North East engineering company invests in specialist technology as part of £3.5m programme
North East based NTG Precision Engineering has increased its investment in specialist technology to almost £1m in recent months.
The Team Valley headquartered company has installed an XYZ three-axis CNC milling machine to fulfil a contract for “high-precision components” and it is also awaiting the delivery in January of two four-axis CNC milling machines.
The total cost of the three large-framed machines is £400k and follows a recent £500k spend on a CNC cylindrical grinder.
It is part of a planned £3.5m investment programme in capital equipment and staff by the firm, which provides a comprehensive range of subcontract multi-axis CNC machining and precision engineering services.
Mike Hutchinson, managing director of NGT Precision Engineering, said: “The ongoing investment in equipment underlines this company’s ambition to continue to grow and to ensure it becomes one of the country’s most versatile and cost-effective precision engineering sub-contractors.
“We already offer an extensive range of bespoke engineering solutions, manufacturing high precision quality components for use in multiple sectors, ranging from renewables and EV manufacture to subsea and power generation.
“NTG Precision Engineering is proud to support our clients’ diverse needs by giving them access to specialist knowledge and skills. We possess the capacity and capability that allows these businesses to benefit from our quality, flexibility, and quick turnaround times, without the need to make major capital investments.”
NTG, which has more than 40 years’ experience in the sector, was the subject of a successful management buyout in December 2020. Investors in the business, which has since grown its workforce to 58, including ten apprentices, includes Sir Brian Souter, the co-founder of the Stagecoach Group, and private equity investment firm, Ignite Growth.
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