Member Article

Takumi Precision Engineering set to double UK revenues by 2020

Takumi Precision Engineering, the Irish-based precision component manufacturing partner and provider of sub contract engineering services, is aiming to double its UK revenues between 2018 and 2020.

Harnessing the increased need for aerospace skills and capabilities in the UK, Takumi is taking advantage of the soaring demand for the manufacturing of parts across several sectors including aerospace, pharma and automotive.

Having only entered the UK in 2004, already 90% of its exports are UK based, with the Irish company making incredible headway into an increasingly competitive aerospace sector.

The UK is the world’s second largest aerospace sector (after the USA) directly employing 120,000 people and supporting a further 118,000 jobs indirectly. With production rates rising around the world and 2016 setting new records for aircraft deliveries, UK aerospace output has grown by 39% since 2011. Worth €4.1 billion to the Irish economy, Ireland’s aerospace industry is accelerating more than ever, providing an open door for Takumi.

Currently valued at £2million, Takumi has recorded a 50% increase in both turnover and headcount since 2015 and by harnessing manufacturing in the UK aerospace sector, it is keen to ensure further growth throughout the UK and overseas.

Founded by a team of three in 1998, the Limerick-based company started as a domestic manufacturer in the medical and pharmaceutical sectors. It wasn’t until 2012 when the company diversified into aerospace which now accounts for 50% of the business.

Gerry Reynolds, Managing Director at Takumi Precision Engineering, 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 will have invested £4 million in improving and scaling the business and Enterprise Ireland, the third largest seed investor in Europe, provides ongoing assistance to the business in investments of this nature.

“With a growing appetite for aerospace products and a finite manufacturing capacity, the timing couldn’t be more perfect for us”, commented Gerry who is working with Irish Government agency Enterprise Ireland to help provide a solution to this increasing UK demand and subsequently fill a skills gap in the market.

Enterprise Ireland has helped accelerate the company’s growth by defining a clear sales and online strategy to help Takumi achieve a stronger market entrance in the UK and further afield.

This has resulted in increased participation in global trade show events, while helping build awareness; gaining more experience across the UK, US and European supply chains. Enterprise Ireland is facilitating and strengthening ties for Irish companies within the UK through investment, supporting R&D, management and training.

Sean Long, Senior UK Market Adviser for Engineering, Electronics at Enterprise Ireland, commented: “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.”

This was posted in Bdaily's Members' News section by Enterprise Ireland .