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Cardinal Fastener Reinvents Itself On Wind Power

Tuesday, 10 Feb 2009 | 11:02 AM ET

As the stimulus plan goes ahead under the presidency of Barack Obama, companies such as Cardinal Fastener have started to reinvent themselves in order to ride out the economic crisis and find alternative ways to produce revenue.

On the Frontlines: Cardinal Fastener
John Grabner, CEO of Cardinal Fastener, discusses Obama's stimulus plan and how it could affect his company.

President Obama’s stimulus plan is putting a lot of conviction into the idea of creating up to four million jobs by using alternative energy sources. From the start, the administration has shown interest in exploring options such as wind power.

John Grabner, CEO of Cardinal Fastener, a company whose 80 percent of work is based on traditional industrial manufacturing, told CNBC that they would be looking to hire 40 to 50 people by the end of the year.

As the company is looking to grow its number of people working on wind power, they have been cutting productivity and personnel in their more traditional line of business. So far, they have fired eight people from manufacturing and hired two wind engineers after Barack Obama’s visit on January 16.

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