A £5m Welsh Government factory build project will enable a company manufacturing electronic variable speed drives to create 50 additional jobs in Welshpool by 2020.

Invertek Drives Ltd already employs 180 people. It was first established in 1998 to manufacture controllers for electric motors found in everything from machines, fans and conveyors through to elevators.

It has ambitious plans to increase its turnover to £50 million by 2022 and to increase the number of employees to 230.

The company has grown consistently to accomplish global sales of more than £30m with a sales and service presence in over 80 countries worldwide.

The new factory is vital in order to maintain growth, the company requires bigger premises to increase production and to bring all its activities in Welshpool on to one site.

Economy Secretary Ken Skates said:

“I am pleased our involvement in this expansion supports our vision to improve the Welsh economy, safeguarding established jobs and creating new posts. “Invertek Drives already benefits its local community as an employer and through its use of local supply chains. This expansion will help to have an even more significant impact on the local economy. “We are delighted to have the opportunity to help them achieve their ambitious plans for the future.”

Charles Haspel, Operations Director, Invertek Drives said: