Diversifying into new markets is paying off for a Redditch-based Thermex Ltd, with more than £2m-worth of additional sales now secured.
Thermex Ltd is reportedly heading towards £6.5m turnover in 2017 following a string of contracts 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 its range to include air blast radiators, oil coolers and specialist brazed plate variants.
It follows an extensive £1.3m investment programme that has seen the addition of new ovens, a tube expander and fin press. This allows potential further diversification for Thermex through the development of bespoke performance coolers for turbo charged engines used in marine and industrial applications.
The firm’s managing director, Julian Crossley explained: “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.”
He continued: “Innovation and agility are two of our greatest assets which allow us to compete and often beat rivals a lot larger than ourselves.”
Thermex, which employs 40 people at its factory in North Moons Moat, 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.
The UK manufacturer turned to the Manufacturing Growth Programme to help it with initial planning, who then brought in energy specialist, Pro Enviro to oversee the implementation of the new processes.
These focused on the installation of new energy efficient ovens and gas powered heating and drying systems, as well as some good practice processes and greater awareness among the workforce of their responsibilities.