Newton Aycliffe-based business Durham Precision Engineering (DPE) expects turnover this year to top £3m after investing in new machinery.
DPE, established in 1984, designs and manufactures precision engineered products for the oil and gas, pharmaceutical, nuclear, aerospace and other industries requiring bespoke and low volume precision engineered products.
The firm, which employs 38 people, has secured further financial backing from Barclays for investment to invest in a new lathe.
Managing director Peter Coates, pictured above (centre) with Sally-Ann Cain and Mark Elsdon from Barclays, said: “The new lathe we have acquired brings a new dimension to our business allowing us to both turn and mill in one operation, allowing us to reduce both lead times and costs to our clients.
“With this increased capacity and decreased lead times and costs, it will allow our business to grow organically and hopefully open doors to new clients. In conjunction with our aerospace approval, this new capacity and ability should see us grow further.
“Barclays has been very supportive of the business and its growth needs over the years and by supporting the funding of this new asset, it shows that their support of DPE remains strong.
“It has always been a simple and speedy process when arranging funding with Barclays and I look forward to further deals with them in the future.”
Sally-Ann Cain, Barclays’ relationship director said: “We are delighted to be able to continue to support this highly professional and ambitious business and look forward to working with them on their future growth plans.
“The automotive and aerospace sectors continue to see strong demand and this investment will ensure DPE is in a good position to respond to new opportunities.”