UK engineering firms win share of £7.9million growth fund

Written by: Laura Hopperton | Published:
UK engineering firms win share of £7.9million growth fund

Four engineering firms from across the UK have secured funding from the government's Regional Growth Fund.

Car manufacturer Bentley Motors has been allocated £1.69million to up-skill existing employees, while EV battery manufacturer Nifco UK has been given £1.65m to equip a new factory and create 128 new jobs.

The largest share was awarded to e2v Technologies, which will receive £6.25m to boost its work developing microwave processing systems for a range of industrial applications in resource and energy intensive sectors.

Halifax Rack and Screw Cutting will also receive £200,000 towards a £1.5m project to modernise their production facilities to manufacture precision products for the construction, engineering, offshore and energy sectors.

Deputy Prime Minister Nick Clegg said: "For too long the UK economy has been too focused on the City of London. The Regional Growth Fund is already helping the economy grow in every region and across a range of industries.

"The 641 jobs announced today is more good news for people in Teesside, Essex, Crewe and Halifax. Creating long-term jobs and long-term growth is our number one priority for Britain."

Business Secretary Vince Cable added: "It's excellent that four more companies are benefitting from the Regional Growth Fund. This support continues to provide a significant boost to the local economies, lever in significant investment and will create jobs where they are needed most.

"The projects will support advanced manufacturing techniques, enable R&D to develop new products and improve skills, all of which are vital to support growth and help rebalance the economy."

So far £1.4billion has been conditionally allocated to 164 projects through two bidding rounds of the Regional Growth Fund, creating and safeguarding more than 330,000 jobs.

The chancellor announced in November that an additional £1billion will be added, bringing the fund's total value to £2.4bn. Bidding for the next round of funding will be launched next month.


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