Magnum Venus Products (MVP) is the leading manufacturer of composites application equipment. A family owned and operated business which is headquartered in Knoxville and has operations in Washington and Florida, MVP serves a multitude of manufacturers in a variety of industries such as automotive, aerospace, transportation, marine, railway, oil & gas, wind turbine, and many others.
Through the Advanced Composites Employment Accelerator Program (ACE), The University of Tennessee Center for Industrial Services (UT CIS) assisted MVP in improving their manufacturing process flow, identifying new markets for their applications equipment, and exploring the application of new technologies in carbon fiber and other composites into their business model.
MVP recognizes the growing market of advanced composites throughout their market segments and the need for new application technologies in manufacturing processes. Through the development of a comprehensive marketing strategy that focuses on growth opportunities of advanced composites, MVP has been able to expand its reach into the market. MVP also plans to venture into other applications markets such as coatings. The improvements in their manufacturing process flow has resulted in increased production efficiencies and cost reductions, and improved turnaround times for back orders for customers. Even without full implementation, MVP expects savings amounting to $100,000 in operational costs per year for the next several years and a 10-15% rise in production capacity.
ACE assistance has helped lay the foundation for future entry into new commercial areas. MVP is also considering expanding its operations in East Tennessee in order to be closer to their customers and to take advantage of the ACE region’s specialization in advanced composites and materials such as carbon fiber.
The Advanced Composites Employment Accelerator of East Tennessee (ACE) is part of the federal Jobs and Innovation Accelerator Challenge to bring the public and private sectors together to build on America’s regional strengths and create jobs in key industries of the future. With support from federal agencies including the Economic Development Administration, the Small Business Administration, and the Department of Labor, ACE focuses resources to accelerate the growth of the advanced composites cluster in East Tennessee.
About UT CIS
The University of Tennessee Center for Industrial Services (UT CIS) is a partner in the ACE initiative, collaborating with regional partners to accelerate cluster growth. UT CIS works to provide outreach to cluster firms to make them aware of ACE partnership resources, identify opportunities and needs of cluster industries, and help companies integrate innovative technologies and process improvements into their operations.
Through ACE, UT CIS has leveraged the support of federal and regional partners to implement projects with over 20 companies throughout the region. Funding support from EDA has enabled companies to access emerging technologies and research and development support from ORNL and UT that has helped them incorporate new products and technologies into their operations, pursue new market opportunities, and undertake projects that have resulted in improved competitiveness, increased profitability, and new jobs and capital investment in the region.