£12m loan given to North East employer by EU investment bank
Loan given to Gestamp Tallent Automotive to help with the development of a number of products
A £12m loan, provided by the European Investment Bank, has been given to a major North East automotive employer, to help support its work on the development of new innovative products.
Gestamp Tallent Automotive, who have plants at Newton Aycliffe and Washington, were given the loan to help fund the development of its specialised chassis and suspension products.
The company supplies products to nearly all the top automotive names, such as Honda, Jaguar and Nissan. They employ over 1,300 people at its Newton Aycliffe plant and they invested £11m last year to create a new press. They have six plants across the UK and they are focused on innovation and developing new products with their customers.
Over the last few years, investment has been given to Hitachi Rail, Nissan and Newcastle University by the EIB.
Vice President for the European Investment Bank, Jonathan Taylor, said: “The European Investment bank has a strong track record supporting investment to strengthen the world class leadership of UK industry.”
“We are pleased to continue our cooperation with the UK automotive sector to finance significant new investment by Gestamp Tallent, in Newton Aycliffe.”
Mr Taylor went on to say that Gestamp Tallent Automotive employs more than 1,300 people at its Newton Aycliffe plant and that over 50% of what they export goes to Europe. The company also co-sponsor a university technical college along with Hitachi, providing support and helping to create jobs locally.
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