AN INNOVATIVE engineering company is supplying components for some of the world’s most prestigious telescopes.
The Altec Engineering Group, based on the outskirts of Durham City, supplies the components via its work with the Durham Centre for Advanced Instrumentation (CfAI) at the North East Technology Park (NETPark) Sedgefield.
Altec was originally connected to the CfAI by Business Durham, the economic development company for County Durham, which manages NETPark.
Now the firm is looking to triple its turnover in the next three years with the company having recently won contracts valued at £2m for the production of complex aerospace, oil & gas, automotive and defence components.
The group’s special purpose division continues to win orders for production automation systems from a number of industry sectors. It is closely involved with several space science projects, including work related to the European Space Agency.
The growth of Altec, which was formed in 1978 by Ron Waite MBE as a small North East-based engineering company, was accelerated by a £6m funding boost from the Business Growth Fund (BGF), which allowed it to acquire precision engineering firm, Ronco Engineering in Tanfield Lea, near Stanley; West Yorkshire-based Sigma Technologies and Quick Hydraulics in North Shields. It has plans for further acquisitions.
In 2016, its turnover is expected to reach £11m – and almost triple to £32m by 2019. It has an ongoing programme of recruitment and around 10 per cent of its workers are apprentices.
Paul Lackenby, business development director, at the firm said: “Our ongoing strategy remains one of continued growth and investment in complimentary technologies. Each company within the group has established a reputation for excellence in the fields within which they operate.”
As part of our focus on export in November 2016 we spoke to Andy Senior about Altec Engineering's export activity as well as gaining their top tips for other businesses at Durham Oktoberfest 2016.