A cluster of leading Swedish industrial companies, Techtank has announced it is setting up its first international office in Coventry – a move which could see substantial inward investment to the region.
Techtank is a group of 21 businesses ranging from large manufacturers to small engineering companies in the South of Sweden and has made the decision to establish a permanent base in Coventry.
At the same time, two of its member firms are currently in advanced negotiations to set up operations in the area which could lead to the creation of 200 jobs.
Techtank announced the move at a reception of businesses attended by representatives of the Swedish Embassy and civic leaders at Coventry City Council.
The companies had been introduced to the area and its potential for investment earlier this year by the CW LEP’s Growth Hub and engineering consultancy, 52 Global.
Managing director of the CW Growth Hub, Craig Humphrey commented: “[Techtank] members see the potential in Coventry and Warwickshire, and particularly in the advanced manufacturing and automotive sector.
“They cover a wide range of industry specialists and we see it is a valuable addition to our supply chain. It is, obviously, early days but two of its members are now in negotiations over securing premises in and around the city and we expect those to be completed by the end of the year.
Humphrey continued: “The CWLEP was established to help drive forward the local economy and create growth, while the Growth Hub helps companies achieve their potential. This will lead to local jobs being created and an increased level of expertise in the local supply chain.”
52 Global, run by engineering consultant Paul Sullivan, will help run the Techtank office and Humphrey added that he was confident that more companies would follow the lead and set up operations in the area.
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Cluster Development Manager at Techtank, Anders Borgehed said: “The welcome we have been given in Coventry has been very impressive and it makes absolute sense to make this our second home.
“This has not happened overnight. There has been two years’ worth of work put into this and now we will start to see companies investing and creating jobs here.”
Coventry City Councillor Jim O’Boyle cabinet member for jobs and regeneration said: “This investment is great news for Coventry. The advanced manufacturing sector is thriving in the city and 200 new jobs would be great news for local people.
“Our manufacturing pedigree is recognised the world over and we will continue to work hard to attract new investment and create good jobs, with good pay for local people.”