Member Article

Plastics manufacturer targets £75 million turnover in next two years

Stockton plastics manufacturer Nifco says turnover is likely to reach £75 million by 2016, with no sign of slowing down.

The Eaglescliffe-based firm reported record sales last year and now managing director and European operations office Mike Matthews anticipated a further £17 million worth of business this year.

The growth will come from entering new markets over the next two years.

Mr Matthews, who has been at the helm of Nifco UK since 2008, said: “We have enjoyed several years of significant sales growth and we believe that is only the beginning.

“Our order books are full for the next five years, and having only moved into our current factory in 2012, we are already at capacity and preparing to add to our floor space when our second phase factory opens in April.

“We’re an agile, responsive business and that, in no small part, is what is allowing us to achieve the year on year growth we’re enjoying.

“If we are able to maximise the assets we have and tap into more of the valuable support we have been given over recent years, I genuinely believe we can keep strengthening and creating and sustaining more UK jobs and it’s our aspiration to turn Nifco UK into a £100million business over the coming years.”

The company moved to its current £8.5million site after outgrowing the factory it had been operating out of since the 1960s.

The old site is currently for sale, while its new facility is being added to, with a research and development centre and additional manufacturing space.

Mr Matthews added: “Our parent company, Nifco Inc, has continued to invest in Nifco UK, and coupled with successful Regional Growth Fund bids, we have been able to really spur on the development of the business.

“Our move to the new facility was the impetus we needed to grow, and is a reminder that with investment, it is possible to really unlock a business’ potential.

“To date, the investment in Nifco UK has helped to sustain 158 jobs and coupled with two phases of RGF support, we have been able to create 295 additional jobs. I am sure we can create many more if things go as we hope they will.”

This was posted in Bdaily's Members' News section by Tom Keighley .