A Black Country engineering firm is expanding after seeing a surge in automotive business.
Cube Precision Engineering of Cakemore Road, Rowley Regis, has acquired a £300,000 CNC milling machine as it continues to boost output and jobs.
And it has been aided by the Government’s Regional Growth Fund in a project advised by national audit, tax and advisory firm Crowe Clark Whitehill in association with financial institutions NatWest and Lombard.
The firm manufactures press tools and components, selling mainly to the defence and automotive industries, but also aerospace.
And it is automotive and defence, in particular, which is motoring.
“Right now manufacturing is buoyant,” said managing director Neil Clifton. “We are doing very well, particularly in automotive and defence.
‘‘Indeed we are currently making a lot of tools for German customers whose parts then come back to the UK for the likes of Land Rover, Honda and BMW.”
The new machine, a DCX32 made by US group Hurco and with a 3.2m x 2.2m capacity is already operational.
The Regional Growth Fund provided a 35 per cent grant towards its purchase.
The 35 employee firm had a turnover of £3.1 million last year and expects that to rise to £3.5 million in 2012.
The Hurco investment will see five new employees taken on – it is currently in the process of recruiting two machinists, two tool makers and a CAD/CAM operator.
Johnathan Dudley, Midlands managing partner at Crowe Clark Whitehill, said: “We are very pleased that we were able to guide the business in making its approach to the regional growth fund. This is how the wheels of industry turn and we need to do more of it.”