Warwick-based electronic assembly specialist SMT Developments has struck a deal to buy its existing premises to which it intends to add an additional 3,300 sq ft of capacity, a new clean room facility and introduce state-of-the-art pick and place technology.
The firm says the £1m investment, supported by a £165,000 Growing Places grant from Coventry and Warwickshire Local Enterprise Partnership, will also pave the way for a dedicated manufacturing cell to cater for up to £1.5m of new work from an un-named client in the telecoms sector.
SMT anticipates that the investment will help it increase sales from £2.8m to £5m by 2015 and add over 20 new jobs – including a number of apprentices – to the current headcount of 30.
Managing Director Phil Rowley (pictured right), who runs the 13 year-old company with his son John (pictured left), explained: “We’ve had a major year of growth that has seen us pick up a host of new contract wins from both the UK and for customers supplying into the likes of Switzerland, Ukraine and the US.
“At the same time, we’ve been working on a number of long-term projects that – in the last few weeks – have finally put pen to paper on deals. This has the potential to change our business forever, which is why we knew we needed the certainty of owning our own building.”
Current customers include high-end autosport specialists and the automotive aftermarket as well as organisations involved in environmental monitoring, retail and telecommunications.
Copyright Ken Hurst 2013