An electronics company in Moray aims to hire more staff and beef up its turnover after tying up a funding deal with the area’s business development agency.
Highlands and Islands Enterprise (HIE) has pledged more than £660,000 to Forres-based Scotland Electronics, which designs electronic equipment for the oil and gas, defence and aerospace sectors.
Scotland Electonics, which will be fed the HIE cash over the next 18 months, is also raising £1.4million from other sources to put towards a cumulative £2million fund for expanding its business.
The company, which currently employs 40 people, is now looking to bring in 20 more staff and raise its turnover to £30million over the next three years.
Its turnover for the year ending March 2014 was £2.4million.
Founder and managing director Mike Ramsay, said: “We are exceptionally proud to be located in Moray, which has highly skilled personnel potentially available for employment to meet our growth aspirations.
“We have been working very closely with HIE for over a decade and are delighted to be recipients of these grants to ensure our future growth.”
Scottish Electronics has supplied downhole and subsea motion control equipment to oil and gas industry companies such as Subsea 7 and Baker Hughes.
Its motion control technology is also used on aircraft and wind turbines.
About 80% of its trade is with international clients in places like Argentina, Canada, France, Japan, Norway and the US.
HIE said the firm’s diverse business model protects it from downturns in individual sectors, such as the one currently being experienced by the energy sector.
David Oxley, HIE area manager for Moray, said: “Scotland Electronics is an ambitious business looking to achieve further substantial growth over the next three years.
“This investment by the company will increase its turnover and international sales and create 20 good quality, well-paid jobs in Moray.
“It will also enhance Moray’s reputation for having many thriving sectors, including engineering, and the contribution these make to the local, regional and national economy.
“I am very pleased we are able to support their accelerated growth plans and look forward to continuing to work with them to achieve their aims.”