I consider myself more of a realist than an optimist, but I feel very positive about 2025. There are many reasons to believe the new year will bring economic prosperity. The new administration in the U.S. will significantly impact economic factors, many of which will affect the manufacturing sector. Global trends will also positively influence North American manufacturing. That, combined with several upcoming new developments at Algood, will enable us to do an even better job of meeting our customers’ needs in 2025.

The Canadian and U.S. economies were jagged in 2024, but they are stabilizing and becoming stronger. Interest rates in Canada have come down considerably, and every expectation is that U.S. rates will follow suit. This will fuel investment in manufacturing and other sectors. Anticipated energy policies will decrease the price of raw materials like steel and plastics, allowing North American manufacturers to become more competitive. In the past year, we have seen even more customers move away from offshore suppliers to avoid prohibitive lead times and uncertain supply chain assurances. Now, with the prospect of more favourable pricing, the trend toward reshoring will gain even more strength.

Internally, our R&D efforts are well positioned to meet both broad industry needs and individual customer requirements. In the first quarter of 2025, we will introduce a new full series of casters—the first in many years. These new products have been designed to meet the demands of many of the fastest-growing business sectors.

In addition, our internal design and engineering teams are increasingly developing configurations to meet unique customer specifications. In a growing economy with an increasing emphasis on specialization, this is a critical competency. Because of our ability to meet the needs of both the industry and individual companies, I am very positive about Algood’s ability to stand out in the new year.

Technology is also a reason for optimism. As AI applications and delivery mechanisms improve, businesses are gaining a better understanding of how they can put it to use. 2025 will be the year of AI. It will go from being something fascinating to an essential component of operating a business and will have a broad impact on companies and industries. That, in turn, will add efficiency and broad possibilities for growth to the marketplace.

At Algood, our superior integration of 3D modelling has me feeling very positive. As we introduce even more capacity to the CAD LAB™ on our website, we will empower engineering departments by providing them with access to drawings for thousands of caster configurations. We will increase our use of robots and cobots, enhancing productivity and ensuring we maintain our near-100% quality control rating.

Finally, I’m optimistic about the fourth generation of Guttmanns at Algood. Although Elie, who represents the third generation, has only been at Algood for a few years, my grandsons recently visited our facility and got their first lesson in caster manufacturing. No doubt, the future is secure.

Let me take this opportunity to wish all our customers, distributor partners, suppliers and colleagues all the best for the Holiday Season and the New Year. I hope you share in my optimism for 2025.