Word: remaning
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Dates: during 2000-2009
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...Reman," as it's called in the trade, "is the rebirth of a product," says Nabil Nasr, a reman expert at the Rochester Institute of Technology in New York. It's not the same thing as repairing a broken part, which is often a short-term fix. In reman, once the disassembled bits are cleaned and reassembled, the result is as good as new. It's not a recent concept; Reman's roots go back around 100 years to the advent of the auto industry. And vehicle parts still comprise around 75% of the global market. But the industry...
...array of capital equipment and heavy machinery conglomerates such as Remy, TRW and Bosch have realized they can extract healthy profits from sickly parts, but Caterpillar is reman's top dog. It's estimated that sales for the Peoria, Illinois, farm and construction manufacturer's reman division were $1 billion in 2005 - a small share of the $36 billion in total revenues the company generated that year. Nevertheless, remanufacturing is one of Cat's fastest-growing units and it is expected to continue expanding by 12-15% a year through 2010. Steven L. Fisher, who heads Caterpillar's reman division...