A Redruth-based manufacturing firm is bucking the UK industry-wide picture of job losses by expanding its workforce by an additional 15%.
European Springs & Pressings, located at Treleigh Industrial Estate, has seen a 60% growth in its specialist industry over the last two years resulting in £6m+ turnover in 2015.
Ahead of next month’s budget, official data from the Office of National Statistics (ONS) showed manufacturing stagnating in the final quarter of 2015. However, over the last 24 months, European Springs and Pressings has relocated from Indian Queens, due to the demand for a larger site, and extended the new factory premises. Now the spring manufacturer is expanding further and recruiting seven additional staff.
MD, Michael Gibbs, said: “We have seen increasing interest in the automotive side of our business over the past two years, responding to demand by recruiting, adjusting our business model, expanding, relocating, extending the premises and now we’re fortunate to be recruiting again.
“We are also looking to further diversify our product range with investment in two new machines which will increase our opportunities to gain more market share of the global spring industry.”
European Springs and Pressings growth contrasts with the ONS report showing manufacturing output, which accounts for about 10% of GDP, shrank 1.7% in 2015 compared with the previous year, leaving it still 6.5% below the total it achieved before the 2008 financial crash.