10 things you should know about Winnipeg’s Price Industries
Price has long been one of our city’s best-kept business secrets. Let’s change that.
There is an impressive list of well-known, home-grown Winnipeg businesses that have attained international recognition in their respective industries. Companies like New Flyer (founded in 1930), James Richardson and Sons (founded in 1857, 10 years before Canadian confederation) and Great-West Lifeco (Founded in 1891 as The Great-West Life Assurance Company).
Price Industries is another company that got its start in Winnipeg and is having massive amount of success abroad. But the manufacturer of commercial air distribution products has taken an under-the-radar approach to its business, quietly becoming one of North America’s premiere commercial HVAC suppliers, all from its headquarters in northeast Winnipeg.
Part of our mandate at Economic Development Winnipeg is to share local business success stories, and Price Industries is a big one. So here are 10 things you should know about Price, so their story is no longer one of Winnipeg’s best-kept business secrets. Let’s spread the word.
1. Founding Father
Price Industries was founded as E.H. Price Limited in 1949 in Winnipeg, Manitoba by Ernest H. Price (right). The organization started out as a sales company, distributing air distribution products.
2. Son Rises
Ernest Price retired in 1972, and Gerry Price, his son, joined the firm in 1977. Gerry was able to acquire the original company from a broad base of shareholders in 1987. Price had no U.S. presence at that time and had 400 employees.
3. Into the U.S.
Under Gerry’s leadership, Price entered the U.S. market, and eventually became the market leader in the commercial, institutional and industrial air distribution HVAC market, and now has a market share of 38 percent in the U.S., and approximately 49 per cent in Canada.
4. Diverse Production
Today, the company manufactures products ranging from all forms of commercial air distribution, critical environment and control systems, electronics, mechanical HVAC equipment, aluminum extrusions, transit bus windows and other products.
5. They're Everywhere
The Price Group is comprised of 7 different manufacturing companies operating 13 factories - seven in Canada and six in the U.S., totalling 1,407,000 square feet.
6. World-Class Research
Winnipeg is home to the Price Research Center North, a world-class laboratory and testing facility that houses more than 29,000 square feet of state-of-the-art testing rooms. Engineers, leading corporations and researchers from the U.S., Canada and around the world visit PRCN continuously.
7. Still Growing
Price is growing its footprint in northeast Winnipeg. After the latest expansion, their space in Winnipeg will total 523,000 square feet.
8. Major Employer
At the end of 2017, Price employed approximately 1,100 people in Winnipeg. In total, over 3,000 work for The Price Group of Companies.
9. Economy Booster
In 2017, Price hosted over 1,300 clients and visitors in Winnipeg, contributing over 1,600 hotel room nights to the city’s economy.
10. History Lesson
Price has an excellent company history section on its website with more archival photos. Check it out to get the full story on this Winnipeg business leader.
Image credits: Price Industries, Economic Development Winnipeg