Petersen Aluminum Corp. is celebrating its 50th anniversary this year, as the company was founded in February of 1965 by the late Maurice “Maury” Petersen.
“Fifty years in business is a noteworthy milestone, and we’re thrilled to not only still be in business, but to be thriving,” says Maury Petersen’s son, Mike Petersen, who serves as the company’s CEO. “Our ability to identify, plan for and adapt to a myriad of market opportunities has been a big reason for our success. I am proud to have taken the reins from my father and help build on the foundation he laid 50 years ago. This is an exciting time for Petersen Aluminum, and I think we’re in a good position to tackle the next 50 years.”
Petersen notes the importance of the company’s vast supply of institutional knowledge, with a management team that averages 34 years of employment. Members of Petersen Aluminum’s executive management team average more than 30 years working with the company.
President John Palesny has the longest tenure at 45 years, and cites several reasons for the company’s endurance.
“The financial strength of the company is a prime reason for our longevity,” says Palesny. “Maury Petersen, the founder of our company, had a mantra that he repeated often: pay down your debt. Maury grew up during the Depression and it had a life-long impact on his thinking about financial responsibility. While he was a risk taker when it came to business opportunities, he also believed in paying down debt whenever the opportunity arose. That attitude has been a part of PAC’s culture throughout the years.”
Vice president Mike Palesny notes the company’s respect for and attention to the customer. “We may not be the lowest price in the marketplace, but we are always competitive and are second to no one in terms of customer service levels,” says Palesny, who hopes to see the business continue to grow and diversify. “. . . We are a conservatively managed company and I think our future is bright. We’ve adapted to market shifts by paying attention to our balance sheet, paying off our debts and listening to our customers, which we will continue to do.”
Adds, Tom Bell, vice president, “Of all the things that make Petersen Aluminum such a great company, none is more important than the talent and dedication of our employees day after day, for after all this is the only truly sustainable competitive advantage any company can process in this marketplace.”