.jpg)
IQ Metal anticipates significant growth in 2025 and 2026. This growth will be driven by new partnerships with major industrial companies
IQ Metal, a major supplier, has experienced remarkable growth over the past four years. During this time, they have nearly doubled their workforce, expanding from around 200 employees to 400. One of the secrets to their success lies in their commitment to large, long-term partnerships for the production of components and systems. These partnerships involve collaborating with some of the largest Danish and German companies.
- In 2019, we entered into a long-term partnership with a very large German customer. It was something that required significant investments. This move provided us with a tremendous boost, says to CEO Bo Fischer Larsen.
The significant partnership resulted in the company’s growth, and two years ago, the two owners, Bo Fischer Larsen and Factory Director Jesper Z. Nielsen, decided to invite new investors into IQ Metal.
- We needed more resources to handle financing and operations. Simultaneously, we brought in co-owners who have expertise in strategic management. All of this was aimed at taking the company to the next level,” he says. The new co-owners are the capital fund Pentaco Partners.
- We deliver to very large global customers. It contributes to our development, says Bo Fischer Larsen.
IQ Metal is, originally based in the Aarhus suburb of Hasselager, has expanded its operations to include a factory in Poland. In February 2023, IQ Metal acquired yet another factory in Poland, adding 70 new employees to their workforce. This expansion aims to strengthen their production capabilities for multiple large corporations.
Significant growth
- We have ambitions for significant growth in the coming years, says Bo Fischer Larsen.
And the tracks for that growth have already been laid out. IQ Metal has entered into agreements for substantial production through two new partnerships. Production will commence in the second half of 2024.
- We know that this will result in growth in 2025 and 2026. It could be quite a remarkable expansion, says Bo Fischer Larsen.
Biggest growth in Poland
IQ Metal has experienced significant growth since Bo Fischer Larsen and Jesper Z. Nielsen acquired the company in 2007.
Back then, IQ Metal was a small machine factory in Hasselager with 50 employees and a turnover of 50 million Danish kroner.
- In 2007, we were just a small machine factory in Hasselager with 50 employees and a turnover of 50 million Danish kroner, says Bo Fischer Larsen.
Today, the company boasts 400 employees and a turnover of 380 million Danish kroner.
The majority of this growth has occurred in Poland, where IQ Metal operates two factories. The Danish factory in Hasselager currently employs 70 people, while the two Polish factories together have 330 employees
- Some might call it production outsourcing, but I prefer to think of it as establishment and development. When we started our Polish factory, we had around 50 employees in Denmark. I doubt we could have achieved the same growth in a highly competitive Danish market. So, we’re actually quite pleased and proud that we’ve been able to maintain and expand our position in Denmark. Hopefully, we’ll continue to expand our footprint in the country, says Bo Fischer Larsen.
Online article Danish web media Jern- Metalindustrien, Wednesday 27. March 2024.