|
|
 |
|
|
McKay has hit the big time after a series of high-profile contract wins in the superyacht market.
By KRIS HALL - The Dominion Post
Electrical engineering firm McKay has set sail for the big time after a series of high-profile contract wins in the luxury superyacht market catapulted the business into the international limelight.
Concerned about the inconsistent nature of infrastructure work in New Zealand, the family-owned Whangarei business charted a course to service the marine industry. The change of tack has yielded recession-busting growth.
"Between 2003 and 2008, when we first moved into the marine space, we nearly tripled our size in terms of turnover, and last year we finished up around the $16 million mark," chief executive Lindsay Faithfull said.
"Thanks to the marine sector, and more importantly the luxury superyacht market, this year we're going to end up near the $22 million mark, which represents record growth for us of about 40 per cent."
What started out as a brainstorming exercise a few years ago culminated in a new strategic direction. McKay snapped up a handful of specialist marine engineers and soon after won a $3m superyacht project in the United States.
The gaze of the global marine industry fixed on Whangarei and a raft of contracts followed including a $9m contract to design and install electrical systems for the New Zealand navy's new patrol boats under Project Protector.
The business has five engineers stationed at the Derecktor shipyards in Connecticut in the US, working on the 85-metre Cakewalk superyacht, the largest yacht built in the US since the 1930s.
Meanwhile, a team of 23 engineers is based in Abu Dhabi, United Arab Emirates, where the company is electrical installation manager for another of the world's largest superyachts under construction.
"We've taken a deliberate positioning as a one-stop shop for high-end technical design, manufacturer and installation in the superyacht and naval patrol boat sectors," Mr Faithfull said.
"Because these projects span a number of years they should be able to see out the average sized recession. We've got a few more interesting large projects on the table, but nothing we really want to gloat about just yet."
In the event that waters do get choppy, the company, which employs more than 140 people, has stayed loyal to its 75 year-old roots by catering for the domestic market, providing electrical engineering services to the dairy, petrochemical, timber and infrastructure sectors.
McKay has also entered local markets in water treatment, street lighting and correctional facilities, while expanding into the South Pacific through aviation and diesel power generation.
PLAIN SAILING
Recent McKay project wins: Electrical and control system design for new 85-metre Cakewalk superyacht in the United States. Electrical design for world's largest sailing catamaran SY Hemisphere that will cost US$150,000 a week to charter. Electrical installation manager in UAE for Dutch frigate conversion into world leading superyacht. Electrical systems contract for New Zealand navy patrol boats.
| Extra Information: |
|
For more information, please visit this related link: Sunday Star Times. |
| Extra Information: |
|
For more information, please visit this related link: |
| Article Statistics: |
| Viewed:643 |
|
|
|
|
|
|
|  |
|
|
