North East steel firm generates £60m turnover and 100 jobs following move
A local steel firm has reported growth after it invested in a new facility at a cutting-edge advanced manufacturing park.
Firth Vickers Engineering moved into new premises at Middlesbrough’s TeesAMP at the start of the year.
TeesAMP was supported by £7.6m of funding from the Tees Valley Mayor and Combined Authority, and Firth Vickers Engineering moved there to be closer to its parent company Paralloy’s base.
The new facility has enabled Paralloy to create a new manifold production centre at the site. The firm has since then gone on to secure an order worth more than £7m for the supply of components for US company KBR. The move has also helped it achieve a turnover of more than £60m and create 100 jobs.
Paralloy, a global steel alloy manufacturer for the petrochemical and industrial sectors, was recently awarded a £15m bank guarantee facility from Santander UK and an 80 per cent guarantee from UK Export Finance to boost its exports.
Tees Valley Mayor Ben Houchen said: “Paralloy and Firth Vickers are a shining example of how businesses right across Teesside, Darlington and Hartlepool are being recognised the world over as leaders in their fields, in their case working to supply household names like Exxon, GE, Rolls-Royce, Siemens and Sabic.
“The recent £15m investment for Paralloy and the move of Firth Vickers has boosted their success, unlocking more opportunity and capacity and helping them create the high-quality, well-paid jobs people across Teesside, Darlington and Hartlepool deserve.
“After visiting Paralloy and chatting to its CEO, I can see how passionate the company is about our area and the people living here, and I’m certain they’ve got a bright future ahead of them as they plan further growth and jobs.”
Paralloy CEO Robert McGowan said: “Paralloy Limited is positioning itself as a key supplier in the transition to a low carbon economy, it’s growth through Brexit and Covid-19 is a testament to the hard work, ingenuity and effort of people in this region to fight against the odds and create a brighter future.
“Our latest round of recruitment is underway with around 30 open vacancies and with plans for further growth in the years to come.”
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