Founded in 1968, VEEM Ltd began as a small engineering services company, specialising in the repair and dynamic balancing of drive shafts, engines, and other rotating equipment. Over the decades, this family-owned business, led by two generations of the Miocevich family, has evolved into a global leader in high-technology marine propulsion and stabilisation systems, with a significant presence in the defence sector.
In the late 1980s, VEEM secured its first major defence contract, manufacturing submarine valves for the Australian Submarine Program under licence from Flowserve Defence UK. This contract marked the beginning of VEEM’s long-term relationship with Australia’s defence industry, a relationship that has continued for over 30 years with the production of critical submarine hull valves, a testament to VEEM’s focus on quality control and engineering excellence.
In 1987, VEEM expanded its capabilities by acquiring two specialised non-ferrous foundries, eventually consolidating them into a state-of-the-art facility in Canning Vale, Western Australia. This expansion was crucial for enhancing the company’s production capabilities, particularly in defence manufacturing. The 1990s saw VEEM build a strong partnership with Austal Ships, becoming the key supplier of hollow bronze castings for their aluminium vessels – a relationship that remains strong to this day.
As VEEM continued to grow, the directors recognised that the company’s engineering services were limited by the geographical boundaries of the Western Australian market. To achieve global success, VEEM needed to expand beyond manufacturing bespoke equipment for others and start producing its own technology and products. This strategic shift led to VEEM’s entry into the high-performance marine propeller market, where the company developed cutting-edge manufacturing technology, secured key patents, and deployed advanced CNC machinery and robotics. VEEM became an industry leader with a global distribution network and a sophisticated online portal with full production tracking.
In 2012, building on its technological strengths, VEEM began developing a powerful range of gyrostabilizers designed for superyachts, patrol boats, and offshore vessels. These gyrostabilizers, launched in 2015, set new standards in reducing vessel rolling motion, thus increasing operational time at sea and improving safety. Today, the VEEM Gyro range is recognised as the largest and most advanced in the world, further cementing the company’s reputation for engineering excellence.
In 2016, VEEM reached a significant milestone by successfully listing on the Australian Stock Exchange (ASX: VEE). This listing marked a new chapter in VEEM’s growth, providing the company with the capital and visibility needed to further enhance its defence capabilities and expand its global reach.
In the years since, VEEM has deepened its presence across multiple sectors. It has continued long-term defence manufacturing programs including the Collins-class sustainment and Hunter-class demonstrator, while also achieving key international accreditations such as ISO 9001, ISO 14001, ISO 45001, ISO 27001 and HII Level 1 supplier status. The company is a member of the Defence Industrial Security Program and maintains a NATA-accredited laboratory for chemical, mechanical and non-destructive testing.
At the same time VEEM Marine has built a global distribution network for propellers and gyrostabilisers, supplying into leading international shipyards and OEMs. The company’s collaboration with Sharrow Marine has extended this leadership, combining VEEM’s precision manufacturing expertise with new hydrodynamic propeller technology to deliver world-first performance outcomes for the marine industry.
Today VEEM operates from a 14,700 square metre facility in Perth, employing more than 200 people across engineering, foundry, machining, balancing and assembly divisions. With over fifty years of experience and more than 250 alloys in active production, VEEM continues to deliver world-class castings and engineered components for global customers.
From its beginnings in dynamic balancing to its current position as a publicly listed company and exporter of advanced marine technology, VEEM remains defined by quality, innovation and reliability. The company’s ongoing investment in research, people and capability ensures that VEEM will continue to be part of Australia’s success story for decades to come.
The Complete VEEM Ltd History
1968 – Establishment of VEEM Ltd
In October 1968, VEEM Engineering Services commenced trading as a partnership between Voyka (Charlie) and Elizabeth Elsie Miocevich at 14 Whyalla Street, Willetton. The business was initially focused on dynamic balancing services and drive shaft re-manufacturing. Over time, these services expanded to include a range of repair machining, heat-treating, and the manufacture of small metal-turning lathes.
1976 – Loss of the Founder
In February 1976, Voyka (Charlie) Miocevich suddenly passed away. At the time, VEEM employed 22 people. The business continued under the oversight of Elizabeth, with employed management handling day-to-day operations.
1982 – Management Transition
In late 1982, amid a recession in the engineering industry, VEEM’s management structure was reassessed. The business was taken over by the founder’s sons—Gary, Mark, and Brad Miocevich—who inherited a company with 14 employees.
