Dynex Semiconductor Ltd.

Dynex was acquired by the Chinese business Zhuzhou CSR Times Electric in October last  year, an acquisition which was supported by East Midlands Economics Online (EMEO) and its partners.

The company makes power switches which are used in the rail, marine, aerospace and electric energy sectors. Its devices also help to drive factory machinery and, in the transportation sector, its components are also in great demand by its parent company.

Dynex, is now also adding to its factory facilities, so that it can make, design and test more devices. The company’s expansion is a real boost for its 270 workers and also highlights the city’s skills and expertise at a time when much of the UK’s economy is fighting for survival.

EMEO has been supporting Dynex in a variety of ways. Senior managers at the company enrolled on the Agency’s High Growth programme, which provides specialised coaching to enable businesses to achieve their full potential. In addition, EMEO’s Investor Development team, together with The Greater Lincoln Partnership, hosted a dinner in Lincoln for CSR Times Electric’s bosses when they flew into the UK from Hunan Province to take a closer look at their latest acquisition.

Dynex president and Chief Executive Officer, Dr Paul Taylor, said: “This has been an historic year for Dynex. The acquisition of a majority stake in Dynex by CSR Times Electric has brought us the support of a strong parent company and the opportunity to play an even more active role in what is probably the strongest growing economy in the world.

“The strength of our order book, our expansion plans and our relationship with CSR Times Electric all point to an exciting future.”

After installing a fabrication plant for high voltage, high power switches, used by the major electricity suppliers, work is now underway to build a special testing facility for these products.

The testing facility will be ready early next year and expansion is also in progress for another part of the factory, as more capacity  is needed to meet demand for products from the fast-growing Chinese rail network.

Dr Taylor said these moves, which come on top of a doubling of profits – to £2.8 million in the year ended December 2008 and a really good order book, could lead to new job opportunities.

David Wallace, Director of Innovation at EMEO, said: “Dynex is an important employer in Lincoln, and we, together with local partners, are continuing to work with the company to ensure that it receives the help and support it requires in order to develop and grow.

“Dynex is an excellent example of an innovative business, and I hope that the success of the company will also demonstrate to other international businesses that the East Midlands is a good place in which to base their operations. The region can offer highly skilled workers, excellent transport links and, with its wonderful countryside, a very good quality of life.”

 
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