Move into new markets set to generate £2m in sales for manufacturer
Diversifying into new markets has enabled a Worcestershire manufacturer to secure more than £2m of new sales.
Thermex, which employs 40 people at its factory on North Moons Moat, Redditch is heading towards £6.5m turnover in 2017 after winning work to supply new technology to customers in marine and the off-highway vehicle sector.
Supported by the Manufacturing Growth Programme (MGP), the company has developed high-performance shell and tube heat exchangers, as well as expanding their range to include air blast radiators, oil coolers and specialist brazed plate variants.
It follows a £1.3m investment programme that has seen the addition of new ovens, a tube expander and fin press. This allows Thermex to continue to diversify through the development of bespoke performance coolers for turbo charged engines used in marine and industrial applications.
Julian Crossley, managing director at Thermex, said: “We have enjoyed significant success in 2017 so far, but that is no accident. It’s something we have planned for in our business strategy and the recent expansion of our capabilities has given us the platform to launch new products and given us the capacity to take on additional work.
“There has been renewed interest from the marine sector for our expertise and this has led to the introduction of new liquid cooled charge air coolers that offer greater performance and can be produced for specific applications.”
“Innovation and agility are two of our greatest assets which allow us to compete and often beat rivals a lot larger than ourselves.”
Thermex has also been focused on developing a Low Carbon Resource Efficiency strategy to reduce rising energy costs and to avoid the looming possibility of increasing available electrical supply capacity.
Catherine Bray, Manufacturing Growth Manager at MGP, said: “Thermex’s growth is great news, but it has prompted some issues around availability of energy supply… especially around the new press it has installed.
“Rather than distract the management from its ongoing expansion, we came in and, working with one of our experts, developed an approach that would avoid expensive infrastructure work and offer longer-term energy benefits.”
