Renishaw is post-Brexit ready – with or without a deal.
That’s the message coming from one of the region’s most successful and important manufacturing companies.
The Gloucestershire-based world leading engineering technologies company says that reliable delivery, proximity to customers and simplified transactions are the most important results of its efforts to overcome the challenges all manufacturers will face, following the UK’s vote to leave the EU.
Renishaw’s EU customers will benefit from simplified transactions and on-time delivery of goods from the EU.
The Renishaw Group has 79 locations in 37 countries and more than 4,400 employees worldwide. Manufacturing facilities are located in the UK, Ireland, Germany, USA and India. Renishaw generates around 95 per cent of its total sales outside the UK and has a significant level of expertise and experience gained from over 45 years of building a successful global business model.
Shortly after the referendum on UK membership of the EU on 23 June 2016, the company looked at all the potential impacts on its business, including manufacturing, logistics and supply chain, with or without a ‘deal’.
William Lee, Renishaw’s Chief Executive, said: “The Renishaw Group is very familiar with the requirements of international trade and associated distribution. With the excellent skills and expertise of our employees in our global network, we are able to meet the challenges posed by the UK’s withdrawal from the European Union.”
Rainer Lotz, President of Renishaw’s EMEA region, explained: “To mitigate against the possible impacts of Brexit, we have been focused on ensuring that our customers within the EU are able to receive optimal support from our local offices and that all transactions, including deliveries of goods, are as simple as possible. This includes, for example, the conversion of sales offices (agencies) into independent subsidiary companies and greater consistency in our EU processes. As a result, we are well prepared for any Brexit scenario”.
The most important points:
- New and expanded logistics centres in Ireland and Germany
- Increase in stock levels throughout the EU region
- Strengthening local offices by conversion into independent subsidiaries
- Transactions and deliveries via local subsidiaries instead of via the UK
- Harmonisation of the price model within the EU, with the EURO as the anchor currency
For the year ended June 2020 Renishaw recorded sales of £510.2 million of which 94% was due to exports. The company’s largest markets are China, the USA, Japan and Germany.