The European Economic and Social Committee (EESC) held a Consultative Commission on Industrial Change (CCMI) in Bergamo Italy in February. Stanton Chase International´s Vice President of EMEA Mr Mikael Stelander was invited to share the outcome of the Stanton Chase Industrial study.
According to the Stanton Chase study 35% of survey respondent CEO´s say that “there is a reshoring trend”.
Reshoring is emerging as new strategic option for many companies in the global industrial sector.
The survey suggests a significant trend towards consideration of reshoring as a strategic option. Firms are increasingly moving manufacturing back to home-country locations.
Respondents indicated that the top three motivators for reshoring were quality, cost and customer responsiveness, in that order.
These findings were similar to the findings of other invited members to the Consultative Commission. Especially Dr Luciano Fratocchi, from the University of l’Aquila Rome found same motivation factors in his study.
Corporations are opening (or re-opening) facilities in Europe at the same time when off-shored manufacturing facilities increasingly serve local and regional customers. This dynamic is all part of the trend towards being closer to the customer. However the trend is not as strong in Europe as it is in the US. The question the commission was after was how to increase the trend and help companies reshore manufacturing.
Mr Francois Magnien from the French Industrial minister even told that they have developed a special software to value the benefits of reshoring manufacturing back to Europe. The software is publicly open and would give companies a direction whether it would be financially viable to move manufacturing closer to home.
In his closing remarks the President of EESC delegation Mr Peter Morgan concluded that the trend is there. Now it is up to the European Union and local governments to find ways to support that trend.