Business & Economy
NTG Precision Engineering ‘underlines growth ambitions’ with near £1 million equipment outlay
January 5, 2022
An engineer has spent nearly £1 million on equipment to ramp up ambitions of becoming “one of the country’s most versatile sub-contractors”.
NTG Precision Engineering, based in Team Valley, has bought a number of milling machines.
The firm has installed an XYZ three-axis CNC machine to fulfil a contract for high-precision components, with two four-axis CNC machines due to arrive this month.
Costing around £400,000, their arrival follows a £500,000 outlay on a CNC cylindrical grinder.
Bosses say the spending drive is part of a £3.5 million investment programme focused on bolstering apparatus and staff numbers.
Mike Hutchinson, managing director [pictured above], said: “The ongoing investment in equipment underlines our ambition to continue to grow and ensure we become one of the country’s most versatile and cost-effective precision engineering sub-contractors.
“We already offer an extensive range of engineering solutions, manufacturing high-precision quality components for use in multiple sectors, ranging from renewables and electric vehicle manufacture to subsea and power generation.”
The company, which employs nearly 60 staff, was the subject of a management buyout in December 2020.
Investors include Sir Brian Souter, Stagecoach Group co-founder, and private equity investment firm Ignite Growth.