Neosource Flies Above Bumpy Economy

Neosource Inc. continues a history of strong, steady growth. The company, which provides overhaul, repair, manufacturing and engineering services to the aerospace industry, reports an impressive 25 percent increase in business over the last five years.

“We have had reasonably steady growth,” said Bill Graif, Neosource president. “We expect to reach $3 million in revenue this year.”

Neosource, at 9422 E. 55th Place, with 12 full-time and three part-time employees, repairs and manufactures aircraft components for airlines worldwide. Neosource boasts of a $250,000 to $300,000 backlog for the year.

The privately-held company, launched 20 years ago, has established a niche in the state’s two largest industries — aerospace and energy. Over the past decade Neosource has expanded its footprint, earning significant contracts from the oil and gas industry.

Just few years ago, aerospace work provided nearly 100 percent of the business by revenue, Graif said.

“Today, 25 percent of our business is oil- and gas-related,” he said.

Serves Two Industries

Pipeline work orders increased as the price of oil rose, said Jeremy Johnson, business development manager.

“We have multiple customers in the oil and gas industry,” he said.

Neosource has taken advantage of companies’ urge to outsource, said Tim Clement, manager of the Waterjet Services.

Much of the credit goes to the use of versatile waterjet cutting technology available at Neosource, Clement said.

“Manufactures are aggressively outsourcing much of that work,” he said.

The Neosource Jet Machining Center can handle a range of materials and sizes. With an 80-inch by 160-inch cutting envelope, 40 horsepower and 50,000 psi water pump pressure, the OMAX 80160 is capable of close-tolerance, precision cutting for material thickness as much as nine inches with a tolerance of 0.005-inch. The waterjet process takes raw material to a clean-edged finished piece with no heat-affected areas. In most cases, no additional machining is necessary.

Start Small

Neosource started as a small repair shop in the late 1980s.

The company took parts from three to five of the major carriers of the day. Over time, Neosource has grown to where today the company works with nine out of the top 10 air carriers.

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