Invertek Drives achieves record turnover as US market emerges as largest key region

UK-based Invertek Drives, a global leader in variable frequency drive (VFD) technology, is celebrating a significant milestone with confirmation of a record turnover of £96.5 million in 2023. It represents a significant increase from £76.3 million in the previous year.

The US and America markets have emerged as the company's largest sales area, reflecting its growing international reach and success since it was established 26 years ago in Welshpool, Powys. Invertek Drives USA LLC generated more than £24 million ($30 million (USD)) turnover in 2023.

The company, headquartered at Welshpool, Powys, marked the latest results by celebrating its Welsh heritage at two St David’s Day (Patron Saint of Wales) events on both sides of the Atlantic.

One was held at 10 Downing Street, London, with a reception from Prime Minister, Rt. Hon. Rishu Sunak MP and the Secretary of State for Wales, David TC Davies, with another in Chicago hosted by the British Consular General, Alan Gogbashian, and the Welsh Government, attended by industry and political leaders from Chicago and the Mid West of the USA.

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Invertek’s Optidrive VFDs are used globally to accurately control electric motors in applications ranging from material handling, pumping, ventilation, refrigeration, and HVAC systems. The VFDs ensure accurate speed control resulting in improved processes, reduced energy consumption, and a reduction in associated emissions as a result.

The impressive 2023 annual results are attributed to factors including continuous innovation and investment in VFD technology, strategic investments in global expansion, and a dedicated focus on easy-to-use and reliable products, leading to continued customer satisfaction.

Shaun Dean, Chairman of Invertek Drives Ltd and Senior Vice President of Sumitomo Heavy Industries, said: "Since Sumitomo Heavy Industries acquired Invertek Drives in 2019, we have witnessed tremendous growth across all markets. The US market's emergence as our largest customer base is a testament to our successful expansion strategy and commitment to providing unparalleled value to our customers."

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Adrian Ellam, CEO of Invertek Drives Ltd, said: "We are incredibly proud to celebrate our record-breaking year and the significant contribution of our US operations. We are committed to continued investment in our global headquarters in Wales, creating new jobs and further solidifying our position as a leading innovator in the VFD industry."

It supported a St David's Day reception hosted by the British Consulate General in Chicago, attended by business leaders, politicians, and other distinguished guests on 28 February. Organised by the Welsh Government, the event further strengthens the company's connection with Chicago’s rich Welsh heritage and its commitment to building relationships in the US.

Welshman Thomas Jefferson Vance Owen became the first president of the town of Chicago in 1833. Many of the first city mayors were of Welsh heritage, with many streets still named after places in Wales.

British Consul General, Alan Gogbashian, said: “Wales has strong historic ties to Chicago that have led to a vibrant economic relationship today. The annual St. David’s Day event highlights these ties and helps to further strengthen the bond between Chicago and the US with Wales and the United Kingdom.

“This year, we’re pleased to celebrate St. David’s Day alongside Invertek Drives, a business that is making an economic and environmental impact through its investment in the Midwest.

Invertek Drives Team at the British Consular General's Residence in Chicago Owain Betts

Zowie Hay, Head of North America at the Welsh Government said: “St David’s Day is a great opportunity to highlight the breadth of Welsh businesses in the Mid West and the US as a whole. Not only are businesses such as Invertek Drives investing in the area, creating employment and economic opportunities, as well as exporting from Wales; we also see many US companies investing significantly in Wales. It’s a great partnership between our nations.”

The St David’s Day reception at 10 Downing Street, attended by Adrian Ellam, was in the presence of UK Prime Minister, Rishi Sunak MP, and the Secretary of States for Wales, David T.C. Davies MP, along with representatives of business, politics, and entertainment from Wales.

The company employs more than 470 people at its headquarters in Welshpool, Powys, UK, where it designs and manufactures its Optidrive range of VFDs and associated technology.

For media information, contact:
Owain Betts, PR and Communications Manager
t: +44 (0)1938 558 253
m: +44 (0)7483 072 739