North East-based NTG Precision Engineers has completed the latest stage of a planned £3.5m investment programme with the acquisition of specialist technology to support the production of precision components.
The Team Valley, Gateshead-based company has installed a £500,000 Studer Favorit CNC cylindrical grinder, which was unveiled by Sir Brian Souter, the co-founder of the Stagecoach Group, who is an investor alongside Ignite Growth, a private equity investment firm that acquired a majority stake in NTG as part of a Management Buy Out in January 2021.
Manufacturing low volume, high value components for sectors including offshore energy, automotive, defence, food production and power generation from its 16,000ft² production facility, NTG has delivered positive growth in recent months.
It continued to successfully operate during the pandemic, in particular supporting the food manufacturing and energy industries with precision parts and tooling for critical equipment.
The new Studer cylindrical grinder, which can process components up to 350mm diameter and 1.6m in length, is part of an ongoing investment programme across the business, which includes both capital equipment, but also its workforce.
NTG has already increased staff numbers since the MBO with nine new recruits. It now employs 58 people, of which ten are apprentices.
Mike Hutchinson, managing director of NTG Precision Engineers, said: “This is not only an investment in our capabilities, but also to support a continual drive for increased productivity, which is essential for our scale-up strategy. We are confident that, with the expertise we have in the business, coupled with the introduction of new technologies, we can continue to build our presence in key markets.
“NTG has always been an early adopter of technology and this new equipment delivers capabilities usually only found in Original Equipment Manufacturers. It allows companies to be able to call upon NTG to deliver specialist components that meet the increasingly complex and intricate requirements of modern manufacturing.”