Page 4 - Graypvine February 2020

Updates continued from page 2 the aisle to a senior project manager who was not even a part of
the team. This team member took the time out of his already busy
Southeast Office schedule to not only engage with the team but to make a trip to the
jobsite. This was a great illustration of tapping into other resources to
with Patrick McCowan help develop a better outcome for the project and the customer. This
Vice President, example can also be viewed as values in action — a team member
Southeast Office selflessly helping another project team; one he’s not responsible for.
This speaks to our commitment to relationships not only with our
As we pause to reflect on the accomplishments customers but the relationship that we have with each other.
of the past decade, and before we jump into setting goals and As we start off our new decade I’d like to congratulate Matt Smith
grinding out the next, let’s take a moment to consider why this is and Emma Fish on their most recent promotions and welcome Mike
possible. Our accomplishments have continued steadily in the areas Moye as our newest Project Engineer. I'm looking forward to more
of financial, project and team member growth. You might ask the growth in the South Atlantic office in 2020!
question, “how is this possible?´ For me, the answer is simple...it’s our
people! Without a doubt or any hesitation, it’s our people who make
Gray such a special place and have allowed us to achieve all our Manufacturing, Food
accomplishments. & Beverage Markets
In this Graypvine I would like to acknowledge the members of the
Southeast Regional Office and say thank you for allowing me the with Phil Seale
opportunity to work with so many great people. To Zach Lemley and Executive Vice President, Manufacturing
Phil Shin for your continuous journey of finding that perfect customer. Market, Food and Beverage Market
4 To Emily Mathis, Greg Duncan and Griffin Ash for peeling back every When our founder, James Norris Gray, started Gray 60 years ago
layer of the onion. To Eddie Ouellette, Marcus McGee, Cheryl Dixon,
Glenn Dickerson and Jason Robbins for your attention to detail. To this year, do you think he would ever have imagined the construction
Scott McCormick, Drew Romans, Joe Gerardi, Matt Beaver, Jason company he started in south central Kentucky becoming the
Mosakowski, Kyle Reagan, Brad Heberling, Daniel Doucet, Jessica design-builder of choice for food & beverage customers around the
Crane, Ben Jeong, Dominique Harris, Ronnie Honeycutt and Ken globe? I would guess probably not! Our food & beverage team is
Kaneko for your pursuit of operational excellence. To Sherry White and starkly different today than we were even five years ago. No other
Stephanie Crane for your positive attitude and the blessing each of you company in our industry can boast the integrated services platform
bestow on every one of us. we now offer – from planning (strategy consulting) to engineering for
Thank you for living by our core values and being examples of “the process & packaging systems as well as mechanical/electrical to
Gray way” in every aspect of your lives! automation & controls and IoT/data to pre-construction all the way to
That said, let’s tackle the new decade together. As a team, we are construction, and equipment fabrication and skid systems – Gray (as
better, stronger and smarter than any of us alone. Together we can a family of brands) is unmatched in our industry. We currently have
reach higher and achieve more in 2020 and beyond! over 14 opportunities in the pipeline totaling over $700 million with
another 15 active projects in various stages of engineering, design
South Atlantic Office and construction totaling over $600 million.
So, we should all eat, drink and be merry as we celebrate such
with Brett Goode projects as Whiteclaw, the largest growing beverage company in the
Senior Vice President, industry. If bourbon is more your style, we have Diageo and Buffalo
South Atlantic Office Trace on our resume. If you need a shot of caffeine, let’s talk about
the world’s best coffee company Keurig Dr Pepper with a shot of
For those of us who have been around Gray for caramel from another Gray customer, Monin. How about a smoked
a few years, we’ve often heard Jim and Stephen ham sandwich to go along with your coffee (or bourbon) from our
Gray say “the most important word in the English dictionary is ‘HELP’.” great repeat customer Clemens? We certainly can’t leave out our
This holds true for all of us no matter what our title is or how long we’ve four-legged friends! Champion, the largest state-of-the-art specialty
been a team member here. We’ve all been in a situation where we’ve pet food operation is coming on line in Canada. Plus, you’ll soon be
needed some advice, an extra hand or simply to bounce ideas around purchasing dog treats from Scoular’s new facility in Nebraska.
with others to get a different perspective. However, many times we From the U.S. to Canada to Ireland, we have an exceptional team
think we shouldn’t speak up fearing it’s a sign of weakness, or a signal with equally exceptional skills helping build Gray’s reputation as the
that we don’t know how to do our job. go-to company for the food & beverage industry. Thanks to all of
So, I want to take a moment to highlight a great example where you that enable Gray to provide turnkey solutions in the execution of
a project team had the courage and foresight to speak up — to ask some phenomenal projects.
for help — which ultimately led them to deliver on Gray’s purpose Hang on and eat up…. it’s going to be another record-
statement. The Mlily project team felt like they needed some extra breaking year!
advice in resolving some project challenges. They reached across

Company Financials

reported for Gray, Inc. & Subsidiaries Fiscal Year 2020

Target/Goal Current/Projection Potential
Revenue $1,567,677,000 $1,217,719,000 $1,567,667,000
Revenue Growth <flat> -26% -4%

After-Tax Return on Equity 19.0% 1.3% 19.0%
Backlog at Year-End $1,210,676,000 $551,331,000 $1,210,676,000