Founded in 1987 by brothers Paul, Colin and Dermot Douglas, Extec is now a leading supplier of crushing and screening machinery, with 70% of sales coming from exports.
As demand outstrips supply, Extec sells only in markets where it can get top prices and high margins. Last year the Derbyshire company completed a £56m management buyout funded by 3i, the venture-capital firm, and is now ramping up production and expanding into related areas such as spare-parts sales and the market for second-hand machines. Despite selling to just five states in America, Extec is already the No 2 player in the US market. All this has helped profits to grow 38% a year from £3.9m in 1999 to £10.2m in 2002.
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