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Gloucestershire Business News

Renishaw is ready for post-Brexit with EU expansion

County based engineering giant Renishaw said it is now ready for the post-Brexit era - with or without a 'deal', with EU customers benefitting from simplified transactions and on-time delivery of goods.

The Renishaw Group has 79 locations in 37 countries and more than 4,400 employees worldwide, with manufacturing facilities located in the UK, Ireland, Germany, USA and India. It also claims to generate around 95 per cent of its total sales outside the UK.

Shortly after the referendum on UK membership of the EU on 23 June 2016, Renishaw looked at all the potential impacts on our business, including manufacturing, logistics and supply chain. The Board then convened an interdisciplinary Brexit team to assess all risks and opportunities associated with the UK's withdrawal from the EU, with or without a 'deal'.

The Group now has new and expanded logistics centres in Ireland and Germany as well as increase in stock levels throughout the EU region with transactions and deliveries via local subsidiaries instead of via the UK.

It has also harmonised its price model within the EU, with the EURO as the anchor currency.

"The Renishaw Group is very familiar with the requirements of international trade and associated distribution," said William Lee, Renishaw's chief executive.

"With the excellent skills and expertise of our employees in our global network, we are able to meet the challenges posed by the UK's withdrawal from the European Union".

Rainer Lotz, president of Renishaw's EMEA region said: "To mitigate against the possible impacts of Brexit, we have been focused on ensuring that our customers within the EU are able to receive optimal support from our local offices and that all transactions, including deliveries of goods, are as simple as possible.

"This includes, for example, the conversion of sales offices (agencies) into independent subsidiary companies and greater consistency in our EU processes. As a result, we are well prepared for any Brexit scenario".

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