LISTOWEL, ON, April 26, 2017 /PRNewswire/ - Spinrite, North America's largest manufacturer and marketer of craft knitting yarns has been honoured with the prestigious Canada's Best Managed Companies designation. The 2017 Best Managed program recognizes the best-in-class of Canadian-owned and managed companies with revenues over $15 million demonstrating strategy, capability and commitment to achieve sustainable growth.
"It's much more than just financial performance," said Peter Brown, Partner, Deloitte and Co-Leader, Canada's Best Managed Companies program. "The ingredients to success also include overall business performance and sustained growth. It takes dedication and commitment from the entire organization."
Spinrite's growth has been enabled by its transformation from a textile products manufacturer to an industry leading provider of inspiration to its consumers and leading edge services to its retail partners.
"We are thrilled to be recognized as one of Canada's Best Managed Companies," said Ryan Newell, CEO. "We believe that our success hinges on the ability of everyone across the organization to make the right decisions to do what is best for our customer."
Established in 1993, Canada's Best Managed Companies is one of the country's leading business awards programs recognizing Canadian-owned and managed companies for innovative, world-class business practices. Winners are an important engine of economic growth for being adaptable and sustainable in a global market. Applicants are evaluated by an independent judging panel made up of judges from Deloitte, CIBC, Canadian Business, Smith School of Business and MacKay CEO Forums. Best Managed companies share commonalities that include an emphasis on culture and people, innovation, sustained performance and strong financial results.
2017 winners of the Canada's Best Managed Companies award were honoured at the annual Canada's Best Managed Companies gala in Toronto on April 19, 2017.
The Best Managed program is sponsored by Deloitte, CIBC, Canadian Business, Smith School of Business and MacKay CEO Forums.
Spinrite is the largest producer and marketer of craft yarn in North America. Established in Listowel in 1952, Spinrite researches, develops, manufactures, and markets a broad variety of consumer craft yarns under the Bernat, Caron, Lily, Patons, Peaches & Crème and Phentex brands. Spinrite has longstanding relationships with major mass merchants and specialty craft chains as well as smaller independent retailers. Consumers can also buy Spinrite products through its Yarnspirations ecommerce site (www.yarnspirations.com) as well as other third party websites. Spinrite is an industry leader in new product development, bringing fresh ideas to a long established craft. In addition, the company supports its market with patterns that provide customers with inspiration and creative ideas for knitted products. With manufacturing facilities in Listowel, Ontario, and Washington, North Carolina, and a Design and Marketing office in Toronto, Spinrite has a work force of approximately 520 full time employees.
About Canada's Best Managed Companies
Canada's Best Managed Companies continues to be the mark of excellence for Canadian-owned and managed companies with revenues over $15 million. Every year since the launch of the program in 1993, hundreds of entrepreneurial companies have competed for this designation in a rigorous and independent process that evaluates their management skills and practices. The awards are granted on four levels: 1) Canada's Best Managed Companies new winner (one of the new winners selected each year); 2) Canada's Best Managed Companies winner (award recipients that have re-applied and successfully retained their Best Managed designation for two additional years, subject to annual operational and financial review); 3) Gold Standard winner (After three consecutive years of maintaining their Best Managed status, these winners have demonstrated their commitment to the program and successfully retained their award for 4-6 consecutive years); 4) Platinum Club member (Winners that have maintained their Best Managed status for seven years or more). Program sponsors are Deloitte, CIBC, Canadian Business, Smith School of Business and MacKay CEO Forums. For further information, visit www.bestmanagedcompanies.ca.