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Engineering firm announces £1.5 million investment as part of major expansion

A County Durham engineering firm has announced it is investing £1.5 million as part of a major expansion which will see it almost double the size of its premises.

Altec Engineering already occupies a 9,000 sq ft facility in Bowburn and employs 60 people.

But as it aims to increase turnover and target new markets, the company has announced it is taking on a further 7,000 sq ft of space nearby as part of a £1.5 million package of investment and will use this year’s Durham Oktoberfest event as the platform to attract new clients.

David Steel, Managing Director of Altec Engineering, said: “The company is currently going through a major period of growth as we look to increase turnover and invest in our workforce and the site expansion we’re undertaking is part of that.

“We’re almost doubling the size of space we occupy and we’ve also committed to an apprenticeship programme which has already seen us recruit nine young people with a further four to join us in September.

“These are really exciting times for the company so the challenge now is to go out and win new business which will help us reach the ambitious targets we’ve put in place, which includes increasing turnover and the number of people we employ.”

Altec Engineering was launched in 1978 and specialises in the manufacture of CNC precision machining, special purpose equipment and fixtures for a number of sectors including oil and gas, defence, automotive and medical sciences.

From its base at Bowburn North Industrial Estate, the team also provides an all-round engineering support service.

The company is one of dozens that are exhibiting at this year’s Durham Oktoberfest and believes the event could be the perfect way to meet new clients.

David added: “We were involved in the first Durham Oktoberfest event but for the last five years we haven’t attended. However, because we’re undergoing such a major expansion we want to meet with other regional businesses with a view to securing work from them and know Durham Oktoberfest is the best way for us to do that.”

Darren Race, project leader for Durham Oktoberfest and chairman of South Durham Engineering and Manufacturing Forum, said: “Altec Engineering is a growing company with its roots firmly in the region so it’s great that they’re going to be exhibiting at this year’s event. We know businesses find the event incredibly fruitful in terms of the leads they come away with; many go on to secure new business on the back of attending and that’s exactly why Altec has added its name to the line up.”

Durham Oktoberfest, which is being delivered by the North, East and South Durham Engineering Forums in partnership with NEPIC, the Advanced Manufacturing Forum, NOF Energy and the Manufacturing Advisory Service (MAS), takes place on Thursday, October 23, at the Xcel Centre in Newton Aycliffe.

Business Durham and manufacturing company Durham Box have been confirmed as gold sponsors of the event and other packages are still available.

To find out more about Durham Oktoberfest and how you can get involved, either as a Meet the Buyer participant, exhibitor or sponsor, visit www.durhamoktoberfest.org.uk, email info@durhamoktoberfest.org.uk or call 0191 3037772.

This was posted in Bdaily's Members' News section by Leanne English .