Stockport manufacturer looks to future opportunities after coronavirus disruption

Stockport chains manufacturer Renold is optimistic about future opportunities for the business after being impacted by the coronavirus pandemic.

The international manufacturing business, which is headquartered in Heald Green and has a service centre in Bredbury, has released its annual results, with factory closures in China during January and February impacting its yearly figures.

Renold saw its global revenues fall from £199.6 million in 2019 to £189.4 million at 31st March 2020 as a result of a slowdown in business due to the pandemic, largely due to forced closure of manufacturing facilities in China.

The Stockport manufacturer is now optimistic about a future bounce-back to the economy, citing that its Chinese sites recovered faster than anticipated as they reopened in March, although demand has not recovered due to varying timings of coronavirus control measures implemented worldwide. The company has since been able to reopen all of its factories, and has made use of government support to avoid redundancies as of yet.

The group’s Chief Executive Robert Purcell commented:

Renold holds a leading position in many of its markets and the strategic programme that has been undertaken over the past years has delivered a business far more resilient and better placed to overcome the current challenges.

“Having successfully completed the substantial infrastructure change programme, we will have greater cash resources with which to accelerate our growth initiatives.

“As a result, the group is well positioned to capture the significant opportunities available to it as markets stabilise and demand recovers.”

Renold is the oldest manufacturer of transmission chains in the world, established in Manchester as Hans Renold Co. in 1879 and now employs over 2500 people around the world.