Rimstock, the UK's only alloy wheel manufacturer, is aiming to create 150 jobs at its Church Lane factory in West Bromwich.
The company is not revealing how much money it has secured under the Regional Growth Fund – recently announced by Deputy Prime Minister Nick Clegg – but it will finance a multi-million pound investment in new manufacturing techniques and processes at the plant, in Church Lane.
Rimstock is among 12 West Midlands firms to share in £54.9m from the Regional Growth Fund.
- Extra £300m funding for Regional Growth Fund
- Regional Growth Fund investment in the North West reaches £750m
- £650m of bids for Regional Growth Fund Round 5
The money seeks to help firms grow, with Brose UK and the University of Wolverhampton also awarded.
The techniques Rimstock uses are currently only available in mainland Europe, Asia and the US, and will now bring to the UK innovative engineering the company says is pivotal to its future.
The company is a specialist in advanced manufacturing of forged and cast aluminium wheels for OEM, motorsport, defence, concept, and aftermarket sectors. A spokesperson says the funding also secures the future of its existing 240-strong workforce. And it is already looking at potential sites nearby to allow it to expand.
Company chairman Steve Neal said: “We are delighted today at Rimstock to have been successful in securing the Regional Growth funding.
“In what is Rimstock’s 30th year of manufacturing right here in Sandwell, and as the UK’s only OEM alloy wheel manufacturer, the funding is pivotal to our future plans, which will not only secure jobs, but generate more over the next four years.”
Steve Lane, CEO and managing director at the West Bromwich-based manufacturer, added: “At Rimstock we are very proud of our British automotive manufacturing heritage, which has experienced some turbulent times over the past few years.
“And to succeed and continue to drive the business forward against a backdrop of these challenges, demonstrates our passion and commitment to our people and the West Midlands region.”
“This is engineering for the future and we feel excited about the next four years for Rimstock. It was great to be able to give this news to our people.
“We believe this new technology will open doors for us with some of the UK’s big vehicle manufacturers and many of them have supported us in our bid for the RGF money.”
With over half of Rimstock’s trading in Britain, the funding will enable Rimstock to manufacture locally to its market and remain one step ahead of the intense competition from the Far East.