide 40 hours or more of training
each year represent only 19 percent. With the high demand for skilled workers, most
manufacturers are taking it upon themselves to invest in their employees’ skill sets. On
the other hand, some companies may be hesitant to make the investment out of fear
that their trained workers will be lured away by a competitor.

Average Annual Hours of Formal Training Received by Plant

Employees

19% 21%

25%
35%

Less than 8 hours 8 - 20 hours 21 - 40 hours More than 40 hours

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Labor Costs

As reported in the last few pages, survey respondents are increasing headcount,
experiencing higher turnover rates, and trying to successfully navigate a tight skilled
labor market. All of these factors contribute to increased labor costs for manufacturers.

We asked participants about their average wage increase for production employees in
2017. Most (47%) said that production employees received a three to four percent wage
increase. This is very consistent with last year’s survey, when 49 percent indicated the
same range.

Average Wage Increase for Production Employees

70%

60%

50%

40%

30%

20%

10%

0%
0% 1% - 2% 3% - 4% 5% or more

2015 2016 2017

Eighty-four (84) percent of respondents expect to see continued labor cost increases in
2018, while 16 percent expect labor costs to remain the same. None of the respondents
expect labor costs to decrease.

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Business Improvement
Initiatives

Manufacturers need to continually assess and improve their capabilities in order to stay ahead
of competition. Business improvement initiatives provide an opportunity for manufacturers to
enhance their operational capabilities resulting in reduced operational costs and improved
margins. Beginning such initiatives requires management’s belief and commitment to industry
best practices and allocating proper resources to assist with execution efforts. Business
improvement initiatives are usually most effective when sustained over a several year period
rather than a short term horizon. Significant strategic rewards could be reaped by organizations
that successfully implement a well-designed business improvement initiative.

We asked survey participants which commonly-utilized business improvement initiatives or

programs are currently being used by their organization.

The initiative most commonly cited was Quality Improvement Initiatives or Certifications (71%),
followed by Process Improvement Initiatives (69%) and Waste Reduction Strategies (49%).

Top Improvement Initiatives

Benchmarking

ERP improvements

Waste reduction

Process improvement initiatives (lean, Six Sigma,

etc.)

Quality improvement initiatives/certifications

0% 10% 20% 30% 40% 50% 60% 70% 80%

ERP improvements, which focus on leveraging tools and capabilities within the ERP system to
improve business process capabilities, were cited by 46 percent. Next was benchmarking
(27%), which similar to last year’s survey (24%), was ranked lowest.

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IT-Enabled Business
Improvements

Savvy middle market manufacturers leverage emerging information technologies to

increase flexibilities and efficiencies while decreasing costs and defects.

Similar to last year, a significant number of respondents (40%) cited upgraded and
improved ERP systems as well as business process review and change management
efforts (35%) as their top two IT-enabled initiatives. Improvements in planning and
forecasting capabilities, followed by accounting and management dashboard systems,
rounded out the high-priority IT initiatives for area manufacturers.

IT Enabled Business Improvements

Consolidation of critical systems

IT outsourcing

E-commerce applications

Data quality analysis and transformation

Warehousing/supply chain management solutions

None

Business analytics and dashboards

Accounting/financial system upgrades

Planning and forecasting solutions

Process review and change management

ERP upgrades and improvements

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Respondents showed a continued interest in e-commerce and supply chain initiatives –

projects focused on enabling placement and processing of orders via the web, as well
as integration of transactions among supply chain partners.

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Key Operational and
Production Measures

The majority of respondents (87%) indicated they use Key Performance Indicators (KPIs) on a
regular basis to track business performance. Of that number, 62 percent measure the success
of their KPIs against pre-determined organizational goals, and 25 percent measure against a
combination of organizational goals and externally-published data.

When asked which systems and processes are used to capture KPIs, 48 percent said they use
spreadsheets and manual processes, while 22 percent use custom applications. Only 27
percent use their existing ERP/financial applications.

Frequently Used KPIs

None
Downtime (breakdown, change over, etc.)
Capacity utilization
Customer profitability
Manufacturing cycle time
Inventory turns
Scrap and rework
Product profitability
Customer satisfaction
Product quality rate
On-time delivery rate

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

As for key operational and production measures being tracked within their respective
organizations, respondents’ greatest emphasis is on on-time delivery rate (83%), followed by
product quality (65%), customer satisfaction (64%), product profitability (62%), and scrap and
rework (56%) concerns.

