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Precision Machine Tool is a machine tool company that primarily manufactures for the automobile industry The machine tool industry is self-sufficient in that they use their resources to manufacture products that is they use their own tools Precision Machine tool uses big machines to build parts for lathes which are sold in the automobile industry for use in factories Precision has always had a reputation of quality though it has declined because of aging technology and machines The aging of the technology is because of a decline in their capital caused by a recession in the automotive industry During the late 1970s the American automotive industry was at its apex Americans fell behind during this boom because of inadequate production capacity The Japanese had identified the machine industry as a growing industry and invested in modernization of technology Consequently Japanese technology was better and costs were lower When a recession hit in 1980-1981 American firms had little capital to invest and thus could not modernize their equipment The industries that are going to survive in the future are those that have the most efficient computerized operations and that produce the cheapest most reliable products The Japanese have this edge and the American machine tool manufacturers are reluctant to change their ideologies of buying only American made products John Garner and Tom Avery created precision Machine Tool John Garner is the president of Precision Machine Tool and is a financial conservative He prefers to invest in the company using only its profits Tom Avery is an expert tool design engineer He is in charge of the manufacturing and management end of the business Both men are very critical of selling out to the Japanese and want to keep Precision American Equipment One of the main problems plaguing Precision is the aging of its technology and equipment Precision had little or no capital after the recession to invest in new equipment Sixty percent of its
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