Former MMA Chairman Lex Taylor of Taylor Group Testifies Before U.S. Senate Committee on Commerce, Science, and Transportation
WASHINGTON - William A. “Lex” Taylor III, Chairman of the Board and Chief Executive Officer of the Louisville-based Taylor Group, Inc., testified Thursday morning in Washington, D.C. before the United States Senate Committee on Commerce, Science, and Transportation.
The hearing was titled 'Implementing Supply Chain Resiliency,' and the purpose was to help the Committee understand the increased responsibilities given to the Department of Commerce to ensure supply chain stability.
During the hearing, Taylor gave an honest assessment of the pandemic's impact on industry.
"The supply chain is a disaster. Some of that is due to the shortage of generic, programmable, or hard-coded microchips. Our products, like so many others, operate via some form of computer interface, so the chip shortage is extremely concerning. In addition to the availability of the right inventory items such as chips, keeping our production lines running depends on receiving inventory on time," Taylor said. "Delays in deliveries have forced manufacturers like Taylor to resort to unorthodox and expedited methods of getting critical supplies. This situation is causing inflation to run rampant throughout the supply chain. So far, we have kept our lines running but are facing 30% to 75% price increases either from our vendors or the transportation companies, or a combination of both."
To read his whole testimony, click here.
To watch the hearing, click here.