Keytronic Corporation, founded in 1969, has evolved from an original equipment manufacturer (OEM) of keyboards and mice into a leading provider of electronic manufacturing services (EMS). The company's mission is to deliver superior manufacturing and engineering services at the lowest total cost for the highest quality products, fostering long-term, mutually beneficial business relationships. With over 50 years of manufacturing experience, Keytronic serves a diverse clientele across various industries, including consumer electronics, medical devices, automotive, and aerospace. Its global presence spans facilities in the United States, Mexico, China, and Vietnam, positioning it as one of the largest contract manufacturers in the U.S.
Keytronic's strategic focus centers on providing comprehensive design and manufacturing services, emphasizing design for manufacturability to optimize product designs without compromising quality. The company specializes in printed circuit board assembly (PCBA), plastic molding, and full product assembly, catering to both low and medium-volume production with high flexibility requirements. Keytronic's unique vertical integration encompasses PCBA, mechanical and electromechanical assembly, precision metal stamping, fabrication and finishing, and plastics tooling and molding. This integration enables cost savings and accelerated time-to-market for clients. The company's primary markets include consumer electronics, medical devices, automotive components, industrial tools, and aerospace systems.
In fiscal year 2023, Keytronic reported total revenue of $588 million, reflecting its robust market position. The company maintains a strong financial foundation, with 10.8 million shares outstanding and a working capital of $184.2 million. Keytronic's gross margin stands at 7.0%, and it holds a current ratio of 2.8, indicating healthy liquidity.
Keytronic's technological platform is distinguished by its emphasis on design for manufacturability, enhancing product designs to reduce final costs without sacrificing quality. The company's vertical integration allows for seamless coordination across various manufacturing processes, including PCBA, mechanical and electromechanical assembly, precision metal stamping, fabrication and finishing, and plastics tooling and molding. This comprehensive approach provides clients with cost savings and expedited time-to-market advantages.
The leadership team at Keytronic comprises experienced professionals dedicated to driving the company's strategic objectives:
- Brett R. Larsen, President and Chief Executive Officer since July 2024, previously served as Executive Vice President of Administration, CFO, and Treasurer. He has been with Keytronic since 2004, holding various financial leadership roles. Mr. Larsen holds a Bachelor of Science in Accounting and a Master's degree in Accounting from Brigham Young University and is a Certified Public Accountant.
- Anthony (Tony) G. Voorhees, Executive Vice President of Administration, Chief Financial Officer, and Treasurer since July 2024, joined Keytronic in 2010 and has held multiple financial positions, including Vice President of Finance and Controller. He earned a bachelor's degree in Accounting from the University of Idaho and is a Certified Public Accountant.
- Philip S. Hochberg, Executive Vice President of Customer Relations and Integration since July 2024, has been with Keytronic since 2000, serving in various business development roles. He holds an MBA from the University of British Columbia and a BA in Psychology from Washington University in St. Louis.
- Duane D. Mackleit, Executive Vice President of Operations since July 2020, joined Keytronic in 2000 and has held several positions in program management and operations. He holds an AA in Business from Spokane Falls Community College, a BA in Business/Marketing from Eastern Washington University, and an MBA from Gonzaga University.
- David H. Knaggs, Executive Vice President of Quality and Information Systems since May 2021, joined Keytronic in 2016 as Vice President of Quality. He holds a Bachelor of Science degree in Mechanical Engineering from the University of Washington.
- Chad Orebaugh, Executive Vice President of Engineering since September 2021, has been with Keytronic since 1997, serving in various engineering roles. He holds a BA in Mechanical Engineering from Gonzaga University.
- Adam Agress, Executive Vice President of Business Development since July 2024, joined Keytronic after serving as Senior Vice President of Business Development for East West Manufacturing. He holds a B.S. in Computer Science from Georgia Institute of Technology and an MBA from Georgia State University.
- Mark Courtney, Vice President of Supply Chain since August 2019, joined Keytronic in 2015 and has held various positions in purchasing and supply chain management.
- Alvaro Cuevas, Vice President of Manufacturing Engineering and Estimation since January 2024, has been with Keytronic since 2010, serving in various manufacturing engineering roles. He holds a Bachelor of Science degree in Industrial Engineering from the Universidad Autonoma de Ciudad Juarez and a Master of Science degree in Industrial Engineering from the University of Texas at El Paso.
- Nicholas S. Fasciana, Senior Vice President of US Operations since September 2019, joined Keytronic in 2019 after holding various positions at Pinnacle Technology Group. He holds a Bachelors in Business Administration and an MBA from the University of Toledo.
- John C. Theiss, Corporate Secretary and General Counsel since November 2022, has represented Keytronic for approximately 15 years and founded the law firm Truss Faber PC. He holds a Master of Science in Construction Management from the University of Washington, a Juris Doctor from DePaul University College of Law, and a Bachelor of Arts in Economics from Middlebury College.
In July 2024, Keytronic appointed Brett R. Larsen as President and Chief Executive Officer, succeeding Craig Gates. Mr. Larsen previously served as Executive Vice President of Administration, CFO, and Treasurer. Additionally, Anthony G. Voorhees was promoted to Executive Vice President of Administration, Chief Financial Officer, and Treasurer, and Philip S. Hochberg assumed the role of Executive Vice President of Customer Relations and Integration.
The electronic manufacturing services (EMS) industry is experiencing steady growth, with the market expected to expand at approximately 5% annually in the coming years. This growth is driven by increasing demand for outsourced manufacturing services across various sectors, including consumer electronics, medical devices, automotive, and aerospace. Keytronic's diverse capabilities and global presence position it to capitalize on these industry trends.
Keytronic operates in a competitive landscape alongside other EMS providers such as Struthers-Dunn Inc. and Chrontel. These competitors offer similar contract manufacturing services, catering to various industries. Keytronic differentiates itself through its unique vertical integration, design for manufacturability expertise, and a global footprint that includes facilities in the United States, Mexico, China, and Vietnam.
Keytronic has established significant collaborations and partnerships to enhance its market position and innovation capacity. The company's expansion into Vietnam and Arkansas reflects its commitment to meeting rising customer demand and strengthening its global manufacturing capabilities. These strategic moves enable Keytronic to offer competitive pricing and responsive customer service, further solidifying its position in the EMS industry.
Keytronic's strategic roadmap includes expanding its global manufacturing footprint, enhancing design and engineering capabilities, and pursuing new business opportunities across diverse industries. The company's focus on design for manufacturability and vertical integration positions it to offer cost-effective, high-quality solutions to clients. By leveraging its strengths and addressing industry trends, Keytronic aims to achieve sustained growth and success in the EMS market.
