CHICAGO (May 23, 2011)—Veyance Technologies Inc. has won an inventory efficiency award at the 2011 Global Automotive Aftermarket Symposium.
The company said it was named winner in the manufacturing category in the seventh annual Polk Inventory Efficiency Awards, for its supply chain reorganization that saved nearly $25 million annually in logistics costs and inventory inflations for the aftermarket.
Since the Goodyear Engineered Products manufacturer became a stand-alone company in 2007, it has restructured its supply chain footprint and inventory planning in a way that has literally changed the way Veyance does business, the company said.
“Increasing logistics velocity and improving demand forecasting has catalyzed an efficient inventory across all our product lines,” said Steve Morris, global director of supply chain for Veyance. “Scheduling daily shipments to and from our factories means raw materials, work-in-process and finished goods move through our supply chain faster and ultimately create flexibility to meet customer demands.”