The growth plans of a Gateshead-based engineering company have been boosted by a major investment in equipment, ahead of its move to larger premises.
NTG Precision Engineering has acquired a £500,000 milling machine, which will be used to manufacture metal components for industries including electric vehicles, food production and power generation.
It forms part of an ongoing £3.5m capital investment programme which also includes the addition of two Haas VF6 milling machines.
The investment comes ahead of the business moving into a new 45,000 sq ft unit in Gateshead, which will be three times larger than where it currently manufactures components.
The new facility will allow NTG to increase its presence in key markets, most notably the defence industry and the production of components and tooling for the manufacture of electric vehicle batteries and electric power trains.
This expansion is part of NTG’s scale-up strategy, which began with a management buyout at the start of 2021 and included a significant investment from Ignite Growth.
Alongside its investments in equipment and premises, the company recently acquired ABS Precision to expand its expertise.
Mike Hutchinson, group managing director of NTG Holdings, said: “As we gear up to move to our new facility, we are increasing our capabilities through programme of capital investments.
“This latest investment also highlights our commitment to increasing efficiencies and productivity, recognising our integral role in the supply chains of the industries in which we operate.
“As an early adopter of technologies that matches the capabilities often found at original equipment manufacturers, we aim to remain at the forefront of precision engineering, meeting the increasingly complex and intricate requirements of modern manufacturing.”