Russell Finex discuss UK manufacturing in detail with Parliamentary Review
Global sieves and filters manufacturer published in 2015 Parliamentary Review as company demonstrates best practice in manufacturing sector
Russell Finex has been selected to represent the manufacturing industry in this year’s Parliamentary Review. The publication, seen as a template of best practice across twelve key sectors, reaches over 60,000 of the UK’s leading Chief Executives, Ministers and journalists.
Contributions come from some of the most high profile names in politics. Minister for Small Business, Industry and Enterprise Anna Soubry introduces the Manufacturing Edition, whilst Chancellor of the Exchequer George Osborne gives an overview of the country’s financial state.
As part of her foreword, Anna Soubry is keen to highlight the importance of the manufacturing industry. She says that “Outperforming much of the rest of the economy, manufacturing productivity has increased by 3.8% since the first quarter of 2008.” George Osborne also points out that “Improving productivity is the key route to making the UK stronger.”
Historically, the manufacturing sector has always been an anchor for UK growth, and looks set to continue. Indicating the importance of businesses such as Russell Finex, Anna Soubry states “we will continue to speak to and work closely with industry. The best way that the government can support advanced manufacturing is by creating the right business environment for free enterprise.” On many occasions, Russell Finex has led the way with ‘free enterprise’, introducing inventions and filing patents, and are often consulted when new industry standards are introduced, to assist with best practice.
Russell Finex, global leaders in the manufacture of high-quality sieving and filtration equipment, has enjoyed 80 years of steady growth, to become an international leader in the market. The Parliamentary Review highlights key factors in the success of Russell Finex, an example of how manufacturers, as well as businesses in other sectors, can structure sustainable growth.
Its unique ownership structure, the employee benefit trust, is seen as playing a significant role in allowing a stable working environment, and the making of longer-term business decisions rather than short-term gains. A non-contributory final salary pension scheme is also seen as evidence of stability.
This secure platform has allowed the company to grow, even during hard economic times. Since the recession in 2008, Russell’s business levels have been relatively unaffected. In fact, one of the biggest challenges faced has been success itself, with production demands increasing more than predicted. This has led to the implementation of methods such as lean manufacturing, allowing the business to manage growth spurts with minimal impact. Advancements such as this illustrate why Russell Finex are seen as implementers of best practice.
Business values of organic growth and premium products are embedded throughout Russell Finex. This has meant the ability to maintain a strong global customer base, as the business has expanded. Customers are involved in new product development, and significant investment is made in R&D programmes, ensuring a status as market leaders is upheld.
To find out more about why Russell Finex was selected as an example of best practice for the manufacturing industry, read the Parliamentary Review Manufacturing Edition. Russell Finex can be found on page 29.