Yorkshire manufacturer, Advanced Engineering Techniques is equipped for growth after securing fresh funding.
The Sheffield-based firm secured a £900,000 funding package, enabling it to invest in new advanced automated machinery.
Advanced Engineering Techniques (AET) is a large subcontract engineer provider and the firm recently took stock of a 6-metre Bystronic laser-cutting system.
The machine operates three-times faster than the company’s previous laser cutter and uses 60% less energy, as well as being able to operate unmanned at night.
The firm invested in the new equipment after obtaining funding from Yorkshire’s Bank’s South Yorkshire Business and Private Banking Centre.
AET was founded in 1989 and manufacturers parts for the rail; construction; yellow goods, and road transport sectors. The firm employs 170 staff and generated a turnover of £11.5m in the last financial year.
The firm estimates it has spent £6m on new equipment over the past five years and created 70 new jobs at its Sheffield plan.
AET’s managing director, David Birch commented: “With support from Yorkshire Bank, we have invested in new automated laser-cutting equipment that will enable us to scale up production and operate around the clock.
“This investment will help us remain competitive against our rivals overseas and retain jobs in Yorkshire. The more contracts we win, the more people we can employ.”
Head of Yorkshire Bank’s South Yorkshire Business and Private Banking Centre, Kevin Elliott added: “We are extremely proud to support AET, a strong, well-managed business with significant growth ambitions. David and his team represent all that is good and entrepreneurial about the Yorkshire economy by continuing to grow the business in a highly competitive marketplace.”