Terry-Durin was founded and incorporated in the state of Iowa in 1908 by Mr. J.B. Terry. In 1910, Mr. A.E. Durin bought stock in the Company and became Mr. Terry's business partner. In the photograph below, you can see Alfred Durin (far left) and J. B. Terry (third from the left) in the early days. The Durin family bought Mr. Terry's interest in the business in the early 1950's and has subsequently owned and operated the business. The Company is located at 409 Seventh Avenue SE in Cedar Rapids, Iowa, which serves as a central location for the Company's operations. The Company originally had two divisions, small appliance and electrical supplies.
The Company has specialized in utility electrical supplies for the past 50 years. Terry-Durin is on its third generation of Durin family management of the business. At the present, the Durin family owns 100% of the business. In 1995, the Company became recognized as a minority-owned business due to Josefina Durin being the majority stockholder and Chairman of the Board.
The Company does not have one designated market area, but most of its sales are made to companies in Iowa, southern Minnesota and western Illinois. Although the Company tries not to limit its potential market geographically, it must consider freight costs when determining which accounts to pursue. When feasible, the Company will direct-ship from the manufacturer which has increased the Company's ability to obtain business outside its traditional market area.
The Company's sales can be differentiated into four primary market segments which are utilities, industrials and electrical contractors. Utilities include the major utility companies in Terry-Durin's marketing area, as well as municipalities and rural electrical cooperatives. This market represents approximately 40% of the Company's volume. Industrial customers represent approximately 35% of the Company's business. The remainder of the Company's revenue is comprised primarily of sales to electrical contractors, and Telecommunications.
Terry-Durin's customers have been very loyal in the past but management knows they need to continue to provide quality products and services at competitive prices in order to maintain customer relationships.
Management feels its competitive strengths are derived from its outstanding service, quality products and experience in the industry. The Company is sound financially, giving it the ability to withstand temporary declines in demand. The size of Terry-Durin is ideal, we are large enough to supply all the products that are required, yet small enough to respond to your needs. We believe our size is a distinct advantage over our competitors. Our management team is available immediately to respond to decisions on a "spur of the moment" situation.