With the growing UK need for aerospace skills and manufacturing capabilities, Takumi Precision Engineering is in the perfect position to deliver.
Takumi Precision Engineering is an Irish-based precision component and manufacturing partner and provider of sub-contract engineering services. Founded by a team of three in 1998, the company started life as a domestic manufacturer in the medical and pharmaceutical sectors. In 2012, the company diversified into aerospace. Six years later, aerospace accounts for 50% of the business, which was valued at £2 million in November 2017.
Takumi is now on track to double its revenues, as it serves soaring demand for the manufacturing of parts across sectors such as aerospace in the UK.
Aerospace in the UK
The UK is the world’s second-largest aerospace sector, directly employing 120,000 people and supporting a further 118,000 jobs indirectly. The need for such a large base of employees is reflected in the growth of UK aerospace output, up by 39% since 2011. The aerospace industry is not only booming in the UK, however. Worth €4.1 billion to the Irish economy, Ireland’s aerospace industry is accelerating faster than ever, opening up opportunities for Takumi and other companies in the sector.
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, 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.”
Takumi engineers the future
Between 2016 and 2020, Takumi will have invested £4 million in improving and scaling the business and Enterprise Ireland, the trade and innovation agency and third-largest seed investor in Europe according to PitchBook, 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 Enterprise Ireland to help provide a solution to this increasing UK demand and subsequently fill a skills gap in the market.
By defining clear strategies for both online and sales, Enterprise Ireland has helped accelerate the company’s growth as well as achieve a stronger market entrance in the UK and internationally. This, in turn, has resulted in an increased participation in global trade show events while also building awareness. Its success is clear, as Takumi has recorded a 50% increase in both turnover and headcount.