Stirling Dynamics is gearing up for increased trade in Asia after working with Mitsubishi Aircraft in Japan.
Stirling Dynamics, an award-winning Bristol aerospace engineering company, is gearing up for increased trade in Asia after working with Mitsubishi Aircraft in Japan.
The firm was founded in 1987 and manufacturers a range of complex systems used in flight simulators and has previously supplied products to NASA. The company currently exports to more than 20 countries, including the United States, India and Brazil. It has now set its sights on Asia for its international growth plans.
The company attended the 2018 Singapore Airshow, supported by advisers dedicated to encouraging South West businesses to expand abroad at the Department for International Trade (DIT). The trade show allowed Stirling Dynamics to meet new potential buyers in Malaysia, Indonesia and Singapore.
The firm currently provides technical expertise to Mitsubishi Aircraft to support its engineers designing the Mitsubishi Regional Jet. The business has experienced rapid expansion for its engineering strategies and anticipates a further 28% growth in China, South Korea and Japan in the next two years.
Exporting and international partnerships currently account for 82% of Stirling Dynamics’ £10million turnover and revenue through exporting has grown by 166% over the last five years.
DIT’s Exporting is GREAT campaign aims to help more businesses explore new markets overseas. The campaign is currently showcasing 30+ UK businesses – encompassing every sector and region – to inspire and support firms up and down the country to export.
Simon Hancock, research and development manager at Stirling Dynamics, said:
“The British engineering industry has a global reputation for excellence, and we’re seeing this reputation build more and more as we trade with countries in Asia. Five years ago, we noticed a growth in the overseas aerospace market, which led us to increase our international footprint.
“When starting the exporting process in Asia, language barriers may take some time to work around, but with increasing trade we have found that these diminish and DIT are there to help in early days. Government advisers from DIT have been crucial in helping us navigate this process as they have team members in Asia that not only speak the language but are trusted by local businesses.
“Cultural differences also need to be respected and, in our experience, deals can move at a slower pace in Asia when compared to the UK or Europe. Firms should be patient as follow-up can often be slow. The best way to build successful relationships is by meeting potential buyers face-to-face, which is why attending international trade shows is a vital part in winning new contracts. If we can do it, so can many other local firms.”
Paul Shand, South West Regional Director, Department for International Trade, said:
“The UK is the second largest aerospace manufacturer behind only the US, and it’s encouraging to see Stirling Dynamics being recognised internationally by a big brand like Mitsubishi Aircraft for its technical expertise.
“Businesses that export are more profitable, but we know that the thought of approaching new international markets can still be daunting for many, particularly when you consider cultural differences, the language barrier and different regulations.
“But businesses shouldn’t navigate this process alone. We’re proactively encouraging firms to export their products and take advantage of the support available to them. We have more than 25 International Trade Advisers in the South West that can help businesses navigate the entire exporting process.”
Striling Dynamics have also participated on the Extend your Global Reach support scheme under the Export for Growth programme delivered by Business West and funded by the Department for International Trade and European Regional Development Fund. This programme has been designed to help businesses with all aspects of their exporting journey.