In June 2013 three directors of Integrated Technologies Ltd (ITL), Paddy Greenwood (Chairman), Tom Cole (CEO) and Greg Smith (Business Development Director), completed an amicable management buyout from ITL’s previous Swiss owners.
Earlier in the year, the owners made the decision to divest themselves of the company following the retirement of former Chairman Mr John Kurkjian.
ITL has provided a successful design, manufacturing and after-sales service for the commercial realisation of medical, diagnostic, analytical and laboratory instruments and devices for well over 35 years. Despite the economic downturn ITL has posted profits for the last 10 years plus. This management buyout gives the company the stability to allow its management team to continue and grow this success story.
Tom Cole, CEO, commented:
“Obviously, the continuing involvement and direction of an already very successful management team is a major contributing factor in maintaining confidence in both the market and our customer base.
“This is complemented by our dedicated staff who are key to the company’s development. After a downturn in manufacturing output caused by the recession ITL is seeing a sustained increase in its order book and consequent increases in output. Design has had solid orders throughout the recession and is seeing further increased activity this year. This activity is leading to a forecast of over 22% growth for the year.
“The management buyout is a particularly significant chapter in ITL’s history and I believe we are well placed for a vibrant year in 2014.”
ITL is a globally recognised company. It established a successful, wholly-owned manufacturing facility in Shanghai in 2008, to mirror the company’s production facilities in Ashford, Kent. In May 2013 ITL further invested in a U.S. operation (ITL VA Inc.) in Virginia. The China facility offers access to new distribution channels and provides purchasing advantages for ITL’s customers. The U.S. facility, which offers servicing and support, is now also playing an important role in attracting product design to the company’s global capabilities.
“Since the actual MBO, many contracts have been won including several major projects, ensuring that the R&D, design and manufacturing elements are kept busy,” said Greg Smith, Business Development Director.
Alongside considerable investment in globalising its core business, ITL has established its own brand of laboratory instruments – Vitl. With over 35 years of experience and market knowledge, ITL soon recognised the commercial opportunities for the Vitl range. Comprising a team of marketing and sales, mechanical engineering, industrial design and electronics engineering, the brand is becoming acknowledged in its own right. Vitl’s ever-growing range comprises a variety of solutions for microplate handling and storage for laboratory applications, encompassing innovation, quality and ergonomics.
In recognition of its growing success, ITL has been shortlisted as a finalist in the Manufacturer of the Year Awards 2013.