As you explore job opportunities you are likely to run across the capital goods sector. This field is highly competitive but it is also rewarding. Research the companies in the capital goods field before you start applying for jobs.
Companies in the capital goods field include major players such as 3M, Caterpillar, Union Pacific, and Hitachi. They also operate in several industries. Some also operate in the consumer durables field.
Today we’ll familiarize you with some of the most well-known companies in the capital goods field. This means you will have all the information you need when you apply to the jobs we will mention towards the end.
Companies Operating In The Capital Goods Field
There are thousands of companies operating in this sector. Today we’ve decided to focus on 12 of the most successful companies.
This Swedish-Swiss corporation has been a Fortune 500 company for over two decades. ABB Ltd is a global leader in the electrical equipment industry. It operates in several industries such as automotive, aluminum, mining, and others.
It manufactures high voltage equipment, robotics, and even power industrial software. Its products are used in a variety of industries worldwide. ABB’s success is evident and the company has made historical sales worth billions to companies like Hitachi. Many would consider ABB the most successful company in Switzerland’s industrial sector.
While some might be familiar with Hitachi as the manufacturer of white goods (large home appliances), it operates on a much larger scale. The Japanese multinational conglomerate produces a variety of industrial goods. This includes electronic equipment, power systems, defense systems, machinery used in construction, and much more.
Its revenue is estimated at over 8 trillion Japanese Yen. Hitachi’s products are used in several global industries. It caters to automobiles, the aerospace industry, nuclear energy, and computers. Its diverse portfolio and stellar track record are the main reasons for its success.
Most of us are familiar with the 3M logo. Yet, very few people recognize its products or realize the size of the 3M company. Its products are used in many industrial applications. The 3M company has become known for its adhesives, paints, laminates, and more.
It began with humble beginnings as the Minnesota Mining and Manufacturing company 119 years ago. Nowadays, the company has over 80 offices around the world. 3M has an operating income of around $7 billion. It employs upwards of 90,000 employees that seem to be satisfied in their career paths.
One Of The Oldest Companies In The Capital Goods Field: Union Pacific
This is the company that built the First Transcontinental Railroad. The massive project was just the beginning. Union Pacific was tasked with building many of the railroads around the United States. Its success continues to this day, whereby it is responsible for the maintenance of low-emissions locomotives. That is, trains that are relatively eco-friendly.
Its annual income exceeds $10 billion. Union Pacific is considered one of the leading logistics and transportation companies worldwide. Its B2B marketing strategy allows the company to easily attract clients and keep them.
Another Fortune 500 company, General Electric is a multi-industry company. Up until a couple of years ago, it manufactured products for a variety of sectors. However, it has since decided to scale down the diversity of its products and has focused on aviation, renewable energy, industrial IoT, and power.
The company also recently decided to divide into three parts. Aviation, healthcare, and energy are the three resulting public companies. That means many job opportunities are opening up at General Electric, so go on and try your luck applying.
Thermo Fisher Scientific
If you’ve been following the news lately, you might have heard that Thermo Fisher Scientific developed a test for COVID-19. With FDA approval, it was considered widely successful. The company provides lab and pharmaceutical equipment.
Thermo Fisher Scientific is one of the top companies in the capital goods field related to biotechnology and healthcare. With annual revenue that exceeds $32 billion, it is a global leader in its field.
You’re right in thinking of those iconic construction boots. But Caterpillar is more well known for its construction equipment. Its products are almost recognizable by their black and yellow colors and the “CAT” label.
The company was founded almost a century ago, and it is on the Fortune 100 list. Its annual revenue is reportedly above $40 billion and it employs almost 100,000 employees. Despite the rugged look of the machinery, CAT is actually very environmentally conscious. There are many plans in place to reduce carbon emissions by the company.
Although there have been some labor strikes in various Caterpillar manufacturing plants, it’s worth it to try applying for a job. Just adding the brand name to your resume is worth your time.
Deere & Company
Also known as John Deere, this company has been in operation for a little under two centuries. It manufactures equipment that is used in:
Deere & Company also manufactures drive trains and diesel engines. This makes it one of the more diverse companies in the capital goods field. Its annual revenue is close to $40 billion and the company employs around 70,000 people.
The quality of its products speaks for itself, and its success lies in maintaining that quality for so long. The company allows for good career advancement and is highly rated by employees.
Ford Motor Company
This is one of the old American staples. Ford has been manufacturing cars for over a century and has withstood the test of time. Despite competition from newcomers in the American market, Ford remains one of the top 5 automakers in the world (2nd in the US).
