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| US Synthetic receives "the Nobel prize for manufacturing" US Synthetic Corporation, a Dover Company (NYSE: DOV) and the leading provider of polycrystalline diamond cutters (PDCs) for oil and gas exploration, announced that the company has received the world's most prestigious award for operational excellence, The Shingo Prize. US Synthetic was honored as an enterprise award recipient, recognizing excellence across all of its products and brands including US Synthetic (drill bit inserts), USS Bearings (process-lubricated bearings), USS Wire Dies (wire drawing dies), Brady Mining (underground mining tools), and Suncrest Diamonds (natural gem diamond color enhancement). Called "the Nobel prize for manufacturing" by BusinessWeek, The Shingo Prize was established in 1988 for the purpose of educating, assessing and recognizing world-class companies for creating a culture of continuous improvement through employee engagement and effective leadership. The Shingo Prize was named for world-renowned industrial engineer Shigeo Shingo, who distinguished himself as one of the leading experts in improving manufacturing processes. As an enterprise, US Synthetic has averaged 23 percent growth in annual revenues since beginning its Lean journey in 2005. This growth would not have been possible without continuous improvement efforts to free up capacity and space for growth, and the ongoing support of its parent company, Dover Corporation. Employee headcount over the same period has risen only 16 percent annually, and building space has only grown by 17 percent annually. US Synthetic is the first and only company in the upstream oil and gas industry and in the industrial diamond industry to receive the award. Company representatives will attend the 2012 Shingo Prize Global Summit and awards ceremony in Atlanta next spring, where they will be formally recognized, along with other companies around the world, for their achievement. write your comments about the article :: © 2011 Construction News :: home page |