Issue link: https://read.dmtmag.com/i/241540
called business' or new ideas, which would make you rich if only you would provide them capital. Very seldom does it work out the way it was presented to you. A friend succeeded in convincing me to invest in a pita bread bakery in Italy. He was certain it would be successful and money-making prospect. Another introduced me to an opportunity of investing in a failing company that ran mobile mammography units. Later, I was requested by the owner of a manufacturing company in Modena (Benfra) producing excavators and wheel-loaders, to join him and run the company whilst he was preparing for retirement. For one reason or another, all three investments ended badly. I lost portion of my capital, although luckily not all. But I learnt a good, important and obvious lesson. Towards the end of my three years' non-competition undertaking, I was introduced to Mr. Andrea Bonomi, who was dedicated to developing and marketing a line of replacement spare parts for Komatsu machines. Andrea was, and I believe still is, completely against having anything to do with the Caterpillar aftermarket business. He had his own manufacturing facility, and was very protective of his dominating position in the Komatsu line, so much so that he refused to quote for Komatsu enquiries to anyone in the Caterpillar business in Italy. After months of negotiations, we agreed to establish KM Products Europe Limited (KMP) in England. The company would market Komatsu parts, and the Italian facility would continue to produce for its UK marketing arm. We moved the inventory from Italy to England, and started operating the business from a facility next to that of FP Diesel's warehouse in England. It became apparent from the beginning that running a company dedicated solely to parts for Komatsu was not viable. The market was not yet ready to accommodate a specialised business in the Komatsu aftermarket field. Products were scarce, customers were few, and so was the demand. To overcome the initial period and to allow time to develop new products, I suggested adding a programme of components for Caterpillar engines. Mr. Bonomi did not share my view and decided to sell his interest in the UK Company. He chose that his Italian company concentrates on manufacturing and direct selling of Komatsu parts only, a policy he continues to implement with the help of his two sons under the name of ETP. IDA UNIVERSAL January-February 2014 I continued to expand the line of the KMP BRAND parts for Komatsu, concentrating mainly on engine components. At the same time, a line of engine parts for Caterpillar was also developed. In addition, parts for two Cummins engines (NH220 & NT855), which were then in Komatsu machines, became part of KMP's programme. Late 1998 Federal Mogul acquired the FP Diesel business worldwide, including their company in England, which was consequently moved from its location next to KMP. KMP offered employment to five individuals from FPD in England. This helped KMP to pave the way for the expansion of its Cummins programme and the introduction of an additional line covering parts for Detroit Diesel engines. Currently KMP is the major and only European supplier of aftermarket spare parts suitable for Komatsu, Caterpillar, Cummins and Detroit Diesel. All under its own KMP BRAND. The company has a fully owned subsidiary in Houston and joint ventures in Singapore and Malaysia. Its business is 90% export into 97 countries, and from the USA 45% export into 30 countries. It serves a total of 1780 customers worldwide. I have always maintained that the spare parts business is not just a business but a way of life. One either loves or dislikes it The road to success is bumpy, it demands absolute personal commitment, the undivided support of one's family, being away from home for extended periods of time, a stomach made of steel, capable of digesting different cuisines in a short period of time, strong financial support and knowing how to deal with different cultures. These are just a few of the common unwritten rules but, I am sure, there are many more. Before closing my story, I must express, on a personal note, how fortunate I have been to enjoy full support of my dear wife of 37 years, 2 months and 13 days. She stood by me through days of rain and sun, created a warm home for our family and looked after our two children, who have blessed us with five lovely grandchildren. I am thankful to her from the bottom of my heart. This is my story, I am sure parts of it are common with others in our industry. After all, we all have a story to tell; this happens to be mine. Joe Eisenberg January, 2014. 37