The Switch, a Finnish specialist in advanced drive train technology, has seen a sharp jump in growth over last year. The company increased its net sales by 80% from EUR 40 million to more than EUR 72 million. Moreover, profitability also returned after a few previous years of losses.
“The Switch financials finally started to improve briskly in the right direction. We are no longer dependent on just one big client, but we have more clients in different parts of the world, from Asia to Europe. This growth was driven organically, thanks to our new products and customers,” says Dag Sandås, The Switch CFO.
The company’s designed and manufactured permanent magnet generators and power converters are used in wind power generation, marine and other industrial applications, such as in papermaking machinery. Nearly all of The Switch production is exported.
“Most our products – about 75% – go to wind power production. For example, the Chinese wind power market as well as the European offshore business are driving significant growth for us. Just recently, we started to deliver the world’s largest offshore wind power generators to the UK,” Sandås says.
The Switch also has high growth expectations for marine applications. Last year, backed by its Japanese parent company Yaskawa, the company acquired Wärtsilä’s marine power drives business for megawatt-class applications to help strengthen The Switch marine permanent magnet shaft generator business.
The Switch currently employs about 200 people in its factories in Vaasa and Lappeenranta in Finland and Stord in Norway.