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Lamppa Manufacturing named best small family business – Duluth News Tribune
TOWER – Four generations of family ownership have grown the legacy of Lamppa Manufacturing in a small northern Minnesota town.
What started as a side hustle for CEO Garrett Lamppa’s great-grandfather, Richard Lamppa, is now being distributed across the globe, earning recognition from the U.S. Small Business Administration as Minnesota Small Family Business of the Year.
Garrett Lamppa is CEO of Lamppa Manufacturing in Tower.
Contribution / Lamppa Manufacturing
“What makes it special to me is that it really recognizes our entire family,” Garrett said. “It’s really cool to see where we started and how far we’ve come.”
The company that makes wood-burning stoves and sauna stoves Kuuma recently moved to a larger facility and increased its workforce to increase production.
The original small team of four skilled employees produced an average of 100 sauna stoves and up to 50 ovens per year. After scaling to a team of 18, Lamppa has sold around 650 sauna stoves and over 100 ovens
during the peak of the COVID-19 pandemic.
Lamppa Manufacturing operated in the former Tower Creamery building until moving to the industrial park in 2020.
Bob King/Duluth Media Group Archive
Since the pandemic, production has moved to a four-day work week, Monday through Thursday, except for the office, which is open until Friday, and optional overtime.
With a population of less than 500 people, the family operation is vital to the Tower community’s economy.
“It’s one thing if you’re bringing jobs in hospitality and tourism and other seasonal things, but we’re providing quality year-round jobs with benefits here,” Garrett said. “An industry job that pays off working Monday to Thursday – you can have a good work-life balance.”
Dale Horihan, general manager of Lamppa Manufacturing, talks about the new building they were able to move into in Tower and how it has enabled significant growth in the wood stove and sauna stove business.
Clint Austin / Archive / Duluth Media Group
The newly constructed facility located at 9501 Minnesota Highway 135 was
between Iron Range Resources and Rehabilitation and Tower Economic Development Association. It’s roughly four times the size of Lamppa’s previous store in the city’s former dairy factory.
“From our production area and equipment to the materials we use now – everything has changed in our operation,” said Garrett. “It’s been challenging and rewarding.”
Adam Schroeder of Tower uses a tap drill to add steps to the supports of Kuuma sauna stoves at Lamppa Manufacturing in Tower.
Clint Austin / Archive / Duluth Media Group
Most of Lamppa’s stoves and saunas are shipped direct from the factory, as the company currently doesn’t have the margins to go the dealer route, Garrett said.
Forty percent of the ovens manufactured by Lamppa are shipped to customers on the East Coast, where hardwoods are abundant. Seventy-five percent of its saunas are shipped to repeat customers in Canada and occasionally around the world to places like Argentina, Ireland, Australia, Great Britain, Finland and South America.
More locally, their saunas can be found at Larsmont Cottages along the north coast.
Richard Lamppa began creating sauna stoves for friends and family in the early 20th century.
Contribution / Lamppa Manufacturing
It all started during the Great Depression when Richard Lamppa worked as a blacksmith for the Works Progress Administration’s labor program. On the side, he sold sauna stoves made from 30-gallon oil drums to friends and neighbors in the Embarrass region, where many Finnish and Scandinavian immigrants settled.
In an excerpt from a remembrance provided by Richard’s son Herbert in
He states: “I clearly remember how many hours I had to stay there, cranking the coal forge blower.”
The “Sweat King” was the original creation of Lamppa Manufacturing founder Richard Lamppa.
Contribution / Lamppa Manufacturing
An original sauna stove nicknamed “Sweat King” that Richard built in the 1930s is now on display in the new lobby. It serves as a physical reminder of the Finnish concept, “sisu,” which means strength and perseverance in the face of adversity.
“I see a lot of that in my dad, from him developing our products and even running the business,” Garrett said. “It took a lot of effort to get this business to where it was.”
As a skilled welder, Garrett’s father, Daryl Lamppa, has made additional improvements to the stoves over the years. To his knowledge, Lamppa now manufactures the cleanest-burning, most efficient wood-fired oven ever evaluated by the Environmental Protection Agency.
Daryl Lamppa talks passionately about his Kuuma wood-fired ovens.
Bob King / Archive / Duluth Media Group
The prototypes would be tested in the garage of Garrett’s grandfather, Herbert “Herbie” Lamppa, while he helped develop the product. It was here that they invented the Kuuma 1 stove design, which was demonstrated in “open garage” experiments.
After receiving several initial orders for stoves, word of mouth spread. This resulted in regular production as well as helping to promote interest in the original sauna stoves. Sales also soared due to the oil crisis of the 1970s, when homeowners returned to burning wood for heat.
Edna and Herbert Lamppa
Contribution / Lamppa Manufacturing
Herbert was mayor of Tower for more than a decade and previously served as a St. Louis County commissioner. Having introduced business development to the area, Tower named its civic center after him.
“He was really strong in the community and wanted this place to be successful,” Garrett said.
Eventually, Herbert and Daryl turned the old Tower Creamery (where Daryl previously worked and which his parents owned and operated for over 25 years) into a blacksmith shop.
Lamppa Manufacturing operated there from the 1970s until the end of 2019.
The old store was on the same block as Garrett’s grandparents’ house.
The nameplate on a finished Kuuma sauna stove at Lamppa Manufacturing in Tower.
Clint Austin / Archive / Duluth Media Group
They later developed the Vapor-Fire 200,
a design that almost eliminated smoke emission
and a larger version called the Vapor-Fire 100.
In 2007, Herbert became ill, so Garrett was recruited part-time to help his grandfather and father with administrative and marketing tasks until 2018, while he continued to work another job.
Garrett’s grandmother, Edna Lamppa, passed away in 2017,
in the next year.
“My dad couldn’t keep welding forever,” Garrett said. “We were going to sell the business immediately. So when people heard this locally, he went back to IRRR. They wanted a business like that in the Tower. They really wanted the jobs in this community and they wanted to work with us to keep it going.”
In 2020, Lamppa Manufacturing moved to the Tower Industrial Park, and Garrett fully transitioned to the company as CEO a year later. Her 4-year-old son, Leif, and 10-year-old daughter, Taimi, occasionally visit the store.
Taimi and Leif Lamppa
Contribution / Lamppa Manufacturing
“I could definitely imagine one of them working here, managing this long-term,” Garrett said.
Last year, the Kuuma BluFlame Gasified Sauna Stove hit the market with the help of financing from the Entrepreneurship Fund. Lamppa is working on developing an electric sauna stove that it hopes to launch by the end of the year.
“Sauna has really taken off in recent years. We hope to see this happen across the country,” Garrett said. “We are very well positioned for the next decade in the sauna industry.”
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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