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Chancellor welcomes news that car parts manufacturer Nifco UK has won its largest ever contract.
Chancellor of the Exchequer George Osborne today welcomed news that car parts manufacturer Nifco UK has announced that it has won its largest ever contract during a visit to its base in Stockton-on-Tees.
The plastics manufacturer, which produces parts used in car engines and interiors, has revealed that it has won a contract that could be worth as much as £50 million with automotive giant Ford and will create 50 new jobs. This adds to the 295 jobs that will have been maintained and secured since 2012 at the company.
The Chancellor visited Nifco to make a speech where he outlined a long term economic plan for the North East which included plans to add an extra £6 billion to the region’s economy by 2030, create 50,000 new jobs and deliver £4.5 billion investment in transport in the North East, the largest in a generation.
Nifco has previously been a beneficiary of the government’s Regional Growth Fund when it was awarded £1.65 million from Round 1 to support with the development of its £8.5 million facility – Nifco House – and £1.92 million from Round 3 to assist with the company’s £12.8 million second manufacturing facility and R&D centre.
The brand new £50 million contract will see Nifco produce a complex thermostatic control assembly for a next generation Ford low CO2 engine. Work will start immediately with engineers from Nifco working with Ford’s product development teams. It is expected the new deal will secure up to 50 new jobs for the region, added to the 295 jobs that will have been maintained and secured since 2012.
Chancellor of the Exchequer George Osborne said:
Our long term economic plan for the North East is all about building on the area’s strengths like manufacturing and backing businesses that are growing and creating jobs. Nifco’s continued success along with its new contract with Ford, is fantastic news for the North East.
Mike Matthews, managing director and European operations officer, Nifco said:
We are absolutely delighted to have won this contract with Ford.
The scope and size of the deal is unprecedented, and is made even more significant by the fact we have managed to displace competitors from right around the world. It is further proof of just how far Nifco has come, and the way in which the close relationships we build with our clients are helping us to better understand their business and the ways in which we can support them.
The jobs this will secure and the impact it will have locally is such a boost, and we’re thrilled to have been chosen to deliver it.