Cash boost for precision engineering firm
Rochdale-based engineering firm Holroyd Precision has been given the green light for funding from the government's Regional Growth Fund.
The company, which designs and manufactures high precision machine tools, will use the £2.8million to build a new factory and an R&D European innovation centre, securing 187 existing jobs and creating 137 new positions.
The investment forms part of the third round of the government's Regional Growth Fund, which aims to boost economic growth in England.
According to Deputy Prime Minister Nick Clegg, the flagship scheme will invest more than £1billion in 130 projects in the parts of the country 'that need it most'. This he, said, will safeguard or create up to 240,000 jobs.
"The real story of the Regional Growth Fund is the thousands of jobs that the fund is creating and the companies that it's helping," commented Business Minister Michael Fallon.
"Holroyd Precision is a prime example of how we can help companies achieve their aspirations and create jobs in a timescale that works for them. The company will maintain its strong links with Rochdale thanks to the Regional Growth Fund and build its new European headquarters in the area."
Other companies set to benefit from the Regional Growth Fund money include Rolls-Royce, AgustaWestland, Ford, Jaguar Land Rover, NSK Bearings, Tata Steel and Dyson.
