Mayville Engineering Company, Inc. (MEC) 2020年年度报告「NYSE」.pdf

1、Agility,Adaptability and Re-Alignment 2020 ANNUAL REPORT After navigating a challenging second quarter,when many customers were forced to temporarily shut down their facilities,we delivered improved results in the second half of the year as customers were able to ramp up production.I am very proud o

2、f the fact that despite volume declines driven by the pandemic,we maintained every project and customer.And as our customers volumes came back,so did ours.In addition,we were able to grow volumes with newer customers and build upon our market leading position.We were able to adapt and quickly pivot

3、to meet our customers pandemic needs.At the same time,we continued to realign our operations and realize three significant improvements in our operational efficiency throughout the year:?First,by capturing full-year benefits from the acquisition of Defiance Metal Products(DMP),which is now fully int

4、egrated into our organization and producing the expected synergies.?Second,by realizing efficiencies from our recent investments in technology and automation.?Third,from the consolidation of our Greenwood,South Carolina,facility during the second and third quarters.Executing this project successfull

5、y reduced footprint and overhead costs while maintaining our manufacturing capacity.We completed it on time,on budget and without any disruption for our customers.Overall,we saw a strong rebound in the second half of 2020 and ended the year on a positive note.It is important to note that despite the

6、 challenges of the pandemic we generated strong cash flow resulting in significant debt paydown of approximately$28 million,an ending debt balance of$47.9 million,and a leverage ratio of approximately 1.5x as of year-end.A Resolute Focus on Our Customers As I have told many of you,MEC continues to f