e2v reports strong year and investment in UK manufacturing
With a 13% sales growth in the last year, e2v can today add more good news by confirming significant investment in additional research, development and expanded production at its Chelmsford headquarters.
This project, backed by a £6.2m grant from the Regional Growth Fund (RGF) administered by the UK Department for Business Innovation and Skills (BIS), will see the creation of more than 100 new jobs at the company by 2014 together with supporting academic posts at our research partner Nottingham University. It is anticipated that the project will generate or secure a total of 427 jobs in Chelmsford and Nottingham over the next decade, together with more than 350 jobs in e2v’s supply chain around the UK.
The investment will be used to accelerate the development of e2v’s products and services within its new Industrial Processing Systems group, offering a cleaner, greener, more efficient technology to the processing of bulk materials in, for example, vermiculite processing, mining and the processing of oil drill cuttings from exploration drilling, supplanting traditional fossil fuel based technologies such as gas furnaces. The new technology is significantly more efficient for example, in the vermiculite processing application, the overall energy consumption is reduced by c. 90%.
The bid was supported by local MP Simon Burns, who said, “This is very good news for e2v and the local community. Over the last 20 years, manufacturing and technology businesses have steadily declined in the region. e2v in Chelmsford has bucked that trend. Firmly rooted in high technology manufacturing, and exporting more than 80% of its finished products, this is a great news story for Chelmsford, manufacturing in the UK and exports”, adding “high value manufacturing and exports are two central objectives as the government aims to rebalance the UK economy by boosting jobs in the private sector.”
Trevor Cross e2v’s Chief Technology Officer said, “This project is part of our strategic plan for growth. The news of the award, alongside our strong performance for the year, puts e2v on a strong footing and is testament to the hard work and determination put in by our people to make e2v the successful company we see today”.
The RGF is a £1.4bn fund that will operate for 3 years between 2011 and 2014, intended to stimulate enterprise by providing support for projects and programmes with significant potential for creating long term private sector led economic growth, employment and export opportunities. This award is a testament to the exciting growth potential of this new business area for the e2v group.
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Andy Bennett +44 (0)1245 453296
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About e2v
e2v is a leading global provider of technology solutions for high performance systems; delivering solutions, sub-systems and components, to advanced systems companies, for specialist applications within medical & science, aerospace & defence, and commercial & industrial markets.
e2v is headquartered in the UK, employs approximately 1600 people, has design and production facilities across Europe and North America, and has a global network of sales and technical support offices. For the year ended 31 March 2011, e2v reported sales of c.£229m and is listed on the London Stock Exchange. For more information visit e2v.com.