• Tue. Apr 16th, 2024

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Engineering firm’s £300,000 investment leads to export contract and job creation

Screen Shot 2015-10-22 at 12.58.09A TEESSIDE engineering company has invested £300,000 and created 12 jobs with the support of the Tees Valley Business Growth Investment Scheme.

The investment by Katmex, a steel plate processing firm, has helped it win a major contract with German firm Komatsu Hanomag.

Stockton-based Katmex, which now employs 142 workers, specialises in supplying steel processed parts and fabricated components to construction equipment manufacturers and other heavy engineering industries.

Parts supplied are mostly used in the production of excavators, dump trucks, back hoe loaders and wheeled loaders.

A percentage of the investment was dispensed by Tees Valley Business Compass, which secured money from the Regional Growth Fund (RGF) to deliver the Business Growth Investment Scheme.

Neil Kenley, director of business investment at Tees Valley Unlimited, the Local Enterprise Partnership for Tees Valley, said: “Katmex is a prime example of how the Business Growth Investment Scheme can help companies unlock more potential and expand the size and scope of their activities.

“Tees Valley is recognised as a place where employers want to expand and invest and it is our role to support local businesses that want to grow and thrive here.

“Exports are important to the economic well-being of Tees Valley.  By helping Katmex extend its overseas markets, this grant has achieved a great result for the area.”

The Business Growth Investment Scheme can be used to improve or expand premises, invest in research and development or to invest in new plant, equipment and machinery. 

The scheme offers grant support of between £10,000 and £50,000 to companies with fewer than 250 staff who are planning an investment project.

Businesses across the five Tees Valley local authority areas, Darlington, Hartlepool, Middlesbrough, Redcar and Cleveland, and Stockton-on-Tees are eligible to apply.

Time is limited and firms wanting to take advantage of the scheme are urged to get in touch without delay.

Stuart Mitton, Katmex finance and administration manager, said: “The grant has contributed towards our export drive with the overall £300,000 investment in the latest robot welding machines, equipping Katmex with the technical ability and capacity to secure a significant overseas contract.

“We also have been able to support additional employment in the area with the recruitment of 12 extra staff.” 

Companies wanting to find out more about the Business Growth Investment Scheme are asked to call 0300 456 3565 or visit www.teesbusinesscompass.co.uk

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