PRV Engineering announces twin track expansion project
27 Apr 2012 03:29 PM
A leading precision engineering company in Pontypool is expanding its premises and investing in new machinery to increase capacity to service its rapidly growing order books.
PRV Engineering, which is based in New Inn, has experienced a 23% year on year growth over the past two years, with turnover increasing from £2.4million in 2009 to £3.7million in 2011.
It is investing £780,000 in the expansion and purchase of highly sophisticated machinery and equipment with £265,000 support from the Welsh Government’s Economic Growth Fund.
The investment - which will boost their manufacturing capacity and enable the company to undertake a wider range of work - will create and safeguard 15 jobs including two new apprenticeships, increasing the workforce to over fifty.
The company provides an engineering and fabrication service for virtually all industry sectors including Food, Chemical Processing, Railway, Aerospace, Automotive, Pharmaceutical, Defence and Construction, exporting 25% to the Middle East.
Managing Director Simon Jones said the expansion is essential to meet new orders.
"We are in the fortunate position of having seen excellent growth over the past two years and have a number of contracts coming on stream this summer. The expansion is vital to ensure we can increase our productivity, exploit new business opportunities and win business from new clients.
"It will increase our competitiveness and ensure we can offer an enhanced service to our customers through investing in some of the most technically advanced machinery available.
"Support from the Economic Growth Fund is enabling this substantial twin track investment to go ahead immediately."
Business Minister Edwina Hart said the Fund was designed to provide fast track access to finance to enable businesses to make capital investment to support growth:
"The Welsh Government has made this funding available to enable successful companies like PRV Engineering to maximise business opportunities as they arise and I am pleased to support this expansion."
PRV provides a diverse range of services and products, catering for bespoke one off contracts, large batch production and Rapid Prototyping. It has a buy local policy and the investment will have a beneficial knock on effect for its supply chain.