Formula Plastics makes machine investment
Newton Aycliffe-based Formula Plastics has announced it has invested more than £500,000 into expanding the business.
The North East-based plastic injection moulding company is investing the sum in two fully automated, state-of-the-art 650T and 400T Engel injection moulding machines.
As well as increasing the overall capacity for the factory, the new kit will dramatically increase the range and type of products that Formula can manufacture.
The investment package includes a grant of £94,500 from the Let’s Grow Fund, which is operated by business services company BE Group and Newcastle accountancy firm UNW LLP. The project will kick start the company’s three-year growth plan, which plans to double turnover and create at least seven new jobs at the factory.
Managing director James Goodliffe, said: “This is a fantastic start for our growth plans at Formula. With this investment we can add another dimension to the service we can offer customers.
“Let’s Grow funding has been an essential part of the project; without it, the project simply would not have gone ahead. It has enabled us to invest in the most modern plant and equipment and ensure that we remain competitive for years to come.”
The new plant will be installed in September. The company has also recently obtained the environmental management certificate ISO14001 and is working toward the global automotive standard, ISO/TS16949.
Goodliffe added: “There has been an increase in demand for moulded products both regionally and nationally, and Formula is positioning itself as a strong contender to take on additional business both within and outside the automotive sector.”