Enterprise Ireland
Annual Report and Accounts 2007
Annual Report and Accounts 2007
Assisted by Enterprise Ireland, Galway-based Caragh Precision has improved its performance, competitiveness and export capability, increasing output, turnover and margins in the process.
Caragh Precision specialises in the manufacture of precision components mainly for a range of multinational corporations in the Medical and Aerospace industries, and is one of the most respected top-tier operators in the precision engineering industry.
The company includes an industry-leading Meditech Division that develops and manufactures complex components and assemblies for the Lifesciences and Medical Devices sectors.
Working with materials such as titanium, stainless steel, plastic and a range of other exotic material, the Galway firm also provides consultancy, design and product development services through a range of state-of-the-art technology resources within its Innovation Centre.
“We have a strategic policy of continuous investment in leading-edge technology, the best available systems, and international management practices,” says Managing Director Edward Kenny, “and this means we can deliver consistently innovative solutions to complex engineering challenges for customers.”
The Galway firm exports 20 per cent of its output to clients directly, while a further 60 per cent leaves the country as part of its customers’ export activities.
Enterprise Ireland support for the company has included assistance under its Productivity Improvement Fund to acquire new technologies. These were used to streamline Caragh’s production and quality processes towards lean manufacturing concepts that led to increases in turnover, gross margin and employment levels and reduced stock levels.
Caragh also completed a major expansion in 2007 with Enterprise Ireland support. This involved the opening of the Innovation Centre, which has “considerably improved our R&D, knowledge base and product design optimisation capability and reflects our dedication to finding the best ways to service our needs and those of the customer,” says Kenny.
The expansion included a move to a new 40,000 sq ft high-tech manufacturing facility, significantly enhancing Caragh’s ability to achieve its customers’ exacting manufacturing standards and targets.
“Without doubt this has been catalyst funding for us,” says Kenny, “and has enabled us to step up to the next level of development. Enterprise Ireland has been instrumental in helping us to reshape our capacity to innovate, export and grow. We have been able to increase output, turnover and margins and are poised securely for the next period of growth.”
www.caragh.ie (link opens in a new browser window)