1987 – First Major Defence Contract and Quality System Accreditation
As VEEM expanded into oil, gas, and defense-related work, the need for a robust quality management system became evident. VEEM became the first company in Australia to achieve accreditation with no major non-conformances and one of the first accredited companies in Western Australia. The same year, VEEM secured its first major defense contract to manufacture submarine valves for the Australian Submarine Program under a license from Flowserve Defence UK. This contract marked the beginning of VEEM’s long-term commitment to defense projects.
1988 – Implementation of ERP System
To enhance production management, VEEM implemented a custom-written ERP system, which included labor collection via barcoding, computerized purchasing, and job cost reporting. This system allowed for efficient job costing and customer data management.
1989 – Acquisition of SS Engineering and Premier’s Award for Excellence
VEEM acquired SS Engineering, a non-ferrous foundry specializing in marine propellers and non-ferrous castings. This acquisition played a crucial role in fulfilling a large contract for submarine hull valves. That year, VEEM also won the inaugural Premier’s Award for Excellence in Industry and Technology, recognizing its high-quality defense work, advanced ERP system, and quality accreditation.
1994 – Adoption of the Australian Business Excellence Framework (ABE)
After studying Baldridge award-winning companies in the USA, VEEM adopted the Australian Business Excellence Framework (ABE), inspired by Japanese management principles developed post-World War II. This framework became the foundation for VEEM’s sustainable management system.
1995 – Management Restructure
VEEM integrated SS Engineering and VEEM Corporation into the VEEM Engineering Group, streamlining finance, administration, and operational functions to improve efficiency.
1997 – Formation of Thomassen Service Australia (TSA)
VEEM partnered with Thomassen International to form TSA, a company focused on providing GE frame-type gas turbine maintenance services in Australia, previously unavailable domestically. TSA operated successfully until 2005.
1998 – Relocation to Canning Vale
With its workforce growing to around 90 employees, VEEM consolidated its operations into a new, larger facility in Canning Vale, featuring 5,500 sqm of floor space and 25-tonne overhead cranes. This site became known as the premier engineering facility in the state.
2000 – Commercial Division and ERP System Upgrade
VEEM restructured into Commercial, Production, and Finance and Administration divisions to better market its services and increase market share. The ERP system was also upgraded to a Windows-based platform with Oracle as the operating system, incorporating new features like intellectual property management and paperless purchasing.
2001 – Expansion into Propeller Exports
VEEM began exporting its sophisticated propeller designs to the USA, achieving significant success, particularly with the VEEMSTAR – C propeller, which became known as the best high-speed propeller in the market.
2002 – Acquisition of Timcast
VEEM acquired Timcast, its major competitor, consolidating expertise in copper and nickel alloy melting technologies. This acquisition strengthened VEEM’s position in the industry.
2002 – Contribution to the Large Hadron Collider
VEEM manufactured and delivered large cast and machined components for the CERN Large Hadron Collider, marking a significant milestone in the company’s history.
2004 – PowerPlay Research and Development Project
VEEM initiated the PowerPlay project, developing a range of propellers that became successful in the US and European markets. The project included advancements in CNC machining and robotic sand machining, with some features patented by VEEM.
2005/6 – Construction of New Workshops
VEEM constructed new workshops to accommodate its growing operations, combining its Canning Vale and Osborne Park facilities into a 10,500 sqm site.
2006 – Interceptor Propeller Project
VEEM began developing Interceptor propellers, conducting trials that led to the commercial production of a range of these advanced propellers.
2007 – Patents for Interceptor Propellers
VEEM lodged patents for its Interceptor propeller design, solidifying its position as a leader in the global propeller market.
2008 – VEEM Ltd Becomes a Publicly Unlisted Company
VEEM transitioned from a proprietary limited company to a publicly unlisted company, allowing for greater flexibility in capital restructuring.
2010 – Strategic Partnership with Supacat UK
VEEM became Supacat UK’s Australian service partner for the Nary high mobility vehicle, a critical asset for the Australian SAS.
2011 – Development of Gyroscopic Ship Stabilizers
VEEM began developing a range of gyroscopic ship stabilizers, later launching the VEEM Gyro, a market-leading product that significantly reduced vessel rolling motion.
