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Tuesday 08 January 2013 Updated: 09/01 11:26
ENGINEERING firm Penso is set to almost double its workforce after buying its factory.
Bosses have predicted the £2million acquisition of the premises in Woodhams Road next to Coventry Airport - where 140 are currently employed - will lead to the creation of up to 100 new jobs over the next 18 months.
It will enable the firm, founded in 2004, to modify the building to install new hi-tech equipment to produce market-leading composite carbon fibre automotive parts which is expected to boost turnover to £25million.
Finance director Richard Owen said: "The acquisition of our premises is part of our overall growth strategy; it will allow us to modify the premises in a way we haven’t previously been able to do as a tenant.
"We believe there will be strong demand for advanced composite carbon fibre parts from automotive companies as they have to comply with stringent emissions regulations and our ability to manufacture these at high volume provides us with a distinct competitive advantage."
Penso's clients include Jaguar, Fiat and BAE Systems while it also converts Mercedes Benz Vitos to meet London taxi requirements. Prince Andrew visited the factory in December 2011.
The deal to buy the factory from Eco City Vehicles was completed with £1.4million of funding from HSBC.
Area commercial director Stephen Breen described Penso as a great example of a modern engineering company.
"It has enjoyed strong growth in recent years and we believe this acquisition provides the basis for further growth in the future."
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