If You Invested in Mayville Engineering (MEC)

Mayville Engineering Company, Inc. (NYSE: MEC) is a U.S.-based, vertically integrated, value-added manufacturing partner that focuses on design, prototyping and manufacturing solutions from concept to production. According to the company’s public disclosures, MEC provides services that span design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components for a wide range of original equipment manufacturers (OEMs) and industrial customers.

Founded in 1945, MEC describes itself as a vertically integrated manufacturing partner with an extensive U.S. manufacturing footprint. The company reports that it operates a network of manufacturing facilities across multiple states, with disclosures referencing 23 facilities (22 in use) across seven states and, in later updates, 27 facilities (26 in use) across nine states. This footprint supports large-scale metal fabrication and related processes for customers in diverse end markets.

Business model and core capabilities

MEC positions itself as a value-added manufacturing partner that supports customers from early-stage design through full-scale production and aftermarket support. Company materials state that its capabilities include:

• Design, prototyping and tooling to help customers move from concept to manufacturable products.
• Fabrication and aluminum extrusion to produce structural and functional metal components.
• Coating and finishing services, including shot blasting, e-coating, powder coating, wet spray and military-grade chemical agent resistant coating (CARC) painting.
• Assembly and aftermarket components that support OEM production programs and service needs.

MEC also highlights process engineering and development services, supported by an infrastructure that enables conventional and CNC (computer numerical control) stamping, shearing, fiber laser cutting, forming, drilling, tapping, grinding, tube bending, machining, welding, assembly and logistics services. These capabilities allow the company to supply complex metal components, sub-assemblies and finished assemblies to OEMs and other industrial customers.

End markets served

Across its public communications, MEC identifies a set of core end markets where it supplies components and assemblies:

• Heavy- and medium-duty commercial vehicles – MEC states that it is a Tier 1 supplier to many of the country’s top commercial vehicle OEMs, providing exhaust and aftertreatment, engine components, cooling, fuel and structural systems for heavy- and medium-duty vehicles.
• Construction & access equipment – The company manufactures components and sub-assemblies such as fenders, hoods, supports, frames, platforms, frame structures, doors and tubular products, including exhaust and aftertreatment, engine components, cooling system components, handrails and full electro-mechanical assemblies.
• Powersports – MEC reports that it manufactures stampings, complex metal assemblies and coatings for OEMs in marine propulsion, all-terrain vehicle (ATV), multi-utility vehicle (MUV) and motorcycle markets. Its powersports expertise includes axle housings, steering columns, swing arms, fenders, suspension components, ATV/MUV racks, cowl assemblies and vehicle frames.
• Data center & critical power / critical power & data center – The company describes manufacturing precision metal enclosures, cabinets, racks, frames, panels and sub-assemblies for OEMs that provide power distribution, backup energy systems and intelligent power management in data center and electrical infrastructure environments.
• Agriculture – MEC notes that it supplies leading agriculture OEMs with components and sub-assemblies such as fenders, hoods, supports, frames, platforms, frame structures, doors and tubular products, including exhaust, engine components, cooling system components, handrails and full electro-mechanical assemblies.
• Military – MEC holds International Traffic in Arms Regulations (ITAR) certification and produces components for the United States military, including exhaust, engine components, cooling, fuel, suspension and structural systems, along with CARC painting capabilities.
• Other industrial markets – The company also produces components and assemblies for customers in power generation, industrial equipment and fixtures, consumer tools, mining, forestry, automotive and medical markets.

Strategic focus and MBX framework

In its earnings releases and news updates, MEC refers to an internal MBX (MEC Business Excellence) value creation framework. Management commentary describes this framework as focusing on operational excellence, commercial growth, cost management, capital efficiency and disciplined capital allocation. The company links MBX to initiatives such as strategic pricing, cost rationalization, footprint optimization and working capital efficiency.

MEC’s disclosures also emphasize its role as a domestic manufacturing partner. Management commentary notes that the company’s U.S. footprint, supply chain and customer base are intended to align with trends in onshoring and reshoring of manufacturing and to limit exposure to certain trade and tariff risks.

Acquisition of Accu-Fab, LLC

On July 1, 2025, MEC completed the acquisition of Accu-Fab, LLC, as reported in a Form 8-K and related press releases. Accu-Fab is described as a vertically integrated manufacturing partner providing technology-driven metal fabrication solutions to large OEMs. Its value-added services include design, engineering, sheet metal fabrication and integration, and specialized finishing. Accu-Fab serves OEMs in critical power infrastructure, data center and renewable energy end markets.

MEC states that the Accu-Fab acquisition broadens its customer base and accelerates diversification into high-growth adjacent end markets such as critical power infrastructure, data centers and renewable energy. The company also notes that Accu-Fab contributes additional manufacturing facilities and capacity, and that the combined platform is intended to expand MEC’s serviceable addressable market in data center and critical power applications.

Manufacturing footprint and infrastructure

Company descriptions highlight MEC’s extensive U.S. manufacturing infrastructure. Depending on the timing of the disclosure, MEC reports operating:

• 23 facilities (22 in use) across seven states; and
• 27 facilities (26 in use) across nine states.

These facilities support a wide range of metal fabrication and finishing processes. MEC describes capabilities that include:

• Conventional and CNC stamping
• Shearing and fiber laser cutting
• Forming, drilling, tapping and grinding
• Tube bending and machining
• Welding and assembly
• Logistics services

For finishing, MEC cites shot blasting, e-coating, powder coating, wet spray and CARC painting, which allow it to deliver components and assemblies that meet demanding performance and durability requirements, including military specifications.

Recognition and market position indicators

In June 2025, MEC announced that it had been named the nation’s largest fabricator by The Fabricator Magazine’s FAB 40 list for the fifteenth consecutive year. The company presents this recognition as evidence of its scale in domestic metal fabrication and as a reflection of its manufacturing capabilities and execution.

Capital structure and exchange listing

According to its SEC filings, Mayville Engineering Company, Inc. is incorporated in Wisconsin and its common stock, with no par value, trades on the New York Stock Exchange under the symbol MEC. The company has disclosed amendments to its credit agreement, including an increase in the total allowable borrowings under its revolving credit facility, and has used its credit facility to fund acquisitions such as Accu-Fab.

How MEC fits within industrial and OEM supply chains

Across its disclosures, MEC presents itself as an integral partner in OEM supply chains, particularly in commercial vehicle, construction, agriculture, powersports, military, data center and critical power applications. By combining design support, fabrication, finishing and assembly, MEC aims to support customers through the lifecycle of their products, from initial design and prototyping to production and aftermarket components.