Integrating KPI capturing and reporting capabilities within existing ERP and manufacturing
management systems, rather than using spreadsheets and manual processes, would
make it easier for manufacturers to incorporate their performance objectives within their
management processes on an ongoing basis.

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Profitability Improvements

We asked respondents to cite the key methods they used in the past year to increase
profitability or performance.

Profitability Improvement Methods

Government regulation

Strategic acquisition

Access to capital/funding sources

Implementation of new IT systems

Development of new products/services

Application of new capital equipment

Investments in the workforce

Use of improvement methodology(s)

0% 20% 40% 60% 80%

Some Increase Major Increase

Investments in the workforce saw the most dramatic increase from last year’s survey, as it was
cited by 17 percent more respondents this year (66 percent this year versus 49 percent last
year). This seems to indicate that more employers are seeking ways to address the skilled labor
shortage.

We also asked what impact government regulation had on profitability during 2017.
Eighteen (18) percent indicated that government regulation decreased profitability, a sharp
decline from the 35 percent of respondents who cited regulation as a profitability deterrent
last year.

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Research and
Development Activities

We asked respondents what percentage of sales they currently reinvest in new product
development/R&D. Most (49%) indicated that they invest between one and five percent of
sales in such activities. Another 16 percent indicated that they invest six to 10 percent of
sales. Investment in R&D increased compared to last year, which could be driven by better
tax incentives or overall economic improvement.

This trend does not appear to be changing; we also asked respondents how their spending
on development activities will change for 2018. Ninety-seven (97) percent plan to either
increase spending or maintain the same level of spending.

Percentage of Sales Invested in New Product Development/R&D

60%

50%

40%

30%

20%

10%

0%
<1% 1% - 5% 6% - 10% 11% - 15% >15%

2016 2017

TAX STRATEGY
The Research & Development tax credit continues to be available to many manufacturers
who engage in certain qualifying activities. If applicable, companies with $50 million or
less in gross receipts may apply the permanent R&D credit against both regular tax and
alternative minimum tax. Qualifying activities should be discussed during annual tax
planning, as allowable activities are wide-ranging.

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Investment in Capital
Equipment
Investment in Capital Equipment
As displayed at
right, the majority of 60%
respondents (55%)
50%
currently invest
between one and 20% 21%
40%
five percent of sales
in new capital 30%
equipment, while
another 25 percent 20%
invest between six
10%
and 10 percent.
51%
0%
<1% 1% - 5% 6% - 10% 11% - 15% >15%

2016 2017

We also asked participants where they plan to invest in 2018. With the focus on
operations, most respondents (80%) indicated they plan to purchase manufacturing
equipment. This, along with computer software, were also the top responses in last
year’s survey. However, both saw an increase of greater than 10 percent this year.

Planned Capital Expenditures

Other
None
Transportation equipment
Office equipment
Plant expansion/modernization
Computer hardware
Computer software
Manufacturing equipment

0% 20% 40% 60% 80% 100%

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 Cyber Security and
Risk Management

Manufacturers are becoming increasingly aware of the importance of having proper

information and cyber security protection mechanisms in place. A significant percentage
of respondents (26%) indicated their systems have been breached over the past year.
Malware and malicious email accounted for the majority of these incidents, and a large
percentage (44%) involved dealing with ransom demands.

Cyber Security Incidents

60%

50%

40%

30%

20%

10%

0%
Malware Ransomware Malicious email Unauthorized Information theft System hack
funds transfer

Because of such threats, respondents indicated an increased emphasis on preventive

efforts such as vulnerability assessments, review and testing of disaster recovery and
business continuity plans, and penetration testing.

-27-
Cyber Security and
Risk Management Continued

There seems to be a flattening trend toward reducing cyber education efforts. This could
result in reduced effectiveness of other prevention efforts, since the majority of cyber
incidents are attributed to employee behavior. It should also be noted that although
lower than last year (26 percent versus 33 percent), a significant number of respondents
indicated they have not established any formal information and cyber security programs.

IT Security Methods Utilized

50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Employee Vulnerability Disaster Business None Penetration Other
education assessment recovery continuity testing
testing review

2016 2017

For manufacturers that have an ongoing assessment and educational plan in place, it is
critical to validate the effectiveness of such efforts by conducting period penetration tests.
These can identify potential weaknesses based on the latest threats and practices, and
the findings can be leveraged to further improve their cyber security.

