CAV hoping for its best year to date
Jan 23 2008 by Peter McCusker, The Journal
AEROSPACE firm CAV says it is on track to almost double turnover this year from £35m to £68m and intends employing extra staff on top of the 100 new posts created last year.
With a bulging order book the Consett company says 2008 promises to be its best year yet with a series of large client wins in the bag.
However it confirmed a rationalisation of its internal operating structure will lead to 16 middle management posts being made obsolete.
Talks are currently taking place between senior management and staff and attempts will be made to offer those employed in posts earmarked for redundancy an opportunity to redeploy elsewhere in the company, say CAV.
Chief executive Owen McFarlane said: “We have witnessed continued business growth which we expect to be in region of 50% this year.
“We anticipate turnover rising by 50% from £35m in 2007 to £68m in 2008. We took on 100 extra workers last year and expect to be recruiting for new positions later this year.”
Mr McFarlane said the posts which were being merged were the result of combining two internal functions and the posts affected were mainly in financial management and IT.
CAV Aerospace makes aircraft components, including stringers (wing parts) for Airbus and ice protection systems for business jets, military and smaller aircraft.
Started in 1990 by Mr McFarlane, the firm began producing parts for the BAe executive jet with just 10 staff and today employs 420 people.
Late last year the company announced it was spending £7m creating 44 jobs to become a UK stringer centre of excellence.
CAV Aerospace business analyst Garry Luke said: “Becoming the Stringer Centre of Excellence in the UK is a major boost for the business as this prestigious accolade is awarded by Airbus and will secure work at the plant for the next 25 years.
“By investing in new, state-of-the-art equipment we will be able to transfer stringer manufacturing work from the USA into the UK, giving us a competitive edge and creating a number of valuable jobs in the region”
The company has also secured a £249,000 grant from regional development agency One NorthEast. Its director of business and industry Ian Williams said: “This investment will create a number of essential manufacturing jobs at the Consett site and it is great that One NorthEast is able support the firm at this important stage in its growth.”
