Welshpool firm achieves record turnover as US market emerges as key region
Welshpool's Invertek Drives is celebrating a significant milestone with confirmation of a record turnover of £96.5 million in 2023.
It represents a significant increase from £76.3 million in the previous year for the company, a global leader in variable frequency drive (VFD) technology.
The US and America markets have emerged as the company's largest sales area, reflecting its growing international reach and success since it was established 26 years ago.
Invertek Drives USA LLC generated more than £24 million ($30 million (USD)) turnover in 2023.
The company marked the latest results by celebrating its Welsh heritage at two St David’s Day events on both sides of the Atlantic.
One was held at 10 Downing Street, London, with a reception from Prime Minister, Rishu Sunak MP and the Secretary of State for Wales, David TC Davies.
The other was in Chicago hosted by the British Consular General, Alan Gogbashian, and the Welsh Government, attended by industry and political leaders from Chicago and the Mid West of the USA.
Invertek’s Optidrive VFDs are used globally to accurately control electric motors in applications ranging from material handling, pumping, ventilation, refrigeration, and HVAC systems. The VFDs ensure accurate speed control resulting in improved processes, reduced energy consumption, and a reduction in associated emissions as a result.
The impressive 2023 annual results are attributed to factors including continuous innovation and investment in VFD technology, strategic investments in global expansion, and a dedicated focus on easy-to-use and reliable products, leading to continued customer satisfaction.
Shaun Dean, Chairman of Invertek Drives Ltd and Senior Vice President of Sumitomo Heavy Industries, said: "Since Sumitomo Heavy Industries acquired Invertek Drives in 2019, we have witnessed tremendous growth across all markets.
"The US market's emergence as our largest customer base is a testament to our successful expansion strategy and commitment to providing unparalleled value to our customers."
Adrian Ellam, CEO of Invertek Drives Ltd, added: "We are incredibly proud to celebrate our record-breaking year and the significant contribution of our US operations. We are committed to continued investment in our global headquarters in Wales, creating new jobs and further solidifying our position as a leading innovator in the VFD industry."
