Sarginsons Industries is a lightweight castings business based in Torrington Avenue and has been awarded a £50,000 capital grant that will be part of an overall investment of £260,000 on technology and equipment.
The grant has been awarded by the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) and is part financed by the European Regional Development Fund (ERDF) as part of the Coventry City Council Business Support Programme.
Sarginsons is investing in a new sand foundry, two new gas recuperation furnaces, automated finishing equipment and material handling equipment which will lead to the creation of at least five new jobs.
Managing director Anthony Evans said: "We have shown over recent years that we want to invest in people and technology as part of our overall strategy to grow the business. This grant funding means we can accelerate those plans so we are extremely grateful for the support we have received from Coventry City Council and the CWLEP through the Coventry and Warwickshire Business Support Programme. We have been planning to grow our capabilities to supply a bigger volume of components and this latest investment allows us to do that and we are very pleased to be playing such an important role on an exciting new vehicle."
"This is a very exciting time for Sarginsons as we press ahead with our plans to grow the company and make the most of the technical expertise we pride ourselves upon in order to deliver high quality research and products on behalf of our clients."
-Managing director Anthony Evans
The new comes after it was revealed in February that the company returned to the black during its latest financial year while its turnover also increased.
Cllr Jim O’Boyle, cabinet member for jobs and regeneration at Coventry City Council and a board director at the CWLEP, added: "The automotive industry is moving rapidly toward vehicle lightweighting and it is good to see a local company at the forefront of that. It is great that the council and LEP have been able to support Sarginsons through its Business Support Programme which in turn helps our city and region maintain its position as a world leader in the automotive industry."
Source: Jon Robinson, insidermedia.com