Newspaper article The Journal (Newcastle, England)

Automotive Parts Maker Gears Up for PS12m Move

Newspaper article The Journal (Newcastle, England)

Automotive Parts Maker Gears Up for PS12m Move

Article excerpt

Byline: JONATHON MANNING Reporter jonathon.manning@reachplc.com @JONNYAMANNING

SOUTH Tyneside manufacturer Faltec Europe has revealed it is spending PS12m to relocate its business.

Faltec, which makes injectionmoulded parts for the automotive industry, currently operates a plant at Boldon Business Park but is preparing to move after receiving increased business from car giant Nissan.

While the company has not currently disclosed its new location, it is expected to stay in the North East to service Nissan. Faltec currently employs around 370 people in the region.

Speaking in the company's accounts, deputy managing director Keith Wakley said: "Faltec Europe has recently been awarded a very significant nomination for future business for the next-generation Qashqai from the Nissan Sunderland plant. As a result, Faltec Europe will relocate to and invest in new purpose-built manufacturing facilities and will also invest in significant new plant and machinery, funded with a capital injection of PS12m from Faltec Co Ltd."

Financial figures for the 2018 financial year showed that Faltec managed to reduce its operating loss from PS7.7m to PS4.1m. The firm's loss after tax came in at PS4.7m.

Meanwhile turnover increased by PS1m to PS37.4m, largely due to a rise in product volumes. The company said it has improved its operations since being hit with production issues in the first quarter of 2017.

Nissan continues to be Faltec's biggest customers, with the South Tyneside firm making parts for the Nissan Leaf, Qashqai and Infiniti. The firm also makes parts for the Renault and BMW vehicles.

Faltec has also been repaid more than PS400,000 in fines for health and safety failures at its North East factory despite pleading guilty. The company was responsible for two serious health and safety incidents that caused five people to fall ill and left a teenager with first-degree burns. …

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