Gregory James Aziz has been rightfully labeled as a legendary businessman. In fact, this label was granted to him at his departure party from National Steel Car. This party was specifically to honor him and all the wonderful works he did to bring the company through its 100th year in business. Gregory J Aziz was able to raise the company’s stock price from $37 to the billionaire making $117 a share. He was able to do this because of a combination of factors.
The first thing that he did to guarantee his company’s success was to prepare for the future before it became a reality. This can be seen in his leading to having National Steel Car to become more environmentally friendly. He knew that countries are passing stricter laws and if his company could not comply with those laws, he would either be fined immensely or would simply be unable to compete. He gave his engineering department a task and after several years they were able to decrease the water consumption by 53% and produce 26% fewer carbon emissions in the same stroke.
The second thing Gregory J Aziz did for National Steel Car was diversify their portfolio. During the time he became the chief executive officer of NSC the American economy was in one of the largest recessions it had ever known since the Great Depression. This meant that the average company did not have the money necessary to purchase transport from a third-party source. In order to offset the deficit, he decided to purchase other companies that could create products and merchandise that were similar to National Steel Car’s but different enough to be protected from the recession. Read This Article for related information.
To make this happen, Greg Aziz acquired contracts from three different companies. He acquired Pratt & Whitney’s military contracts. He moved into the air and refrigeration industry by acquiring contracts from the world’s oldest elevator manufacturer Otis. And lastly, he shook the entire industry when he purchased Goodrich’s contracts for $16.3 billion.
The third and last thing that Gregory James Aziz did for the National Steel Car was to decrease their spending. One of the main expenses that the business was facing was transporting materials to different far away plants. Aziz stopped this by opening dozens of plants closer to the main factory and Stanford Connecticut. This alone saved his company $150 million a year.