Engineering company in bid to expand after Japanese takeover
A mid Wales engineering company says it will grow and develop after its acquisition by a Japanese company.
Invertek Drives Ltd, which manufacturers variable frequency drives, has been acquired by Tokyo-based Sumitomo Heavy Industries Ltd.
The deal will lead to significant investment in the growth and development of Invertek in Mid Wales the company says.
Invertek, which has its global headquarters and manufacturing based at Welshpool, Powys, UK, designs and manufactures VFDs used to control electric motors in a wide range of commercial, industrial and energy-saving applications.
Employing 245 people, it exports over 90 per cent of its products to more than 80 countries and has seen significant year-on-year growth since it was established in 1998, reporting a £36 million turnover last year.
Sumitomo Heavy Industries Ltd has acquired the entire share capital of Invertek in the deal.
“2019 is a significant year for us at Invertek. We are celebrating our 21st anniversary, the opening of our new 5,500sq metre global manufacturing and distribution centre and now the investment by Sumitomo Heavy Industries through its acquisition,” said Charles Haspel, Operations Director and Board Member at Invertek Drives Ltd.
“SHI is committed to driving forward Invertek’s ambitious growth plans, investing in innovation to develop next generation VFD technology.
“We have a world-class team of experts in innovation, manufacturing and marketing of drive technology at our UK headquarters which we plan to grow as part of our long-term global strategy.”
Invertek has sales offices in the USA, China, Ireland, Germany, Spain, Poland, Czech Republic, Singapore and Malaysia and sales partners covering more than 80 countries.
The deal is expected to be completed in early November 2019.
