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Newton Aycliffe's Gestamp Tallent receives £12m investment boost

Car parts manufacturer Gestamp Tallent has received a £12m investment boost from the European Investment Bank.

The Newton Aycliffe-based firm, who have six plants across the UK, supply some of the biggest names in the automotive industry with components including specialised chassis and suspension products.

This new investment will allow the automotive firm to expand its advanced manufacturing and material bonding processes which it co-develops with its clients.

Gestamp, whose automotive innovations have attracted the likes of Jaguar, Ford and Land Rover, employs over 1,300 staff at its County Durham base and completed a major £5m expansion to its plant at Newton Aycliffe last year.

Jonathan Taylor, European Investment Bank Vice President, commented: “The European Investment bank has a strong track record supporting investment to strengthen the world class leadership of UK industry.

“We are pleased to continue our cooperation with the UK automotive sector to finance significant new investment by GestampTallent in Newton Aycliffe.”

It marks further investment from the EIB in the region, following the £100m provided to Newcastle University’s capital development programme, £330m for investment by Nissan in Sunderland and £250m for investment by Northern Powergrid and backing for upgrading 12 schools.