A Welshpool based company is celebrating a record breaking year, with a turnover of more than £90 million in 2023.

Invertek Drives, a manufacturer of Variable Frequency Drives (VFDs), increased its earnings from £76.3 million in 2022, to £96.5 million in 2023.

The company marked the occasion by celebrating its Welsh heritage at two St David’s Day events on either sides of the Atlantic, one at a reception at 10 Downing Street and another in Chicago.

Chief executive Adrian Ellam said: "We are incredibly proud to celebrate our record-breaking year and the significant contribution of our US operations.

"We are committed to continued investment in our global headquarters in Wales, creating new jobs and further solidifying our position as a leading innovator in the VFD industry."

The company, founded in Welshpool 26 years ago, manufactures VFDs that are used globally to accurately control electric motors in applications ranging from material handling, pumping, ventilation, refrigeration, and HVAC systems.

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The VFDs ensure accurate speed control resulting in improved processes, reduced energy consumption, and a reduction in associated emissions as a result.

The company listed a number of factors behind their record breaking year, from the USA emerging as their largest customer base, to innovation and investment in VFD technology.

Shaun Dean, chairman of Invertek Drives Ltd, said: "Since Sumitomo Heavy Industries acquired Invertek Drives in 2019, we have witnessed tremendous growth across all markets.

"The US market's emergence as our largest customer base is a testament to our successful expansion strategy and commitment to providing unparalleled value to our customers."