Risk & Business Magazine JGS Insurance Fall 2021 - Page 4
145 YEARS OF ADAPTABILITY GROWTH
LEFT TO RIGHT : KYLE , MICHAEL & JUSTIN MURPHY
Halsted Corporation has come a long way since manufacturing their first burlap potato bag in 1876 . One hundred forty-five years later , they ’ ve grown to become one of the largest importers and wholesalers of woven polypropylene bags in the United States .
It all began on Pearl Street in downtown Manhattan . When the company outgrew their first manufacturing facility there in 1927 , they built a new factory in Jersey City , where Halsted staked its claim as a national leader in the bag and packaging industry over the next 89 years . As the business continued to prosper , the company opted to move operations in 2016 to a modern , 100,000-squarefoot warehouse and office complex in Cranbury , New Jersey — a move that has enabled Halsted to take advantage of new opportunities with imported bags from around the world . Recently , Halsted has finalized a long-term lease and increased the warehouse space to 150,000 square feet in anticipation of the company ’ s expansion .
At its core , Halsted is a family business . Over the past century and a half , only two families have been involved in the company ’ s evolution . The Halsted family operated the business until 1973 before selling it to Henry Jaszewski , a key employee who had started with the company 25 years earlier as a part-time assistant to the bookkeeper . Henry was joined in 1978 by his son-in-law , Michael Murphy , who remains President today . Michael ’ s sons , Justin and Kyle Murphy , now also serve on Halsted ’ s executive team . Justin joined in 2011 , coming from a background at Goldman Sachs . Kyle joined this past year , leaving a previous position as Associate Athletic Director at Providence College . The expertise of the growing executive group and the talents of many long-time employees have been invaluable in adapting operations to meet the changing needs of customers in a volatile economy .
RESPONDING TO A CHANGING MARKETPLACE
Like every business , Halsted has needed to evolve to stay competitive . Adaptability has been key for the company to survive two world wars and two global pandemics , with the recent one putting a halt on many supply chains . Discontinuing manufacturing operations was a strategic response to these changes because it meant the company would have more space to warehouse a larger quantity and variety of bags . Having inventory on hand gives Halsted the ability to ship the same day when other suppliers are struggling with just-in-time inventory systems . The new warehousing facility in Cranbury — coupled with a second warehouse in Oregon — have given Halsted a logistical advantage , resulting in increased revenues .
Knowing what to stock is always a challenge for the Halsted team , but 145 years of experience has equipped them well to predict the changing needs of customers . The company also forms lasting relationships with their distributors so they can expect to have orders for select bags coming in on a regular basis . The additional increase in capacity will put pressure on the team to make sure that all of the inventory