An award-winning manufacturing company is set to see its revenue rise to £6 million after securing several deals across the globe.
Newport-based Tomoe Valve Ltd, which manufactures high-performance butterfly valves, is on track to boost its exports by 20% to £6 million by the end of this financial year, following a string of international deals recently secured with support from the Welsh Government.
The company is eyeing expansion in the US as a primary route to international growth, having recently landed a £1.6 million contract with a US government funded project in Washington State. The deal will see up to 80 valves installed at one of the world’s largest factories for advanced silicon battery materials which are primarily used in the production of electric vehicles, buses, trucks, consumer electronics and electric flight – a fast-growth market as global decarbonisation targets come into sharper focus.
Most recently, Tomoe Valve’s products have also been used to develop the UK’s first fully electric fire engine.
In recent months, Tomoe Valve secured a substantial order worth almost £1 million in Japan for butterfly valves that will be used in water treatment facilities, which sees the firm effectively re-enter the Japanese market after six years of smaller, ad-hoc orders.
Established in Newport in 1986, Tomoe Valve employs over 40 people in a range of roles across the design and manufacturing of butterfly valve products which are used in a wide variety of sectors, including construction, water treatment, and food production.
Originally, the company worked principally across the oil and gas sectors, however, in more recent years Tomoe Valve has pursued an intentional diversification strategy as investment in fossil fuel energy sources is set to decrease. Exports currently account for 90% of the Welsh manufacturer’s trade, with its products sold in over 57 countries across North America, Asia, Europe, South America, and the Middle East.
Denise Cole, Finance Director at Tomoe Valve Ltd said:
“International sales have always been an integral part of our business, with many of our original customer base being located in markets overseas. Our business has been built by exports. Our products are used in high-value manufacturing projects across the world, so while we may only have a handful of customers at a time, those customers bring us large revenue opportunities, much like our latest deal in the US worth £1.6 million.”
Key to Tomoe Valve’s export success has been its regular presence at market visits in target regions, supported by the Welsh Government, enabling it to meet prospective customers, which has directly led to new business. It has also received Welsh Government support with developing its supply chains and conducting market research, something which Denise believes is invaluable:
“Being able to understand potential markets without spending months on research and feasibility testing has been such an asset to the business. We are able to hit the ground running and focus on what matters most to us – the people behind the business.
“I’m a firm believer that people buy from people. We pride ourselves on the relationships we have with our customers, offering technical support and solutions even when there isn’t a sale. We know that being able to meet them face to face from the very beginning, in their own territory, sets us on the front foot for future business and long-standing relationships.”
Looking ahead, Tomoe Valve hopes to target more business in the US, which it sees as a key growth market, and plans to access further support from the Welsh Government to achieve this including additional market visits, market research and introductions to potential distributors.
Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning said:
“It is fantastic to see first-hand the exporting success of Tomoe Valve, which is at the forefront of Welsh companies supporting the transition to green technologies.
“I am proud to see Welsh Government support is helping the company achieve its international ambitions.
“Our Export Action Plan is supporting green jobs and growth and making a real difference to businesses across Wales.”
