Dear friends!
This year in many ways has been a year of harvesting. The Switch has been working systematically in volatile markets, but now the underlying hard work is paying off.
We are in the supply chains of some of the top companies in the wind business, like Goldwind, Mitsubishi Vestas Offshore and others, which gives us a good basic volume. Additionally, we are gaining business with high-speed drives for industrial customers, like Runtech that is applying them to vacuum pumps, as well as new developments. In marine, we have had good success with shaft generators together with We Tech.
In all, this has resulted in business growth in excess of 50%. This ensures our profitability and possibility to invest in further growth, as we are aiming to be major players in both wind and marine and will offer selected drive train solutions for industrial applications.
To achieve this also requires non-organic growth. That is why we are acquiring Wärtsilä’s low and medium voltage drives business, along with its development and operations, in Norway.
Additionally, we are expanding our geographical footprint. We have opened new markets, such as in Japan, with our owner Yaskawa. Overall, the Finnish-Japanese cooperation has proven to be a success formula. Now when we have gained some momentum, we intend to keep up the speed.
The Switch is as eager as ever to offer Environmental Energy solutions and to advance the world with electrical drive trains.
J-P