Remanufacturing allows manufacturers to increase profits while reducing supply risks of raw materials. However remanufacturing accounts for just 1% of UK manufacturing sector turnover.
Watch this video to:
- Learn about the pros and cons of remanufacturing and how to succeed.
- Hear insights from Caterpillar Reman on their experience of remanufacturing.
Remanufacturing is defined as returning a product to the Original Equipment Manufacturer performance specification and providing a warranty close to that of a newly manufactured equivalent.
Pioneers in remanufacturing are capturing 95% of accessible products and using them to generate substantial additional profits. Companies including Fuji Xerox, Ricoh, Sony, Maersk, Renault, leading breadmakers and Caterpillar are leading this form of circular resource use and are reaping the benefits.
Recent research by the Next Manufacturing Revolution shows that remanufacturing has the potential to create £5.6bn p.a. of value for UK manufacturers, support over 310,000 new manufacturing jobs and reduce UK greenhouse gas emissions.