To assure success, we undertake as many of our core activities as possible including design, manufacturing, sales and support.
Eight strategic priorities drive our business model
Find out more about our business model.
Continual research creating strong market positions with innovative products
Renishaw is well known for its sector-leading investment in R&D and engineering. “Apply innovation” is a way of life for Renishaw employees, not just a strap-line. We have continued to protect our core businesses with exciting new patented technology and process developments, whilst also diversifying into new product and market areas.
See pages 32-33 of the 2016 Annual Report.
Efficient high-quality manufacturing
Renishaw is a highly vertically integrated organisation with significant in-house manufacturing capabilities. With high-quality manufacturing plants located in the UK, Ireland, India, Germany, USA and France, we are able to deliver robust and reliable products tested to our exacting standards. Our efficiencies, through in-house automation and the use of our own latest product developments, enable us to be competitive with the highest volume processes.
See pages 30-31 of the 2016 Annual Report.
Strong market presence and focus on emerging markets
Renishaw has always been a global group with a strong local presence. By ensuring we target emerging markets we are able to develop strong working partnerships with newly developing businesses. These loyal relationships build quickly as our customers realise that all our customers are important to us.
Renishaw's expansion into new growth economies continues, and this year we have established new subsidiaries in Finland, Denmark and Hungary. We have also relocated to larger 14,800 sq ft premises in Taiwan in order to accommodate growth in the Far East region. The process of developing larger offices in the USA, Mexico, Spain and Sweden is also underway.
Supplementing the business via niche acquisitions
We actively undertake acquisitions as a means to expand our product portfolio, quicken geographic market penetration and gain access to new patents, technologies and customers.
We continue to integrate acquired businesses and evaluate acquisition opportunities. We have deepened our relationship with and increased our investment to 24.9% in HiETA Technologies Limited, a UK company specialising in the design and delivery of additive manufacturing products, such as heat exchangers for a range of applications – a complementary business for our additive manufacturing products line.
Consistent organic growth
Whilst Renishaw does invest for the long term, it also closely manages costs at all levels and ensures that it does not undertake undue risks. It is through this approach that Renishaw has been able to deliver such a long-term track record of profitable growth.
Renishaw has continued to experience underlying growth, which has justified further investment in infrastructure including our people, facilities and subsidiaries. For example, our ROW (Rest of the World) sales operation, which is responsible for 11 overseas areas has expanded this year by opening new subsidiaries in Finland, Denmark and Hungary as well as recruiting extra sales and technical support staff, in order to support growth. ROW is also progressing upgraded facilities in Sweden and new offices in Turkey and Hungary as well as increased investment generally in India. Furthermore, our additive manufacturing business is establishing a global network of Solutions Centres in order to support existing and future growth. This year we have already opened our first Solutions Centres in Europe, North America and Asia with further facilities due to open later in 2016, see page 27 of the 2016 Annual Report for more information.
Focus on delivering solutions
Renishaw's business has transitioned over recent years from primarily being a supplier of products to capital equipment manufacturers, to becoming much more focused on delivering a full solution directly to the end-user. Our experience in our core product lines, which has highlighted that our global customers need assistance in solving their problems, is being carried across into our newer offerings.
See pages 26-27 of the 2016 Annual Report.
Global customer support
Renishaw is founded on the belief that excellent customer support delivers success. Our customers are often global, with an order being placed in one country, the product shipped to another and the eventual end-user often located on a different continent. By having “local” global support through our wholly-owned subsidiary network, we are able to assure customers that whatever their needs, we are able to support and assist them, resulting in a positive return on their investment.
See pages 28-29 of the 2016 Annual Report.
Renishaw's people are central to the success of its business. Our innovative, hard-working and loyal employees make Renishaw the business success that it is. A significant number of them have worked in the Group for two or three decades, creating a large collaborative team with a wealth of specialised engineering expertise. Renishaw has actively focused on the ongoing recruitment and training of many bright and enthusiastic young graduates and apprentices and experienced professionals in order to further develop talent.
See pages 54-55 of the 2016 Annual Report.