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Tuesday, September 27, 2022

What Companies Are in The Capital Goods Field?

If you aim to make it big in your professional life but don’t want to get into the health, legal, retail, or beauty sector, then you can consider the capital goods sector. The capital goods field provides unique career opportunities for freshers as well as experienced workers. 

Materials such as machinery, vehicles, and other tools are capital goods. Companies that produce capital goods typically target other businesses as their customers rather than the general public. 

If you want to know what companies are in the capital goods field, then you should know that there are a lot of companies that you might be familiar with.

Let’s check out the companies that belong to the capital goods sector.

General Electric

General Electric or GE, is a well-known capital goods company that was founded in 1892. As of 2021, the company had 168,000 employees, of which 55,000 were from the US. The company is headquartered in Boston and Massachusetts. The company produces a number of different products such as electronic and electrical equipment, aircraft engines, wind turbines, software, weapons and financial services. As of June 2022, the revenue generated by the company is $74.196 billion.  

The benefits that General Electric offers to its employees are:

  • Healthy well-being programs.
  • Parental leave.
  • Flexible working shift.
  • Competitive wages.
  • Medical and dental benefits.
  • Disability insurance.
  • Paid vacations, etc.

3M

3M or Minnesota Mining and Manufacturing Company, is an American multinational company that operates in the capital goods industry. Founded in 1902, the company is headquartered in Minnesota and currently has 90,000 employees. 3M produces more than 60,000 products that include fire protection equipment, dental and orthodontic products, electric and electronic insulating materials, medical products, adhesives, PPE (personal protective equipment), car parts, etc. As of 2022, the company made $8.7 billion in revenue.

Benefits that 3M offers:

  • Medical, dental and vision benefits.
  • Health savings accounts.
  • Disability benefits.
  • Life insurance.
  • Retirement benefits.
  • Stock options, etc.

Boeing

Boeing, founded in 1916, is a leading global aerospace company that manufactures and sells airplanes, satellites, missiles, telecommunication equipment, and rockets. The company is headquartered in Virginia and currently employs more than 140,000 people. Getting a job at Boeing comes with the following perks and benefits:

  • Work-life balance.
  • Health and retirement plans.
  • Tuitions assistance.
  • Paid parental leave, etc.

Union Pacific

Established in 1862, Union Pacific is largely recognized as the premier rail franchise in the Americas. They manufacture products for the shipping and logistics sectors. With offices in 23 different states, and 32,452 employees, the company has been honored as a “Fortune World’s Most Admired Company,” the “Best Places to Work for Women & Diverse Managers,” and the “Best Places to Work for Disability Inclusion” for 2022.

Union Pacific offers the following employee benefits:

  • Paid vacation and holidays.
  • Educational Assistance Program.
  • Retirement Plans.
  • Child Care.

Caterpillar Inc.

Caterpillar, founded in 1925, and headquartered in Illinois, is a world-renowned manufacturer of a wide variety of items, including construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. 

Caterpillar, much like Boeing, offers employment opportunities in practically every imaginable sector of the economy. In addition, the company gives its employees the opportunity to progress in their careers by moving to different locations or even departments inside the company.

Employee benefits of Caterpillar Inc. include:

  • Paid vacations.
  • Paid sick leaves.
  • Flexible schedule.
  • 401(k)
  • Life insurance.
  • Disability insurance.
  • Education reimbursement, etc.

Honeywell International

Founded in 1906, Honeywell International or Honeywell is a multinational conglomerate company headquartered in North Carolina. The company has 1,03,000 employees and specializes in producing chemical, automotive, aerospace and industrial products. Honeywell’s revenue for the fiscal year that ended on June 30, 2022, was $34.459B, up 1.47 percent from the previous year.

  • 401(k) plan.
  • Health Savings Account.
  • Disability benefits.
  • Business travel insurance.
  • Parental leave.

