A STOCKTON car-parts maker will create 127 new jobs after securing a Government cash boost.
Nifco UK won £1.65m in Regional Growth Fund cash last year, in a move that will also safeguard 168 existing jobs and speed up the company’s move into the electric vehicle batteries market.
The firm, which recently built a state-of-the-art factory and head office facility at Eaglescliffe, has gone from strength to strength after it was forced to lay off a third of its workforce in 2008, following a severe downturn in the automotive industry.
The company fought back with a strong sales campaign, which saw them secure an unprecedented £18m in new business last year, including millions of pounds worth of work on Nissan’s electric LEAF vehicle and the Honda Civic and CRV models.
Nifco UK is also hoping to work with Jaguar Landrover in India and China.
A further £11m spent on the new factory takes the company’s investment to nearly £20m in the last year.
Nifco UK’s rapid expansion meant new staff were taken on - including many of the original workers that were made redundant during the 2008 downturn.
Mike Matthews, Nifco UK managing director, said: “We have successfully cleared due diligence for the Regional Growth Fund.
“We would like to send a big thank you to Tees Valley Unlimited, Stockton Council and BIS, who have all been very helpful in helping us secure the funding.
“If it wasn’t for TVU, we would not have moved quickly enough to secure the funds.
“I would encourage any company directors to engage with these organisations.
“We also have a strong management team that has helped us achieve an unprecedented £18m worth of business in the last year, the highest recorded year before that was 2008.
“We have won several new contracts this year, including work with Jaguar Landrover.
“We are hoping to build on that and work with them in India and China.”
The company has also won a clutch of awards last year, including Company of the Year at the nebusiness awards.