One of the UK’s fastest growing manufacturers signaled its intentions to move into Asia and the Far East, after it announced a strategic agreement with an Indian powerhouse.
Penso Group, which offers complete turnkey engineering services, has joined forces with Pricol Technologies to open an offshore development centre to produce vehicle platforms and undertake niche vehicle builds for customers in the subcontinent.
The deal – signed by CEO Daniel Hurcombe – will open up a whole new international market for the firm, which currently provides concept design, feasibility analysis and advanced composite capabilities to clients involved in automotive, aerospace and rail.
Engineers from Coventry have been working with their counterparts in Pune to set up the facility and teams have been set up to work on existing and new projects.
“Whilst domestic and European sales have trebled to nearly £20m over the last two years, we still haven’t really managed to take our expertise into the rapidly emerging economies of China and India,” explained Daniel, who set up Penso with David Roche in 2001.
“We have been searching for an international partner for some time and when we were introduced to the Pricol Group we knew we had found the right organisation. The firm shares similar values to ours and offers cross functional engineering expertise, access to new technologies and a 4000-strong workforce.”
He continued: “It will give us an immediate footprint in India and an excellent logistical base to go after new opportunities in the subcontinent and China. There will also be a host of cost advantages that will make us immediately competitive with clients.”
Bobby John, CEO of Pricol Technologies, added his support: “This partnership will provide both sets of clients with a competitive advantage by reducing product development costs and minimising the time to market.
“Our unique delivery model of providing high efficiency offshore engineering will also aid Penso in securing a whole new international customer base at a time when its new lightweight technologies are in demand.”