Lockheed Martin

Lockheed Martin is famous global aerospace, weapons, and information security corporation headquartered in Maryland, Washington DC. Founded in 1995, Lockheed Martin is a Fortune 500 company that made a revenue of $15.45 billion in June 2022. The company employs 1,14,000 workers and provides benefits like:

  • Health insurance.
  • Partial 401(k) match.
  • Sick leaves.
  • Paid vacation and holidays.
  • Retirement benefits.
  • Life and disability insurance.
  • Tobacco cessation support and many more.

United Rentals, Inc.

United Rentals is the largest equipment rental company in the world. Over 3,300 tools and training sessions are made available at the company in more than 1,200 rental locations that even help people to start tool rental businesses.

For the fiscal year ending June 30, 2022, United Rentals reported yearly revenues of $10.667 billion, an increase of 21.08% over the previous year.

In light of their rapid expansion, they are constantly on the lookout for new staff members and offer competitive compensation packages and extensive induction and training programs.

Is Capital Goods A Good Career Path?

The capital goods field is the best career path if you are into manufacturing and solving other businesses’ problems. Finding work in the capital goods market might be difficult, but newcomers have plenty of opportunities. Compared to internships and certificates, on-the-job training gives a more realistic education. You can broaden your horizons and learn marketable skills by gaining experience in various fields.

Keep in mind that, like the basic industries sector the production of capital goods is crucial to the development of other industries, this sector’s progress is heavily reliant on the global economy and supply chain.

What are the Best Paying Jobs in Capital Goods?

Now that you know about the companies that are in the capital goods field, it’s time for you to know what are the best paying jobs in the field.

Electrical Engineer

Companies need electrical engineers to manage and create their electrical infrastructure. If you want to shine in this career option, you need to have a university degree and significant work experience in the field. In the United States, an electrical engineer may expect a median annual pay of $83748.

Manufacturing Director

In the vast majority of companies, the CEO is the one who receives direct reports from the director of manufacturing. Their sphere of duty encompasses the management of the entire operation, including its financial aspects, the formulation and upkeep of stringent safety standards, and other related tasks. They have the potential to make more than $179009 annually.

Manufacturing Engineer

The primary responsibility of a manufacturing engineer is to identify and improve the process of manufacturing and the quality of the equipment. They are in charge of the production line and fixing any issues that arise. A manufacturing engineer earns an annual salary of $72680 on average.

Quality Control Manager

Quality assurance or control managers check that everything is in working condition. They are highly educated and come from a background related to engineering. The typical annual salary for a quality control manager is $118,476.

Industrial Designer

Industrial designers are responsible for developing novel products. You are qualified for this post if you have a Bachelor’s degree in Industrial Design. Work experience in a related field is an advantage. The average salary for an industrial designer is $66,661 per year.

Research and Development Manager

The role of research and development manager in the capital goods industry is another highly sought-after and lucrative career path. Their primary responsibility is to manage the company’s research and development programs and see that the company’s needs are addressed even as they look into potential new revenue streams. The average yearly income of a research and development manager is $104,227.

Frequently Asked Questions

What are Capital Goods Company?

Companies that produce or distribute capital goods are known as capital goods companies. The companies operating in this industry are responsible for producing a diverse array of capital goods, including electrical equipment, products for the aerospace and defense industries, technical tools, and construction gear.

How Many Jobs are Available in The Capital Goods Field?

There are numerous jobs available in the capital goods field because this sector has a significant number of departments such as in-house marketing, IT, legal, engineers, managers, supervisors, designers, etc.

What are examples of Capital Goods?

Electronics equipment.
Electrical equipment.
Software.
Car parts.
Aerospace Design.
Computer Technology.
Production Technology.
Power Technology
Infrastructure.
Facilities.

Final Thoughts

Working with capital goods is an excellent choice if you’re looking for a career that encourages originality and creativity. Moreover, there’s no better place to be if you want to be a part of the growing supply chain that keeps the world turning. Therefore, if you want to make an impact while also earning a respectable living, a career in the capital goods sector is a fantastic choice.

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