Powys-based Invertek Drives Ltd, one of the leading innovators and manufacturers of variable-frequency drives (VFDs), has been acquired by Japan-based Sumitomo Heavy Industries Ltd (SHI).
The deal will lead to significant investment in the growth and development of the Welsh firm. Invertek, which has a recently expanded facility in Welshpool, designs and manufactures VFDs used to control electric motors in a wide range of commercial, industrial and energy-saving applications.
Employing 245 people (www.invertekdrives.com
), it exports over 90% of its products to more than 80 countries and has seen significant year-on-year growth since it was established in 1998, reporting a £36 million turnover last year.
SHI has acquired the entire share capital of Invertek in the deal, which is expected to be completed early next month.
Charles Haspel, Invertek operations director, said: “2019 is a significant year for Invertek. We are celebrating our 21st anniversary, the opening of our new 5,500m2
global manufacturing and distribution centre and now the investment by Sumitomo Heavy Industries, which is committed to driving forward Invertek’s ambitious growth plans, investing in innovation to develop next-generation VFD technology.”
Invertek has sales offices in the USA, China, Ireland, Germany, Spain, Poland, Czech Republic, Singapore and Malaysia and sales partners covering more than 80 countries.
SHI is a leading global manufacturer and distributor of power transmission and control equipment known under the Sumitomo Drive Technologies brand.
Its current goal is to further strengthen and expand its business by integrating new technologies in the areas of electric motors and variable frequency drives and achieving global growth in target segments.
As part of this strategy, SHI acquired Italian industrial motor manufacturer Lafert SpA in 2018, expanding its business in terms of both portfolio and global market reach. The acquisition of Invertek will see its current board of directors remain managing the business as a separate unit of SHI.