A County Durham engineering firm has announced it is investing £1.5m as part of expansion plans which will see it almost double the size of its premises.
Altec Engineering already occupies a 9,000 sq ft facility in Bowburn and employs 60 people, but as it executes strategic plans to increase sales and target new markets the firm is taking on a further 7,000 sq ft of space nearby.
Established in 1978, the firm specialises in the manufacture of computer numerical control precision machining, special purpose equipment and fixtures for a number of sectors including oil and gas, defence, automotive and medical sciences.
From its base at Bowburn North Industrial Estate, the team also provides an engineering support service, and it is aiming to draw in new clients, using this year’s Durham Oktoberfest event, taking place in October in Newton Aycliffe, as a springboard to attract customers to help drive plans to grow sales from its current £3.5m to £6m.
David Steel, managing director, said: “The company is currently going through a major period of growth as we look to increase turnover and invest in our workforce and the site expansion we’re undertaking is part of that.
“We’re almost doubling the size of space we occupy and we’ve also committed to an apprenticeship programme which has already seen us recruit nine young people with a further four to join us in September.
“These are really exciting times for the company so the challenge now is to go out and win new business which will help us reach the ambitious targets we’ve put in place, which includes increasing turnover and the number of people we employ.”
The company is one of dozens that are exhibiting at this year’s Durham Oktoberfest and believes the event could be the perfect way to meet new clients.
Mr Steel added: “We were involved in the first Durham Oktoberfest event but for the last five years we haven’t attended.
“However, because we’re undergoing such a major expansion we want to meet with other regional businesses with a view to securing work from them and know Durham Oktoberfest is the best way for us to do that.”
Darren Race, project leader for Durham Oktoberfest and chairman of South Durham Engineering and Manufacturing Forum, said: “Altec Engineering is a growing company with its roots firmly in the region so it’s great that they’re going to be exhibiting at this year’s event.
“We know businesses find the event incredibly fruitful in terms of the leads they come away with; many go on to secure new business on the back of attending and that’s exactly why Altec has added its name to the line up.”
Durham Oktoberfest takes place on October 23, at the Xcel Centre in Newton Aycliffe.