Harvard Engineering, which designs and develops control products for the lighting industry, has announced an investment that it says will allow it to build a new state-of-the-art R&D and manufacturing facility and increase employee numbers from 300 to 500.
The investment in the company, established in 1993 by current managing director John McDonnell (pictured), was via the acquisition of a minority shareholding by the private equity investment group ECI Partners.
Harvard’s product range includes LeafNut, the award winning wireless control and monitoring system for street lighting and the award winning CoolLED range of switchable drivers for LED lighting. More recently the company announced the launch of EyeNut, an innovative indoor lighting control solution that the company says is set to revolutionise the market.
Harvard only moved into its current premises in February 2011, but says that due to increasing worldwide demand for its products and solutions, it has already outgrown the facility. The company has affirmed its intention to manufacture all its products in the UK and has already identified a new site close to its current location in Wakefield, West Yorkshire.
Over the last three years Harvard has seen employee numbers and turnover more than double. It has also opened offices in France, Italy, Germany and USA as part of a five year growth strategy to increase export business from 25% of turnover, at the end of 2011, to 50% by the end of 2015.
McDonnell said, “The investment is wonderful news for Harvard, as it will allow us to strategically build on our already growing market share and international presence. Despite the deep recession, demand for our products continues to grow across the globe.”
Copyright Ken Hurst 2013