Jeff Hynes is bursting with confidence these days.
As CEO of Composite Horizons, a 34-year-old aerospace parts manufacturing company with 180 employees and $30 million in annual revenue, he has overseen the quiet expansion of a manufacturing business that few outside the airline industry ever think about: jet engine parts using advanced materials such as carbon fiber.
Two years ago he hired 60 new employees, and he expects revenue to double in the next couple of years.
“We are a true reflection of what’s happening in commercial aerospace coming out of the recession,” Hynes said. “There’s all this pent-up demand.”
As the country slowly emerges from a deep recession, Composite Horizons of Covina, Calif., is growing.
“We’re able to be a lot more creative and quicker to market than if we were significantly larger … but being larger than a small business allows us to be diversified as well,” Hynes said.
Mega-corporations, small businesses, and trendy start-up companies grab most of the financial headlines – but mid-size companies may be the real driving force in the U.S. economy.
In fact, if you combined all the mid-size companies – those with annual revenue between $10 million and $1 billion – into a country, its GDP would rank it as the fourth-largest economy in the world behind Japan, according to the National Center for the Middle Market at Ohio State University.