Move to diversify manufacturing grows stronger

A Tomago-based manufacturer has renewed calls for local businesses to diversify in order to survive.

Family-run business TW Woods Construction told the Newcastle Herald while business conditions had been tough, branching into new sectors had helped it stay profitable.

Company manager Tom Woods said mining and energy had always been traditional markets for the heavy engineering and fabrication firm, but recent moves into new areas such as water treatment and export markets had brought growth.

“The downturn certainly affected us but it made us have a good look at ourselves and see what we had to do to basically survive, and as a result we’re fairly busy,” he said.

“We’ve been able to react to it and diversify, and we did it in time.”

Last month NSW manufacturer WE Smith Engineering said its move into the construction and services industry had also helped it find new revenue streams.