David Modig, President of Modig Machine Tool AB
Modig Machine Tool is not just a business to David Modig — it’s part of his family’s history. Founded in 1947 by David’s grandfather, the company designs and produces machinery for the automotive and aerospace industries. Today the business is one of the world’s leading machine suppliers and counts a leading aerospace company as one of its largest customers.
David grew up playing on the factory floor and learned the business at an early age. He worked his way up through the company and became President in 2011. But his leadership skills had already been put to the test when Modig faced bankruptcy after the 9/11 terrorist attacks. Orders for the company’s products stopped for 16 months, and David had to let all 160 employees go. He and his dad were the only two employees until an order from a leading aircraft maker saved Modig from financial ruin.
Today, the company still operates in the small town of Virserum, with headquarters in Kalmar, and has sold over 11,000 machines worldwide. David designs the machines himself, and each design is adapted to the customer’s individual requirements. The team is currently working on new machinery for the electric vehicle market, and the company has opened a US office in Kansas.
*Information correct as of June 2021.
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This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
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