Fozmula, which is based at Tachbrook Park, employs around 50 staff and turns over £5million designing and making sensors for a range of vehicles and machines – from power generators to diesel engines.
The company, which was formed in 1977, enlisted the help of the Coventry and Warwickshire Growth Hub and has been given backing that will assist with the firm’s ambitious plans to be turning over £10 million by 2019 by which time it also wants to extend its property to 30,000 sq ft to allow for growth.
Part of the company’s strategy has been to reshore the manufacturing of certain parts for one of its best-selling products from China. The company has now identified a supplier firm in Stourbridge, which can now make several components within the sensor.
Fozmula, which has been in its current location for four years, is also close to starting work on a lucrative contract with an existing American client and part of the consideration was the marking of the products with more information.
In order to do that, the company had to purchase a £30,000 laser marking machine – a Scorpion II EMS 300 and, through the Growth Hub, applied for and received £22,000 via Coventry City Council.
Roland Smythe, of Fozmula, said: “The work with our American customer will begin very soon and that could lead to us making an additional 60,000 units a year for this customer alone.
“The amount of information they required on each part meant it would have been too time-consuming to do it all by hand, so the new machine was vital if we wanted to deliver that contract.
“The great news for us is that not only was it necessary for that particular job, we are seeing the benefits on a range of other products too. We used to stick labels onto one particular item which cost us more than 40p per sticker – now all of that can be done with the new piece of equipment.
“We haven’t had chance to work out exactly how much money and time it is going to save us but we are confident it will run into thousands of pounds.
“We are extremely grateful for the support the Growth Hub has given us. It’s helped to accelerate our growth plans.”
Jaymie Thakordas, an account manager at Coventry and Warwickshire Growth Hub, said Fozmula had taken the right steps to push for continued growth.
She said: “Fozmula is a forward-thinking manufacturer with very exciting plans to expand its business.
“Reshoring some of its supply chain back to the UK will help to improve lead times and quality and is, obviously, positive news for the regional economy.
“In terms of investing in the new equipment, it’s been great to be able to support that and to see the real difference it will make to the business.
“From that point of view, we’d urge any businesses in the area that are looking for support in their expansion to get in touch and we will be able to lever in any assistance available from both the public and private sector.”