Cube Precision Engineering Ltd of Cakemore Road, Rowley Regis, has acquired a £300,000 CNC milling machine as it continues to boost output and jobs.
And it has been aided by the Government’s Regional Growth Fund in a project advised by national audit, tax and advisory firm Crowe Clark Whitehill in association with financial institutions NatWest and Lombard.
Cube Precision Engineering Ltd manufactures press tools and components, selling mainly to the defence and automotive industries, but also Aerospace.
And it is automotive and defence, in particular, which is motoring.
Managing Director Neil Clifton said: “Right now manufacturing is buoyant. “We are doing very well, particularly in automotive and defence. Indeed we are currently making a lot of tools for German customers whose parts then come back to the UK for the likes of Land Rover, Honda and BMW.”
The new machine, a DCX32 made by US group Hurco and with a 3.2 metre by 2.2 metre capacity, is already operational. The Regional Growth Fund provided a 35 per cent grant towards its purchase.
It builds on the already impressive capacity that Cube Precision offers its customers.
“We have had bottlenecks on our 3d finishing machines and the new Hurco helps us overcome that problem, with an integrated tool changer the machine helps us work 24 hours a day which complements our shift patterns” Neil added.
The 35 employee firm had a turnover of £3.1 million last year and expects that to rise to £3.5 million in 2012.
The Hurco investment will see five new employees taken on – it is currently in the process of recruiting two machinists, two tool makers and a CAD/CAM operator.
Johnathan Dudley, Midlands Managing Partner at Crowe Clark Whitehill, said: “Cube Precision Engineering is a great business which is thriving.
“They understand that you must invest to succeed … and they are doing just that. We are very pleased that we were able to guide the business in making its approach to the regional growth fund. This is how the wheels of industry turn and we need to do more of it.”
Julie Cranmer acted for Lombard and Matthew Hart for NatWest.
On the defence side, the work of Cube Precision Engineering Ltd., established in 2009, involves products going into the likes of engines, wings and interiors. It recently completed projects on the Rolls-Royce BR725 engine, and A350 Airbus planes as well as the machining content on the recently overhauled CVR(T) personnel carriers.
Although aerospace/defence and automotive are its core industries, 20 per cent of revenue comes from a variety of other sources including: production of tooling for the low volume-high value furniture industry; machining for engine protection systems in trains; and machining of items for ultra-precise measuring equipment including for Formula One teams.