2013 – Supacat Awards VEEM a $3 Million Contract
VEEM was awarded a significant contract by Supacat to perform a major upgrade on 31 Nary high mobility vehicles. These vehicles, crucial for the Australian SAS, needed to meet strict configuration and strength specifications to endure rigorous operational demands.
2014 – Partnership with ASC for Collins Class Submarines
VEEM was awarded a new generation partnering contract by the Australian Submarine Corporation (ASC) for the Collins Class Submarine. This contract embedded VEEM into ASC’s operations in South Australia and led to the relocation of Submarine stores to VEEM’s Perth facility, reinforcing VEEM’s pivotal role in Australia’s defense sector.
2015 – Market Release and Expansion of VEEM Gyrostabilizers
After extensive research and development, VEEM launched its first VEEM Gyro model, the VG120, in 2015. The positive market response led to the commencement of production for the VG120 and VG260 models. These gyrostabilizers, designed for superyachts, patrol boats, and offshore vessels, significantly reduced rolling motion, thus increasing on-sea time and improving personnel safety.
2016 – VEEM Lists on the ASX and Expands its Product Line
In October 2016, VEEM successfully listed on the Australian Stock Exchange (ASX: VEE). This year also saw the release of a new range of Conquest Propellers, specifically targeted at the global replacement propeller market. These propellers were designed to be available worldwide within seven days, marking a significant milestone in VEEM’s global expansion strategy.
2017 – Recognition in the Family Business Australia Hall of Fame
VEEM Ltd was inducted into the Family Business Australia (FBA) WA Hall of Fame. This recognition highlighted VEEM’s longstanding contribution to the Western Australian economy and its status as a leading family-owned business in the region.
2018 – Contribution to the ANZAC Bell Project
VEEM played a crucial role in the creation of the ANZAC Bell, the largest swinging bell in the Southern Hemisphere, which commemorates the centenary of ANZAC. VEEM was involved in every stage of the bell’s creation, from the development of 3D printed designs to the casting of 10 tonnes of liquid bronze, making this a significant cultural project for the company.
2020 – Awarded the Pacific Patrol Boat Propulsion Systems Replacement Project
VEEM was awarded a major defense contract to replace propulsion systems in the Pacific Patrol Boats. This project underlined VEEM’s expertise in high-technology marine engineering and its ongoing contribution to national defense capabilities.
2021 – Entry into the Offshore Commercial Sector with VEEM Gyrostabilizers
VEEM marked its first foray into the offshore commercial sector with the installation of its gyrostabilizers on offshore vessels. This expansion demonstrated the versatility and effectiveness of VEEM’s technology in various demanding environments.
2022 – Collaboration with BAE Systems Australia
Under the guidance of Kongsberg Maritime, VEEM began manufacturing prototype propellers for the Hunter class frigates for BAE Systems Australia. This collaboration was a critical test of VEEM’s capabilities to meet the exacting standards required for such a high-profile defense project.
2023 – Exclusive Agreement with Sharrow Engineering
VEEM signed an exclusive worldwide agreement with Sharrow Engineering to manufacture and sell a revolutionary new propeller design. This partnership was based on VEEM’s unmatched ability to produce high-performance, CNC-machined propellers, cementing its position as a global leader in marine propulsion technology.
2024 – Achieves ISO ISO27001 accreditation for cyber security
VEEM Achieves ISO 27001:2022 certification, which demonstrates its commitment to information security management across design, manufacturing, and service operations, including casting, machining, and fabrication. This internationally recognized standard reinforces VEEM’s commitment to security and risk management.
2025 – Achieves HII Level 1 accreditation for US Submarine and aircraft carrier program
VEEM has achieved Level 1 accreditation with Huntington Ingalls Industries (HII), the U.S. naval shipbuilder, which allows them to manufacture components for US submarine and aircraft carrier programs. This qualification, gained through the Australian Submarine Supplier Qualification Pilot Program (AUSSQ), allows VEEM to receive formal requests for quotations (RFQs) and positions the company to supply high-value components for major U.S. defence projects.
2025 – Signs 9-year MLA with Northrop Grumman for supply into US Navy’s Virginia-class submarines
VEEM signs a nine-year, $33 million manufacturing license agreement (MLA) with Northrop Grumman to supply precision castings for the U.S. Navy’s Virginia-class submarines, marking its entry into the AUKUS supply chain. This deal strengthens Western Australia’s role in the US nuclear submarine supply chain and demonstrates VEEM’s ability to meet stringent defense standards
