A £1 million investment in its Midland headquarters has put a manufacturer which supplies the Formula One industry on track for its ambitious sales target.
Arrowsmith Engineering, based in Coventry, has seen sales rise by 20 per cent in the past 12 months, and is on target to reach plans for a £4 million turnover.
The company, which also supplies precision components for the aerospace industry and the energy sector spent £1 million to complete its headquarters, increase floor space by a third, to 15,000 sq ft, and invest in new facilities.
The firm, which makes engine and actuation parts for some of the world’s leading primes, including Rolls Royce, Goodrich, Pattonair and Meggit, has tapped into support from the Manufacturing Advisory Service – West Midlands (MAS-WM) to embark on a growth surge.
Managing director Jason Aldridge said: “We are working to a five year business plan that will see us move from a £1.8 million turnover to a firm that is commanding in excess of £4 million in annual sales.
“Naturally, up to 10 new jobs could be created as a result of this growth.
“Our growth has been based on establishing more strategic partnerships with our clients that see us work even closer with them to improve quality, on time delivery and offer them added value design.
“This approach has reaped dividends and we now hold approved supplier status with Rolls Royce in Canada, Germany, Singapore and the UK, Goodrich, Bombardier and Eaton. We are also taking this same strategy with the energy firms we currently work with.”
Arrowsmith Engineering, which employs 39 people, provides turning, milling and grinding services in both large volume and low quantities, including after sales, development projects and aliens and strangers.
The firm, which was recently visited by Business Minister Mark Prisk, has diversified its offer to become a global specialist in high precision, complex components in exotic metals.
Many of its manufactured parts are being used in the Rolls-Royce Trent series engines used on the Airbus A380, A350 and the Boeing 747 and 787.
Its investment in new machinery has included a thread rolling laboratory and three CNC lathes.
Mr Aldridge, who became managing director in 2009, added: “MAS-WM has been an important driver in our expansion with specialist adviser Peter Jones providing constant mentoring and help on specific projects, including the layout of the new factory, links to probing trials and giving us access to new machinery and technology.
“MAS understand what manufacturers want and have access to specialist experts that can make a real difference to our bottom line.”
Manufacturing Advisory Service (MAS) in 2012 will continue to deliver a national service to all manufacturing businesses in England.
It is aiming to create £1.5 billion in economic growth, 23,000 jobs and safeguard 50,000 jobs.