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Department for International Trade Case Study | 16 May 2021 MAINTAINING THE PRESSURE ON SUCCESS IN NORWAY
Glossop based Pressure Tech discuss securing major projects in Norway and the ongoing support they receive from the Department for International Trade (DIT).
Glossop based Pressure Tech manufactures high-quality ISO-9001 accredited pressure regulators traditionally used in the oil and gas sector on critical high-pressure control systems such as wellhead control panels, gas analyser systems and hyperbaric diving systems. Over the past two or three years their product range has expanded to include pressure regulators for hydrogen fuel cell applications such as passenger and commercial vehicles, drones, bikes, and material handling applications such as forklift trucks.
Their customer base is worldwide, supported by a growing global network of Authorised Resellers, with a particularly strong network throughout Europe. For the past two years their Norwegian reseller has been the strongest performing European reseller account, securing some major projects through a combination of product and industry knowledge, network of contacts and customer service.
Managing director, Steve Yorke-Robinson explains: "Norway is absolutely a market of interest to us. Several of the world’s leading OEMs for Hydraulic Power Units (HPUs), Intervention Workover Control Systems (IWOCs) and Chemical Injection Systems are located in Norway, and these applications are key targets for our hydraulic pressure regulators in particular. In addition, Norway is a leader in subsea technology, so we expect the demand for our subsea pressure regulators to increase over the coming years and decades."
The drive for renewable energy sources is also one that is gathering pace in most European countries, and the company see no reason why Norway would not be part of that. They will be looking to identify further prospects in the hydrogen fuel cell market to continue developing their share of that sector via their expanding H2 product portfolio.
Steve has welcomed the support he receives from the Department of International Trade (DIT). "Kathryn Borg, our International Trade Adviser (ITA), has been very supportive and provides regular updates on any export opportunities or support available to increase our export business. Having worked with Kathryn over many years, she understands our products and the markets we are targeting, which allows her to forward any specific areas of interest and make the relevant introductions."
The company were keen to see a Free Trade Agreement (FTA) in place. "Having a FTA in place with our customers is important for a number of reasons, namely; to allow quicker movement of goods; minimise the amount of administration costs and paperwork, and ultimately to ensure our pricing remains competitive in a globalised market place. With over 30% of our business being within the EU, it is important to Pressure Tech and our customers that a FTA is in place to maintain our growth objectives."
Pressure Tech have typically achieved year-on-year sales growth of around 10% and are looking to push beyond this growth in the current financial year. Of total sales, approximately 70% of the business is export, and of that figure, roughly 20% is to Norwegian accounts.
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