£3 Million Lays Foundations For Mineral Firm’s Rapid Growth
Invest Northern Ireland has helped a quarrying and mineral processing firm in Co. Tyrone to realise benefits of over £3 million in just 12 months.
Metso Minerals, based in Cappagh, supplies equipment, service and process solutions to a variety of industries including quarrying, mining, construction, civil engineering and recycling and waste management.
Metso’s participation in an Invest NI capability development initiative has delivered a turnover increase and cost savings worth £3.3m thanks to major improvements in production efficiency, as revealed in a recent audit of production processes and accounts.
Invest NI’s Interim Managers Programme encourages businesses to exploit resources so they can overcome barriers to growth and enhance competitiveness. By delivering functional or general management capability on a project basis, interim managers can help companies deliver tangible results by co-ordinating specifically targeted, high-impact projects.
Patrick McMeel, General Manager of Metso Minerals Cappagh Ltd says: “An increase in demand for our products created a number of issues for the production element of the business. We were experiencing higher levels of downtime and as a result, were finding it difficult to meet production deadlines.
“Invest NI helped us to streamline operations by partnering us with an interim manager, who had the expertise and skills to quickly understand the needs of our company. This enabled management to continue its focus on core business issues.
“We invested a relatively small amount, approximately £7500, and the results have been outstanding. More than £3 million has been generated in just 12 months including a turnover increase of 26%. A new production method has been implemented, making the entire manufacturing process more efficient and significantly decreasing levels of downtime.”
Commenting on the saving, Tracy Meharg, Managing Director of Innovation and Capability Development at Invest NI says: “Businesses today need to take every opportunity to increase competitiveness if they are to ensure sustainable growth in new and existing markets.
“Metso’s success demonstrates that Invest NI can help businesses access the necessary experience and skills of interim managers who can make a tangible difference to company performance, with a minimal impact on time and resources. Indeed Metso has clearly underlined how a relatively small investment can deliver measurable benefits”
Key to the success of Invest NI’s Interim Manager Programme is the provision of an interim manager with specialist knowledge and expertise, who works with the company for a maximum of 60 days on a specific improvement project. Invest NI and the participating company jointly fund the interim manager’s costs.
The total cost of the Metso project was £7500 and only 30 days of interim manager intervention was required.
Further information on the Invest NI Interim Managers Programme can be obtained from email@example.com Tel: 028 9069 8356.