A CAR part firm is moving its production plans up a gear after it was awarded cash from a £57million fund to help companies grow.
The Government’s job creation project has allocated the money to 11 projects across the North East as part of the Regional Growth Fund (RGF).
It expects it will help raise £320million in private investment and safeguard the future of thousands of jobs.
TRW Systems on Rainton Bridge Industrial Estate, Houghton, which makes car parts, is among those to be given funds.
Others include Tinsley Special Products, on Peterlee’s North West Industrial Estate, which makes equipment used by crane operators.
It has previously been awarded £2.9million, creating 63 jobs, and has now been given £3.5million to help it buy land so it can build a factory and increase its production capacity and add 86 new jobs to its workforce.
Justice Minister Simon Hughes met its bosses yesterday as the total of £300million-worth of funding from the RGF was announced nationally.
Deputy Prime Minister Nick Clegg, who confirmed the cash was being awarded, said: “The North East has seen major benefits from the Regional Growth Fund already, and the £57million investment I am announcing is the latest important part in making sure the recovery is sustainable and balanced across the country.
“We’re seeing very encouraging signs that the British economy is on the road to recovery.
“I pay tribute to the ambitious companies who are using the Regional Growth Fund to create jobs locally, helping to build a stronger economy and doing it fairly.”