Sensonics Branches out with Big Contracts
Condition monitoring specialists Sensonics success as a major exporter of instrumentation which protects power plants around the world has been acknowledged by the government initiative to make it easier for the U.K.’s small businesses to grow. Small Business Great Ambition sits alongside the governments Industrial Strategy of promoting growth and making the U.K. more competitive and successful companies were invited to a special reception held at Number 11 Downing Street.
Sensonics were the only British instrumentation manufacturing company to secure a contract with the Korea Electric Power Corporation to supply vibration monitoring equipment for four nuclear power plants in the UAE. It was a very significant contract for Sensonics that was set to account for 43% of the company’s turnover in 2011.
Russell King, Managing Director of Sensonics (pictured outside Number 11) explained, “We were required to submit performance bonds worth 10% of the contract value. Our bank was restricted in the size of bond they could offer us, and were looking for full cash coverage. This would have been a prohibitively long time for us to have money tied-up on one contract”. As a result they turned to UK Export Finance (UKEF) who guaranteed the bank to help ensure Sensonics had the capital it needed to deliver this major contract.
In the last five years Sensonics has been very successful in reaching out to overseas markets such as China, Korea and India and after a bid process of several years was awarded the contract by the Korea Electric Power Corporation.
According to Sensonics, the overseas contract and the UKTI Small Business GREAT Ambition recognition underlines Sensonics’ commitment to developing the most innovative and effective solutions for vibration, position and speed instrumentation for critical machine condition monitoring applications in power generation and process manufacturing industries around the world.