COVID-19 Update

COVID-19 Update

KAM encourages information and “best practices” sharing among Kentucky manufacturers

MARCH 12, 2020 – Lee Lingo, Executive Director of the Kentucky Association of Manufacturers, released the following statement in regards to the current situation:

“We encourage our manufacturers across the state to engage in open information sharing and transparency with both state officials and fellow manufacturers. With so much new information coming to light about this virus every day, it is crucial that our employers develop ‘best practices’ within their companies to protect their employees and their local communities as well as their business interests.”

The National Association of Manufacturers (NAM) surveyed its national member companies about how the coronavirus outbreak is affecting manufacturers. The survey was in the field from Feb. 28 to March 9, 2020. The 558 respondents were asked about effects to their supply chain and operations, their financial expectations and their emergency response plans:
  • 35.5% of respondents say they are facing supply chain disruptions, with 64.5% saying they are not.
  • More than 53% are anticipating a change in their operations due to the COVID-19 outbreak.
  • More than 78% say that uncertainty around the COVID-19 outbreak is likely to have a financial impact on their businesses.
  • Just more than half of respondents say they have an emergency response plan at their company.
Respondents also laid out the resources that would help them prepare for the pandemic:
  • Nonpolitical and non-sensationalized information, particularly company-specific
  • Clear and timely updates on new restrictions and health advisories
  • Information about how other companies are responding
  • Clear guidelines and protocols from the Centers for Disease Control and Prevention and National Institutes of Health
  • Quick and early detection resources

NAM President and CEO Jay Timmons appeared on CNBC this morning to talk about what manufacturers are experiencing. Watch it here.

 

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