Thermacore Europe has announced plans to introduce new machinery and create 20 full-time jobs, following a £125,000 Grant for Business Investment (GBI) from regional development agency, One North East.
The Ashington-based electronics-cooling solutions group hopes the introduction of semi-automated processes and increased capacity will allow it to increase its export sales, despite difficult market conditions.
Jim Yates, the group’s managing director, said: ‘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 are proof that despite the tough conditions, local firms cannot only survive, but grow as well.’
Thermacore employs 56 full-time staff at its 25,000ft2 factory at Wansbeck Business Park. Its customer base is made up of original equipment manufacturers of electronics equipment within the telecommunications, military, medical and aerospace markets.
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 that has grown year-on-year in Ashington and remains as committed as ever to expanding in the town.
‘Twenty new jobs [are] 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.’