Car parts manufacturer Gestamp Tallent has received a £12m investment boost from the European Investment Bank.
The Newton Aycliffe-based firm supplies some of the biggest names in the automotive industry including Nissan, Honda, Jaguar and Land Rover with components including specialised chassis and suspension products.
This new investment from the EU’s lending arm will allow the automotive firm to expand its advanced manufacturing and material bonding processes which it co-develops with its clients.
Gestamp employs more than 1,300 staff at its Aycliffe Business Park base completed a major £11m expansion to its plant last year.
Jonathan Taylor, European Investment Bank Vice President, said: “The European Investment bank has a strong track record supporting investment to strengthen the world class leadership of UK industry.
“We are pleased to continue our cooperation with the UK automotive sector to finance significant new investment by GestampTallent in Newton Aycliffe.”
The funding marks further investment from the EIB in the region, following the £100m provided to Newcastle University’s capital development programme, £330m for investment by Nissan in Sunderland and £250m for investment by Northern Powergrid and backing for upgrading 12 schools.