Global precision

When talking about the strengths of UK industry in the current global economy, it’s often said that we need to concentrate on the sectors where low-wage countries can’t compete. Leave the bulk production to them, and focus on the areas where we can add value. Precision engineering is often singled out here, with the assumption that engineers in developing countries can’t possibly match the expertise or finesse that higher-paid westerners can achieve. The story of Titan Precision Engineering might serve to point out the flaws in that thinking.

Titan is the watchmaking business of India’s giant Tata conglomerate. One of the more recent additions to its mammoth portfolio, it was founded in 1984 as a joint venture between Tata and the Tamil Nadu Industrial Development Corporation, one of the arms of the Tamil Nadu state government. The first company in India to introduce quartz technology, it has since diversified into businesses such as jewellery (where it is part of an effort to improve conditions for jewellery workers, a historically exploited group in India) and both prescription and leisure eye wear. Operating from factories in Tamil Nadu and Goa, it produces watches for a variety of market niches, from simple children’s products to prestige models in precious metals. It has also acquired a Swiss company to allow it to compete at the top of the market.