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Methodology

Kreischer Miller’s Greater Philadelphia Manufacturing Survey questionnaires were

distributed electronically to middle market manufacturers primarily in the Greater
Philadelphia region, which includes most of southeastern Pennsylvania, southern New
Jersey, and northern Delaware.

Source: WelcometoPhila.com

The survey consisted of 36 questions and was conducted from December 2017 to
January 2018. There were 111 total survey respondents. Respondents included
privately-held companies (85 percent) and public companies (15 percent).

Respondents were sent a follow-up pulse survey in March 2018 consisting of four
questions related to two significant developments which occurred after the start of the
original survey: the signing into law of the Tax Cuts and Jobs Act of 2017 and the recent
imposition of trade tariffs on imported aluminum and steel. There were 26 respondents
to the pulse survey.

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Methodology Continued

The companies that responded reported annual revenues ranging from under $1 million
to approximately $700 million, with average revenues of $31 million. Thirty-five (35)
percent of respondents reported annual revenues of less than $10 million, 61 percent
were between $10 million and $100 million, and 4 percent were over $100 million.

Annual Revenue of Respondents

4%

35%

61%

Less than $10M $10M to $100M Over $100M

-30-
 Methodology Continued

Respondents represented a diverse cross section of the manufacturing sector in the

Greater Philadelphia region.

Respondents' Industry Subcategories

Automotive 2%
Aerospace 7%
Chemicals 2%
Other
Construction 2%
17%
Consumer
packaged
goods/nondurable
3%
Textiles 1%

Consumer
Printing and Specialty packaging 5% product durables
Publishing 9%
1%
Pharma/biotech 2%

Defense 6%

Distribution/logistics
Metalwork 1%
17%
Education/public
sector
4%
Fiberglass
and plastics
2%
Industrial equipment and High tech/
machinery 15% computers/
Medical devices 2% electronics 2%

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For More Information

To learn more about the results of Kreischer Miller’s 2018 Greater Philadelphia
Manufacturing Survey, or to discuss your firm’s needs, please contact your Kreischer
Miller professional or the authors below.

Michael A. Coakley, CPA

Director, Audit & Accounting
Manufacturing Industry Group Leader
215.441.4600
mcoakley@kmco.com

Sassan S. Hejazi, PhD

Director, Technology Solutions
Specialist, Center for Private Company Excellence
215.441.4600
shejazi@kmco.com

Brian J. Sharkey, CPA

Director, Audit & Accounting
215.441.4600
bsharkey@kmco.com

Steven P. Feimster, CPA

Manager, Audit & Accounting
215.441.4600
sfeimster@kmco.com

-32-
Acknowledgements

We would like to thank the following organizations for their support.

Manufacturing Alliance of
Bucks & Montgomery Counties
Susan Cloran
Mark Solis
join@manufacturingalliancepa.com
http://manufacturingalliancepa.com

Manufacturing Alliance of Chester &

Delaware Counties
Tracey Oberholtzer
Project Consultant
610.458.5700
toberholtzer@ccedcpa.com
https://maccdcpa.org/

DVIRC
Barry Miller
President & CEO
215.464.8550
bmiller@dvirc.org
http://www.dvirc.org/

Manufacturing Alliance of Philadelphia

Stephen Jurash
President & CEO
215.948.9285
stevej@manufacturingonline.org
http://www.manufacturingonline.org/

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About Kreischer Miller

Kreischer Miller is a leading independent accounting, tax, and advisory firm that serves
the Greater Philadelphia and Lehigh Valley areas. We have built our firm to respond to
the unique needs of private companies, helping them smoothly transition through growth
phases, business cycles, and ownership changes. The companies we work with quickly
adapt and respond to changing market opportunities and challenges. That’s why our
focus is on being responsive, decisive, and forward-thinking. We’re up to the
challenge – always looking at the road ahead, not in the rear-view mirror.

Our people are leaders in accounting and advising, and are passionate
about helping companies achieve their goals.

Kreischer Miller’s Manufacturing Industry Group

With a significant portion of our revenue derived from our clients in the manufacturing
industry, Kreischer Miller is one of the leading accounting firms serving manufacturers in
the Greater Philadelphia and Lehigh Valley areas. Our experience with a diverse range
of organizations—from smaller, local manufacturers to large, Fortune 500 companies
with national and international operations —gives us the background and depth to
understand the challenges and opportunities that face the industry.

Kreischer Miller is also a member of Manufacturing CPAs, a nationwide network of

independent accounting firms specializing in serving the manufacturing industry.

Learn more at www.kmco.com.

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