Business & Invest | Published on: 2nd December 2021
Tees Valley Mayor Ben Houchen has learned about a local steel firm’s recent growth after it invested in a new facility at a cutting-edge advanced manufacturing park.
Mayor Houchen visited Firth Vickers Engineering, which serves the gas turbine and aerospace industries and which, at the start of the year, moved into new premises at Middlesbrough’s TeesAMP.
TeesAMP was supported by £7.6million of funding from the Tees Valley Mayor and Combined Authority, and the company moved there to be closer to its parent company Paralloy’s base.
The new facility has enabled Paralloy to create a new manifold production centre of excellence at the site which has since then gone on to secure an order worth more than £7million for the supply of these critical components for US company KBR. The move has also helped it achieve a turnover of more than £60million and create 100 jobs.
Paralloy, a global steel alloy manufacturer for the petrochemical and industrial sectors, was recently awarded a £15million bank guarantee facility from Santander UK and an 80% guarantee from UK Export Finance to boost its exports.
The firm, which exports 95% of what it makes to 70 global markets, has now taken on higher value contracts and opened two new sites, with further plans to take on 40 more staff this year, including engineers, welders and fabricators.
Mayor Houchen said: “Paralloy and Firth Vickers are a shining example of how businesses right across Teesside, Darlington and Hartlepool are being recognised the world over as leaders in their fields, in their case working to supply household names like Exxon, GE, Rolls-Royce, Siemens and Sabic. Their expertise is continuing to put us on the map, more so thanks to their brilliant expansions.
“The recent £15million investment for Paralloy and the move of Firth Vickers has boosted their success, unlocking more opportunity and capacity and helping them create the high-quality, well-paid jobs people across Teesside, Darlington and Hartlepool deserve.
“After visiting Paralloy and chatting to its CEO, I can see how passionate the company is about our area and the people living here, and I’m certain they’ve got a bright future ahead of them as they plan further growth and jobs.”
Paralloy CEO Robert McGowan said: “Paralloy Limited is positioning itself as a key supplier in the transition to a low carbon economy, it’s growth through Brexit and Covid-19 is a testament to the hard work, ingenuity and effort of people in this region to fight against the odds and create a brighter future. Our latest round of recruitment is underway with around 30 open vacancies and with plans for further growth in the years to come.”
To find out about job opportunities at Paralloy and Firth Vickers as they become available, as well as other opportunities across the Tees Valley, visit TeesValley.Jobs
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