Yes, the industry is competitive and in consequence it is tough out there. Equally, as in every industry, there are companies who are able to compete very effectively by looking in detail at every aspect of their business and taking decisive decisions. There are a group of manufacturers who fit in this category; we call them The Elite. The good news is that they are not necessarily the biggest producers, they are the smartest. Equally important they have not necessarily spent heavily on new machinery.
Without visiting your company it is hard to provide definitive guidance, however, consider the following:
Give me a call so we can have a deeper discussion.