Renishaw plc
The company currently employs over 2200 people worldwide and generated £201m of revenues in the year ended June 2008. The company's first product, the touch-trigger probe was invented by David McMurtry, now Sir David McMurtry, Chairman and Chief Executive, and was developed to solve a specific inspection problem for the Olympus engines used on Concorde. Research and Development continues to be the cornerstone of Renishaw’s business and in 2008 the company invested approximately 18% of its revenues in R&D and engineering. The company continues to revolutionise post-process inspection of machined components and has recently launched its Renscan5™ high speed 5-axis measurement technology for co-ordinate measurement machines (CMMs).
Geoff McFarland, Group Engineering Director said “For Renishaw to continue to thrive in a globally competitive marketplace, differentiation is absolutely vital. Heavy investment in our R&D and manufacturing has allowed us to greatly expand our core skills and technologies. By placing innovation at the heart of our business and using our core competencies, we have diversified into exciting growth areas such as dentistry and neurosurgery, and have developed unique automated manufacturing processes that allow us to maintain high added-value manufacturing in the UK.“
Renishaw differentiates itself through patented, highly innovative products and processes that include ultra high-resolution encoders, highly accurate dimensional measurement systems and high speed motion controllers. Their trademark of ‘apply innovation™’ emphasises their focus on new product development and continuous improvement throughout its engineering and manufacturing processes. Renishaw has continued to specialise in metrology and develop its core touch probe technology but its drive for innovation has also led it to diversify into new markets through a number of product developments, partnerships and acquisitions. These markets include dentistry, spectroscopy and neurology. Crucially however, Renishaw’s presence in these markets is driven by careful strategic thinking and the company’s continued focus on precision and accuracy. For instance, the incise™ dental restoration system combines core touch probe technology with precise machining to generate highly accurate and close fitting, custom dental restorations.
Renishaw has grown into a multinational player on the world stage, with more than 50 offices in 30 countries around the globe. It now employs almost 1500 people in the UK, and 700 overseas, the majority in sales and marketing. India in particular has presented Renishaw with a range of advantages. The last five years have seen significant investment by the company in sales, marketing and manufacturing. The company now manufactures a limited range of components that were previously procured from other suppliers, and products where assembly costs are critical to competitiveness.
Renishaw Case Study (pdf document)
