A GROWING Stockton car parts company has been named Teesside’s Company of the Year at the region’s biggest and best business awards.

Nifco UK took the top title in the first heat of the nebusiness awards last night, beating Middlesbrough pawnbroker chain Ramsdens and Darlington-based pensions administrator rpmi.

The company also took the Manufacturing Award at the Teesside round of the awards, which are organised by the Evening Gazette and The Journal in association with Business & Enterprise North East.

Mike Matthews, Nifco UK managing director, said the awards were “terrific news” for the company, which is set to start work on a new £8.5m facility in Stockton by the end of this month.

He said “the people of Teesside” were a key part of the company’s success, with the firm now aiming to become a £50m business in the coming years.

“Nifco has been on Teesside for 43 years,” said Mr Matthews. “We’ve been through some really tough times and some really good times.

“We are now going from strength to strength and our new facility will put us in a great place for the next 20 years.”

Mr Matthews says Nifco plans to increase its workforce from its current 220-strong team to up to 300 as it moves forward.

As well as investing in a new state-of-the-art factory on Durham Lane - which will increase Nifco’s facilities by around 50% - the firm will invest a further £10m in new automation and equipment at the site.

The company supplies parts to some of the biggest players in the motor industry including Nissan, Ford and Toyota.

The 2010 Teesside honours saw nine awards presented to companies from across the region at the Olympia building at Teesside University.