Let’s say the “Company Name” field locates in A1 and “Machined parts” in A2.
You can create a C1 field and configure a IF() so that when A1 equals to “Widgets, Inc”, show WH in C1.
With the same logic, you can apply IF() in C2 so that when A2 equals to “Machined parts”, show MH in C2.
Then, create a new field and use string formulas to combine the field value of C1, C2, and the auto-generate field.
Alternatively, if you have too many selections in company name and it’s hard to put them all in the IF(), you may also use link & load to load the correct alpha value from your client sheet.