The Gateshead company plans to add 18,000ft² of manufacturing floor space to its existing 40,000ft²
In support of the company’s expansion plans, One North East will provide a £550,000 Selective Finance for Investment (SFI) grant through its targeted programme of investment aimed at promoting sustainable economic growth.
Express Engineering expects that its increased capacity, together with the funding from One North East, will enable it to produce more complex precision components and increase turnover by 50 per cent over the next three years.
Ken Samson, business finance manager at One North East, said: ‘It’s very encouraging that quality firms such as Express Engineering are investing in their future in the region. One North East is pleased to be able to support the company during this difficult economic time as it strives to take advantage of new opportunities in sectors such as new and renewable energy.’