Express Engineering set to invest £3.5m in new facility
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Express Engineering, which is headquartered in Gateshead, will be investing and recruiting to meet further expansion in the oil and gas sector.
The international business is investing in a new £3.5m 48,000 sq ft assembly and test facility near its Gateshead headquarters in Team Valley, expecting to create another 30 posts.
The company has seen sales in the oil and gas sector grow significantly resulting in a jump in revenues to around £20m in 2019, on target to reach £40m during this year.
Express Engineering has recruited about 100 staff in the last 12 months taking the workforce to more than 235, with the growth coinciding with re-appointment of a former management team which features original owner Chris Thompson.
“Shortly after re-joining the company late in 2018 we took the decision to move away from a diversification strategy to refocus around the subsea oil and gas sector, where we made our reputation before the market collapsed in 2015,” said chairman Thompson.
“We’re well placed to take advantage of increasing enquiry activity and order levels in a recovering oil and gas sector. Based on current projections we see no reason why we cannot reach record revenues in two years’ time.”
Managing director Gary Thirlwell added: “We currently have an order book of more than £40m for core products and connection systems. The pipeline for future business looks very strong, ensuring we continue to grow and strengthen our financial position.”
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