F3 MFG of Waterville’s Trafton Road Repeats Rank as 3rd-Fastest Growing Company in Maine
WATERVILLE — F3 MFG is proud to sustain its ranking as Maine’s third-fastest growing company according to Inc. 5000, a ranking it first achieved in 2017. Nationally, the automotive body and accessory manufacturer rose from no. 1,317 to no. 868 on business magazine Inc.’s annual report of the top 5,000 fastest-growing businesses in the United States. Rankings are based on revenue growth rate over a three-year period; F3 MFG has achieved a 490% revenue growth rate over three years to reach $17.2 million in 2018. Of the fastest growing companies in Maine, F3 MFG has the second-highest revenue.
“Our success is due to the F3 team and the dedication the three of us have to remain the leader in the market,” Bill Cleaves says of his two co-founders, Tom Sturtevant and Joyce Galea. “Our industry was stagnant – we came in and changed the status quo.”
Made in Maine: F3 MFG Inc. leads the way for aluminum manufacturing
WATERVILLE, Maine — One of Maine's fastest growing companies is proving manufacturing can thrive in the state.
F3 MFG Inc. in Waterville is one of the country's leading makers of aluminum truck and van equipment.
"Aluminum is the future. A lot of other manufacturers are moving towards the aluminum market, and we're ahead of the curve," co-owner Joyce Galea said.
F3 MFG Inc. opened at 2016 at a 50,000 square-foot plant. The company's production space has tripled and its workforce has grown by more than tenfold.
"We started with 14 employees in April of 2016, and we're well over 200 employees today," Galea said.
The company makes truck beds, truck and van bodies and other accessories out of aluminum.
"It's a much longer lasting product, much better appearance because it doesn't rust and corrode like steel bodies do," co-owner Bill Cleaves said.
Each item the company makes is handcrafted, and Galea credits her workers for the quality and success.
"We don't have robotics. Everything is made by hand here. We employ over 200 local people, and they are the business," Galea said.
Galea and Cleaves believe they are at the forefront of a revolution as more truck makers and consumers shift from traditional steel to aluminum.
F3 MFG Inc. was named the third fastest growing company in 2018, and there is no pumping the brakes in 2019.
"Growing like crazy, yeah. We're looking at a 70 percent growth rate for 19," Cleaves said.
Joyce Galea finds new and growing markets for Waterville-based truck-body manufacturer
Joyce Galea, co-owner of F3 Manufacturing in Waterville, has been instrumental in the company's explosive growth.
F3, maker of aluminum bodies and accessories for trucks and vans, was founded in 2016. The privately held company doubled its sales from 2018 to 2019, to $34 million. Employment skyrocketed from 14 employees in 2016 to 230 today. Facility size has gone from 5,000 square feet to 180,000 square feet. In 2018, F3 was ranked in the Inc. 5000 as Maine's third-fastest growing company.