Annual revenue is reported to be over $136 billion, and Ford employs over 186000 employees. It has manufacturing operations in 12 countries. While it is known as a vehicle manufacturer, it also produces capital goods. These include heavy machinery, assembly lines, and more.
Operating in the aerospace and defense industry, Lockheed Martin brings in over $65 billion in revenue yearly. It is responsible for the majority of aerospace equipment used by the US Department of Defense.
The company’s profile is exceptional despite only being in business for three decades.
Note that it only has a little over 100,000 employees. That means competition for jobs in this company is fierce. Of course, this also translates to higher pay and better career advancement.
This is a global conglomerate based in the United States. The Danaher Corporation is active in the medical and industrial sectors. In a little over five decades, it has brought up its annual revenue to approximately $30 Billion.
There is a wide diversity of jobs available at this company, so you’re more likely to find something that suits your expertise. If you are looking to improve in your chosen field of work, this is the place to be.
Danaher is well known for its innovation and advanced technology. Having that brand name on a resume is a major step forward for anyone’s career.
Practically anyone who has ever been to an airport or booked a ticket has heard the Boeing name. The company manufactures products used in aerospace and defense. In fact, it has consistently been the world’s largest manufacturer in the aerospace industry.
Most of us assume that Boeing only manufactures commercial airplanes. However, they produce weapons, satellites, and more. Operating in 150 countries, Boeing is consistently rated as a great employer. Many employees praise the work-life balance of jobs in the company.
What Are Capital Goods?
Before you make the leap and apply for jobs in the capital goods sector, let’s define it. Capital goods are assets manufactured for use in the manufacturing process of other products.
To further illustrate, imagine that you are running an ice cream factory. The machines used to make the ice cream and store it are considered capital goods. The company that makes those machines is in the capital goods field. Here are a few examples of capital goods:
- Small tools used in the service sector (cutlery, scissors, etc.)
- Industrial chemicals
Capital goods are considered fixed assets from an accounting perspective. This is because they are used for prolonged periods (durable) and are essential. Companies in this sector may be unknown to the general public because they deal with large businesses. Deals and transactions in capital goods are usually worth millions of dollars.
Industries Within The Capital Goods Sector
Most of us are unaware of how many industries are working together in today’s marketplace. So many goods are being manufactured for retail consumers and businesses alike. That necessitates more capital goods, which is why there are many industries in this sector. Here are a few:
As you can see, practically every industry requires capital goods. This makes jobs at companies in the capital goods field highly sought after.
Jobs Offered By Companies In The Capital Goods Field
Now that you’re familiar with the companies in this sector you are probably wondering, “What jobs are in the capital goods field?” No worries. We’ve looked up the highest-paying jobs for you. We’ll get into detail regarding pay another day.
- Industrial Design. Jobs in this field involve designing the various components required to manufacture products for companies in the capital goods field. An industrial design degree is a must for this job.
- Quality Control. The quality of products in this field is extremely important. This is because they need to work seamlessly for other factories on a large scale. There is no specific degree for quality control, so any relevant degree will do.
- Electrical Engineering. Without electricity, none of the industrial levels of manufacturing would be possible. To work in the capital goods sector as an electrical engineer you need to have a good track record. Experience is what will guarantee you a spot here.
- Manufacturing. Whether as an engineer or a director, a job in the manufacturing division will pay well. These companies depend on manufacturing heavily, and directors need to ensure safety and best practices. Both jobs earn well, and you can be promoted from engineer to director over time.
- Robotics. Everything is automated nowadays. Robotics is important in companies in the capital goods field. There are many jobs in the design, maintenance, and improvement of robotics.
Even though we’ve chosen to mention the highest-paying jobs, we stress that entry-level jobs are available. Many companies offer well-paid entry-level jobs that require no experience. It’s a great way to jumpstart your career, and the on-the-job training will help you in your future jobs.
Some people excel in the industrial sector, while others use it as a means to get experience in other job markets. Do not hesitate to apply for a job if it’s related to your long-term career goals. While you might not continue in capital goods, the experience will bring a fresh perspective. You will be able to acquire skills that may be applied in other jobs.
Consider A Career In Capital Goods
Hopefully, this article helped shed some light on companies in the capital goods field. Consider this career path if you are passionate about industries operating in this sector. The competition is high for these jobs, but monetary compensation is just as high.
A career in capital goods is rewarding, admirable, and well paid. Start applying for jobs and make your dreams come true. Next week we’ll take a look at the estimated pay rate for these jobs, and give a more in-depth review.