August News
Company keeps its cool to secure grant | ||
7th August 2009 A cutting edge thermal management and electronics cooling solutions company is proving regional firms can beat the recession by expanding and creating new jobs.Thermacore Europe Ltd (TEL) has announced plans to increase its export sales by introducing state of the art machinery to enable semi-automated processing to be carried out. With the expansion, made possible with a £125,000 Grant for Business Investment (GBI) from regional development agency One North East, the Ashington-based company expects to create up to 20 new full-time jobs. Jim Yates, Managing Director, said the expansion of his firm is proof that regional manufacturing companies can grow and ensure work remains in the North East rather than transferred overseas. “This grant will enable us to increase our capacity and improve the manufacture of our products, allowing us to target future growth within the electronics cooling market. “It comes on the back of several years of continued growth from our Ashington base and will really help the cause for manufacturing locally. We’re proof that despite the tough conditions, local firms can not only survive but grow as well.” Thermacore, which occupies a 25,000 sq ft factory at Wansbeck Business Park, is a world-leading company in the field of thermal management and electronic cooling solutions. Its customer base is blue chip Original Equipment Manufacturers (OMEs) of electronics equipment within the telecommunications, military, medical and aerospace industries. It also has a successful and increasing export customer portfolio, with clients in the US, Asia and Europe. Ken Samson, Business Finance Manager at One North East, said: “Thermacore has its roots firmly in the region and at a time when so many businesses are being affected by the tough market conditions, I am delighted to see it is undertaking major expansion plans. “This is a company which has grown year on year in Ashington and remains as committed as ever to expanding in the town. “Twenty new jobs is a welcome boost at any time. But given the current climate, when companies up and down the country are fighting for their lives, this is proof that regional firms have what it takes to not only survive but actually build for their futures.” The company expects the project will result in increased capacity for both short and long term business projects; improved efficiency to remain competitive and improve productivity; bring its operating processes in line with its US parent company; improved manufacturing capability; and a solid foundation to support the company’s growth over the next five years and beyond. To find out more about Thermacore call 01670 859 500. | ||