150 jobs created as Gateshead firm power ahead
A Gateshead-based electronics manufacturer is investing £8m in its North East plant, and creating 150 jobs.
Turbo Power Systems has secured £1.1m of the Regional Growth Fund, through UKTI, and Brazilian majority shareholders, Vale Soluçoes em Energia (VSE), are also investing its Gateshead plant.
The investment will go towards developing new technologies for industries such as transport and energy, particularly in Brazil.
Charles Rendell, Chief Finance Officer for Turbo Power Systems, explained: “We’re delighted to have been awarded this grant by the Regional Growth Fund, which will be invested in our research and manufacturing facility at Gateshead.
“One of our main operations here in Gateshead is the provision of power supply units and applications to the rail sector, an area in which the North East is already a world-leader.
“We send our systems all over the world - from North America to China and Malaysia as well as Brazil, which we obviously know well – and it’s not just ourselves that benefit, as most of our supply chain companies are also here in the North East.
“And the investment in our North East facility means more local job opportunities for local people with the skills, drive and ambition who want to join a forward-thinking, innovative company.
“Brazil is most definitely investing in infrastructure. As the country prepares to host the FIFA World Cup, the next Olympics and other major sporting events, infrastructure improvements are a major expenditure item – so companies such as Turbo Power Systems should be looking at opportunities there.”
Celebrating the success as part of UKTI’s Export Week initiative, Trade and Investment minister Lord Green said: “This investment is great news for Turbo Power Systems and the North East as a whole. This project underlines the importance of supporting advanced manufacturing and innovation through the Regional Growth Fund – creating jobs, boosting skills and expertise and supporting the economy.
“Britain is open for business and the Government’s growth strategy is aiming to make Britain the best place in the world to set up and grow a business. The investment in Turbo Systems is a great example of this.”
This was posted in Bdaily's Members' News section by Tom Keighley .
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