Sheffield magnetic gear tech company attracts new markets with 'consistent' growth

A Sheffield magnetic technology firm has announced that it is aiming to expand in India following lockdown growth.

Magnomatics, which has achieved 10 per cent year on year growth, is predicting 30 per cent growth for 2021 as a result of the company securing a number of new contracts during lockdown.

The company was selected for the India Growth Champion Scheme back in June, which is designed to assist businesses in developing its links with India, particularly in manufacturing and healthcare.

As part of the scheme, Magnomatics will be guaranteed 10 days of dedicated business support, the development of an Indian business plan, and at least five appointments with potential partners on a trade mission.

CEO Dave Latimer said: “We applied for the Sheffield City Region’s India Growth Champions Scheme as we see India as an emerging market and are looking forward to building new connections and opportunities here in 2021.”

Sir Nigel Knowles, international advisor to mayor of the Sheffield City Region, said: “Magnomatics is really driving forward with its technology and an ideal candidate for the India Growth Champions Scheme. We expect that Magnomatics will benefit from many new opportunities to grow and develop links with this rapidly growing economy.”

He continued: “Our technology is increasingly becoming widely recognised across the world for a multitude of applications including marine propulsion, automotive and the wider industrial markets.”

Kevin Cole, managing director of the UK India Business Council said: “It is really exciting to see Magnomatics’ growth and well-deserved recognition worldwide, especially as this year has been so challenging for the UK and global economy.”

He continued: “There are fantastic opportunities in India for advanced manufacturing and engineering businesses and we are really looking forward to supporting Magnomatics, including on our trade mission to India next year.”

In addition to being selected for the India Growth Champion Scheme, Magnomatics has recently secured £300k of government funding to develop and supply power electronic, machines and drives for the manufacture of large generators for offshore wind.