The Welsh Government plans to invest £5.6m to build a new factory for Invertek Drives to enable the company to expand its operations in Welshpool and create up to 50 new jobs.
The company designs and manufactures sophisticated Variable Frequency Drives, used to control motors in a wide variety of industrial and energy saving applications and exports around 90% of its output to Europe, US, Australia and the Middle East.
The Welsh Government, proposes to construct a new 56,500 sq ft detached unit on Offa’s Dyke Business Park adjacent to Invertek Drives’ main production facility and headquarters, which is leased from the Welsh Government. Detailed plans are being drawn up which will then be submitted for planning permission.
The company needs additional space to expand its operations, increase efficiencies and capacity to meet the growing global demand for its services.
Economy Minister Edwina Hart who visited the company’s headquarters earlier this year said:” I am pleased the Welsh Government has found a property solution that will enable the company to operate at maximum efficiency and ensure the business continues to grow in Welshpool.
“Invertek Drives is an important employer in Welshpool and its expansion will have a significant impact on the local economy as it increases production to meet the growing global demand for its products and creates new, high skilled jobs over the next three years.”
Invertek Drives, an independently owned company established in 1998, employs 190 people worldwide, including more than 170 at its Welshpool headquarters and has doubled its turnover to £23 million in the last five years.
It has ambitions for a 50% increase in turnover by 2018 when thirty new jobs will have been created, rising to 50 when production ramps up to full capacity.
More than 90 per cent of the products made in Welshpool are currently exported to 80 countries worldwide and the business has subsidiary companies in Germany and Poland and trading operations in Malaysia and Indonesia.
Charles Haspel, Operations Director at Invertek Drives comments: “Invertek Drives produces highly innovative, easy to use variable frequency drives that save energy in domestic and industrial applications. Backing from the Welsh Government helps us develop the world leading technology and highly skilled workforce necessary to successfully compete on the world stage.”
Innovation is a key driver of Invertek’s success as it invests significantly in researching, developing, designing and improving its hi-tech products to compete on a global stage.
It is estimated that Invertek Drives contributes more than £5m per annum to the local economy through employment, attracting business visitors to the area and supporting local organisations and causes.
Invertek Drives was named Powys Business of the Year and won the Award for Development of New Markets in the UK or Export at the annual Powys Business Awards 2015 sponsored by Mid Wales Manufacturing Group.