Why this magnetic gear tech business in Sheffield is attracted to India

Dave Latimer, CEO of Magnomatics, said: "We now have a record order book and are very optimistic about the future.”

Sheffield-based Magnomatics experienced a slowdown back in March as a result of the UK lockdown.

However, the firm’s design engineers and management team continued working from home and this has resulted in the business securing a number of new contracts.

This has led to Magnomatics predicting 30 per cent growth in 2021.

Dave Latimer, CEO of Magnomatics, said: “Our growth has been slower than we expected this year in sectors such as oil and gas, but we’ve found new opportunities in commercial vehicle technology and offshore wind production.

“We now have a record order book and are very optimistic about the future.”

Magnomatics was selected as one of a number of companies in the region to embark on the India Growth Champion Scheme back in June. The scheme is designed to assist businesses in developing their links with India, particularly in advanced manufacturing and healthcare.

The Indian Growth Champions will have the opportunity for 10 days of dedicated business support, plus the development of an Indian business plan.

In addition, they will be guaranteed at least five appointments with potential partners as part of a trade mission to India in 2021.

Mr Latimer said: “We applied for the Sheffield City Region’s India Growth Champions Scheme as we see India as an emerging market and are looking forward to building new connections and opportunities here in 2021.

“Our technology is increasingly becoming widely recognised across the world for a multitude of applications including marine propulsion, automotive and the wider industrial markets.”

Sir Nigel Knowles, international adviser to Dan Jarvis, Mayor of the Sheffield City Region, said: “Magnomatics is really driving forward with its technology and was an ideal candidate for the India Growth Champions Scheme.

“There are some fantastic opportunities emerging in India and with the support and guidance of business advisers with expertise in the Indian market, we expect that companies like Magnomatics will benefit from many new connections and opportunities to grow and develop links with this rapidly growing economy.”

Kevin McCole, managing director of UK India Business Council, said: “It is really exciting to see Magnomatics’ growth and well-deserved recognition worldwide, especially as this year has been so challenging for the UK and global economy.

“This is a tremendous achievement, and the UKIBC is delighted to support Magnomatics through the India Growth Champions Scheme we are running in partnership with the Sheffield City Region.

“There are fantastic opportunities in India for advanced manufacturing and engineering businesses and we are really looking forward to supporting Magnomatics, including on our trade mission to India next year.

“We’re sure it will lead to 2021 being another great year for not just David Latimer and his brilliant magnomatics team, but also for all the India Growth Champions.”

In addition, Magnomatics recently secured a grant of £300,000 as part of Government funding to develop and supply power electronic machines and drives for the manufacture of large generators for offshore wind.

Magnomatics, a Sheffield University spin-out, has a £2m turnover and employs 24 staff.

Collaborations for innovation

Magnomatics is working with the Advanced Manufacturing Research Centre (AMRC) on a programme of research into use of robots to manufacture its technology.

The company plans to start manufacturing its proof-of-concept units at its premises in Sheffield in the next couple of years.

Magnomatics is also working with Donasonic, a Doncaster company which provides recycling solutions for waste material, to design technology to be used in shredding machines for the refuge industry.

The business is also keen on developing new engineering talent through apprenticeships.

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