Composite Dynamics, based in Carrowdore Co. Down, has embarked upon a major development project with the help of Invest Northern Ireland to create a highly innovative new product range with significant export potential.
Specialising in the creation of bespoke fibre glass based products Composite Dynamics have used their experience and skills to develop a new range of fishing boats. Prototypes of the product will be on display at the forthcoming ‘Angling in Ireland Exhibition’ to be held at the King’s Hall on the 14th and 15th January.
Commenting on the new range of products Peter Spence, Managing Director of Composite Dynamics said:
“This new product line represents a radical and ambitious departure for us, as we move into a mature market place with exacting standards and a lot of tough competition. However, we believe that our range of boats has much to offer the prospective buyer in terms of design, performance and attention to detail.”
Established in 1994 and operating within a niche market place, Composite Dynamics has traditionally manufactured panels, seats and other internal parts for use in the production of buses and private coaches. The new development project will allow the company to extend its current client base and create additional new revenue streams.
“We realise that in order to survive we must diversify and move up the value chain and thus spread our underlying business risk. This new project will help us secure the future success of the company, potentially create more jobs and increase our profit margins,” he continued.
Invest NI has given Composite Dynamics a comprehensive range of assistance to help realise the development project including interim manager support, e-business advice, product development assistance and guidance on lean manufacturing techniques to improve capability.
Congratulating the company on its decision to break into a new market place Brian Dolaghan, Director of Engineering and Business Services at Invest NI said:
“Moving into a new market is never easy but in order for companies to survive in today’s tough business environment they must diversify and lever off their core knowledge to differentiate and enhance their product offerings. By investing in innovative new product development companies, no matter their size, they will potentially be able to secure lucrative new business contracts and ultimately expand.”