The Biddeford-Saco Chamber of Commerce currently has 400 members. Every business and nonprofit member has a different story to tell, but with commonalities across all of them: taking an initial risk to launch the business, finding a niche, wearing multiple hats to get the job done, balancing passion with fiscal reality, and adjusting when things don’t go as planned (what does?). More recently, each and every member has had to weather the nightmare of the COVID pandemic, by evolving and persevering to keep their enterprise afloat and moving forward.
Sometimes it’s illustrative to provide a specific example. Here’s one local Chamber member’s story.
Precision Screw Machine Products on Gooch Street in Biddeford began in 1960 with a focus on the screw machine market. The company was founded by Kostag Tito, the father of current co-owner Andrea Moreshead and her husband Joe Moreshead who now runs the business. Kostag immigrated from Albania as a child, and grew up in Saco, graduating from Thornton Academy in 1938. He initially worked for the Saco Lowell company, but when they moved their operations down South, he decided to stay in the area and strike it out on his own.
In 2008, it had become obvious to the firm that they needed to change their fundamental approach, as Taiwanese competitors were rapidly becoming the low-cost alternative in the market space that Precision occupied. Many of our local production companies have faced similar challenges, as we all compete now in a global market which compels businesses to be world-class in order to compete effectively and grow. The PSMP leadership team pivoted to a new focus as a premier precision machine shop providing contract manufacturing services for an international client base. PSMP specializes in Computer Numerical Control (CNC) machinery-based manufacturing, making important component parts for other companies using their state-of-the-art expertise and knowledge of advanced materials combined with their high-quality production processes. Through the years, PSMP has been resilient and reliable, and has provided good jobs to dozens of local residents for over fifty years now.
An additional aspect of this story is the community support that the owners have consistently provided. Precision CEO Joe Moreshead has been actively engaged in making a difference in our area above and beyond his company’s accomplishments. For example, Joe is very active in the Biddeford & Saco Rotary Club, and was recently the President of the Club, dedicated to helping the children in our area. He’s also been a longtime member, supporter, and leader of the Chamber organization. Andrea Moreshead has been an important contributor as well, having served on the Saco Economic Development Commission for many years.
Every company is unique, but Precision’s trajectory feels like a quintessentially “Biddeford & Saco” story: a family-owned business with engineering and CNC machinery-based manufacturing expertise, providing good jobs and careers to local folks, needing to keep pace with global trends and consistently working hard to satisfy their customers, with a community-oriented leadership team that has made a positive difference in our region in so many ways.
Precision Screw’s location is adjacent to Biddeford’s mill district, and like everything in life both PSMP and the mill district are constantly evolving. Recently, the company sold their property to a developer and the business will continue to evolve no doubt in the coming years. We look forward to more contributions from Joe and Andrea in the future as they start planning to pursue their next chapters in life, and thank them for everything they’ve done locally.
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