Case Study: Viking Range Corporation
Interview with Brian Waldrop, CFO and Vice President of Finance
Mississippi’s favorable business environment has enabled Viking Range Corporation to expand its operations three-fold in the last five years alone. Company officials hope to build upon this success and see a bright future for the Mississippi-based manufacturer.
Viking Range is a privately-held company which manufactures and markets the industry’s finest professional kitchen appliances for the home. The company offers a complete line of appliances for the kitchen, including cooking, ventilation, clean up and refrigeration.
The company employs 1,300 full time employees in 19 states. Approximately 850 employees work at Viking’s manufacturing facilities, corporate headquarters and distribution center in Greenwood, Miss.
“Thanks to the programs offered by the state, local and federal governments, Viking has been able to expand faster and with a lower cost of capital than it would have otherwise,” said Brian Waldrup, Viking’s CFO and Vice President of Finance. Waldrup said he has dealt with a number of other states, and Mississippi’s economic development programs make it comparatively easier for companies to do business.
“ Mississippi actively seeks to identify programs and incentives that industries can take advantage of,” he said. “The people of Mississippi are also some of the finest and friendliest in the world. They take pride in companies that invest in Mississippi.”
Based in the Mississippi Delta region, transportation is a critical part of Viking’s business. Waldrup said the company is working with state and local officials to improve roadways along key transportation routes, but noted that “Mississippi does a fine job of handling Viking’s transportational needs.
According to a study by the University of North Carolina at Charlotte, Mississippi’s highway system is the best in the South and fourth best among the 50 states, and yet Mississippi is implementing even more improvements to its roadways through a $1.5 billion highway expansion now underway.
Education and training are also important to Viking’s success. The company works with the local Delta Job Center to provide pre-employment training for new hires. The intense training program lasts several weeks and is designed to reduce safety risks and quality errors during manufacturing.
The training program includes a GED program, and the company works with nearby community colleges and universities located in north Mississippi. Viking also provides a tuition reimbursement program which allows employees to pursue continuing educational opportunities, such as earning a bachelor’s degree or MBA.
“ Education is very important for Viking,” Waldrup said. He said the company supports strong educational initiatives. The company frequently sponsors tours for high school groups, where company officials remind youngsters of the importance of education.
Waldrup underscored the cooperation between Viking and the public and private sectors. He said the company had received tremendous support from state and local governments through Empowerment Zone Funds, SED Funds, RED Program, CAP Loan Program and CDBG Grants.
Viking was founded by Fred Carl, Jr. During the late 1970s, Carl recognized that traditional commercial appliances had numerous disadvantages when considered for installation in residential kitchen. His Viking Range concept was designed to overcome the problems of installing commercial equipment in the home.
The first Viking range was designed in 1981. Production of Viking ranges began in 1987. Viking has since expanded its line to include an outdoor line. In 1986, Viking Range pioneered the concept of manufacturing residential appliances with professional power and performance. It is the only full line manufacturer of premium built-in appliances in the United States.