The Switch, a specialist in drive train technology, has reported a net sales increase of 80% from EUR 40 million to more than EUR 72 million over the last year, with the Chinese wind power market and European offshore wind projects driving the company’s growth.
Dag Sandås, The Switch CFO, said the growth was driven organically, thanks to new products and customers.
“Most our products – about 75% – go to wind power production. For example, the Chinese wind power market as well as the European offshore business are driving significant growth for us. Just recently, we started to deliver the world’s largest offshore wind power generators to the UK,” Sandås said.
Last year, backed by its Japanese parent company Yaskawa, the company acquired Wärtsilä’s marine power drives business for megawatt-class applications to help strengthen The Switch marine permanent magnet shaft generator business. The company says that with this acquisition it is now able to benefit from a range of benefits, including a stronger machine and drive package offering, a broader product range and a wider market access.
“Our sales of products for marine applications have increased notably, especially considering the fact that the shipbuilding industry has been fairly quiet in general lately. Nevertheless, we see growth opportunities in this sector in the coming years. Therefore, our acquisition of the Norway-based business is clearly a good investment in the future,” Dag Sandås confirms.
The Switch currently employs about 200 people in its factories in Vaasa and Lappeenranta in Finland and Stord in Norway.
“With our ambitious growth goals, we plan to hire more people in the future. The aim is to grow both organically and through possible acquisitions backed by our parent company Yaskawa. The competition in the sector is tough, but we are sustainably building up our brand all the while. We are known for being innovative and have the ability to apply new technology that brings true benefits to our customers,” Sandås said.