Irish precision component manufacturing firm Takumi Precision Engineering is looking to double its UK revenues between 2018 and 2020.
By tapping the growing requirement for aerospace capabilities in the UK market, Takumi plans to benefit from the increasing demand for the manufacturing of parts across several sectors, including aerospace, automotive and pharma.
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The Irish company forayed into the UK in 2004. It claimed that 90% of its exports are UK-based and is making quick progress in the aerospace sector.
The UK is the second largest aerospace sector in the world after the US, employing 120,000 people directly and supporting indirectly another 118,000 jobs.
Since 2011, UK aerospace production has grown by 39%.
The company is presently valued at £2m and has posted a 50% growth in turnover and headcount since 2015.
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By GlobalDataWith a team of three, the Irish firm began as a local manufacturer in the medical and pharmaceutical sectors in 1998.
In 2012, it branched out into aerospace, which today accounts for 50% of its business.
Takumi Precision Engineering managing director Gerry Reynolds said: “We have experienced tremendous growth during the past two years and have ‘wings’ to grow even further.
“Capitalising on the need for batch production and model-based manufacture and inspection, we already hold substantial contracts with Bombardier in the UK, with GKN in the Isle of Wight, and are now looking to expand our portfolio by working with Airbus in Europe and Boeing in the US.”
Between 2016 and 2020, Takumi intends to invest £4m in bolstering the business.
Enterprise Ireland has helped speed up Takumi’s growth by defining sales and online strategy in the UK.
Enterprise Ireland senior UK market adviser for engineering, electronics Sean Long said: “With over 50% of the industry’s global spend being managed by aircraft leasing companies based in Ireland, Ireland is uniquely positioned to drive the industry’s innovation forward.
“Having only had presence in the aerospace sector for five years, Takumi has already displayed an impressive growth rate with credible aims of broadening its market base overseas and we look forward to supporting its presence within UK and overseas markets for years to come.”
