MasterCraft Boat Company (NASDAQ: MCFT), the only marine company to achieve three separate ISO certifications, today was named a finalist for the IndustryWeek Best Plants awards for the second year running. The prestigious IndustryWeek Best Plants awards honor operational excellence in leading-edge manufacturing facilities across North America that have successfully implemented strategies to increase competitiveness, enhance customer satisfaction, and foster stimulating and rewarding work environments.
Over the last few years, MasterCraft has implemented a company-wide charter to improve both its production facilities and the manufacturing process, together ensuring the highest level of quality in the construction of our boats, said Terry McNew, President and CEO of MasterCraft Boat Company. Being recognized again as a finalist for an IndustryWeek Best Plants award validates our operational excellence strategy that is embraced from the ground up by MasterCraft's employees and management team.
Beyond its success in terms of innovations and market share, MasterCraft continues to set the industry bar in terms of quality and workplace safety. The company stands alone as the only marine manufacturer to achieve three separate ISO certifications for Quality, Environmental and Safety management systems across its production, and product development operations. ISO standards represent international best practices that have been in place for over 60 years.
MasterCraft boats have been hand-built by Master Craftsmen in Tennessee since the companys inception in 1968. The company-wide culture shift embracing operational excellence did not simply come from the top down; instead, factory line Craftsmen were empowered to suggest ideas for improving the production process - including more than 13,000 employee-generated improvements being implemented over the course of one fiscal year, a 38% improvement year over year.
The positive results can be readily seen across the company's operating metrics including an improved first pass quality yield over the last three years of close to 75% and a significant reduction in warranty costs during the same time period. In terms of benefitting consumers, MasterCraft's customer satisfaction index has bested the national average three years in a row and the company offers an industry-leading five year, bow-to-stern warranty.
The winners of the 2015 IndustryWeek Best Plants will be profiled in the January 2016 issue of IndustryWeek Magazine, as well as honored during the 2016 IndustryWeek Best Plants Conference.