SHEFFIELD engineering firm Cutting & Wear has announced a £5 million investment which includes a new purpose-built manufacturing HQ, plus a number of new engineering machine tools.
Cutting & Wear is a leading global supplier of downhole drilling tool technologies to multi-national oil service companies and is aims to move to the new 3,500 sq m (38,000 sq ft) office and manufacturing plant at the Smithy Wood Business Park just off junction 35 of the M1 by the end of this year.
Managing director Mark Russell said: “In 2006 the board set the goal of moving to a new facility as part of our strategy to develop a world class, technology based engineering company. We look forward to relocating to our new, state-of-the-art manufacturing centre and the business benefits it will bring. As well as improving efficiencies across the company, the new HQ will help to reinforce the quality of the Cutting & Wear brand in oil and gas drilling locations across the world. This is a major investment for the company and sets our course for the years ahead.”
The new base will significantly reduce the company’s carbon footprint, whilst also enabling Cutting & Wear to keep pace with the increased demand for its products and services from customers across the globe. The new machine tools will contribute to an ongoing drive to improve efficiency and streamline manufacturing processes. The company will be able to handle components up to 30 feet in length, compared to a maximum product length of 20 feet at their current location.
It is anticipated that the expansion programme will lead to the creation of up to 10 new jobs in different areas of company activity.
Dennis Enuson, Development Manager at St Paul’s Developments Plc (the owners of Smithy Wood), said: “We are delighted to have secured Cutting & Wear — a high calibre occupier — who we look forward to welcoming to our development. This deal, coupled with a healthy take-up of our office units over the past 12 months, is very positive in light of the key goals that we set for Smithy Wood: to attract medium-sized companies from across South Yorkshire who are looking to upgrade and expand their operations, and from national operators looking for a high quality site with first class infrastructure and excellent communications.”
Commenting on the expansion programme, which is being supported by Yorkshire Bank in the form of a development facility and tailored business loan, Oliver Dean (Business Banking Partner) said: “Cutting & Wear is a long-standing business customer of Yorkshire Bank South Yorkshire Financial Solutions Centre and has been considering relocating for some time in order to enhance efficiencies within its operation.
“Yorkshire Bank has remained open throughout the last two years to back successful trading businesses and is pleased to have supported Cutting & Wear through our Investing for Growth initiative.”
The Harris Partnership in Wakefield are the project architects and Rebecca Schofield, an Associate at Knight Frank’s Sheffield office, advised St Paul’s on the deal.