Limerick engineering firm, Takumi, said it plans to expand its workforce by 60 to 140 employees after “having weathered the 2020 Covid storm”.
Set up in 1998, the firm has announced new appointments, including naming former Department of Finance general secretary, John Moran to the board.
It expects “a positive and sustainable return to growth” after the Covid crisis.
Revenues dropped significantly during 2020 due to “supply chain turbulence and disruption caused by the Covid-19 crisis“, however, the company predicted a “recovery from mid-2021, a doubling of revenues and the creation of an additional 60 new jobs over the next four years”.
Takumi, which currently employs 80 people at the Raheen Business Park in Limerick, said its focus is now on “rebuilding and securing resources to meet the needs of an ever-growing customer base“.
Takumi founder Gerry Reynolds, who is retiring as chief executive said: “The last year has been a particularly difficult one for our staff and their families, our customers and our business, but, thanks to government supports and an amazing job from our team, we have weathered the storm and are now able to prepare to rebuild for the future.”
Mr Reynolds said he was “confident about our targets to double our revenues to €20m and add 60 new jobs in the next four years”.
Donal Galligan, Takumi’s incoming chief executive, said the firm “will continue its ongoing investment in plant and equipment to facilitate competition on the worldwide market”.
“Even throughout 2020, in the midst of the Covid-19 pandemic, over €1m was invested in new machinery to ensure we compete by utilising the latest technologies,” he said.
“Over the years over €10m has been invested in plant and equipment and Takumi has grown our team to 80 employees to become one of the largest indigenous companies in its sector. I look forward to continuing to work with my existing colleagues,” Mr Galligan said.
New board member Mr Moran, who is chairperson of the Land Development Agency and a former director of the European Investment Bank, said he was “honoured” to be part of the Takumi team “and I now look forward to helping Takumi diversify its customer base into continental Europe and establishing new strategic partnerships”.