Nifco (
www.nifco.com), which manufactures parts used in the engines, interiors and exteriors of cars produced by BMW Mini, Ford, General Motors, Honda, Jaguar Land Rover, Nissan, Renault, Toyota and Vauxhall Opel, has reported a record turnover of £71 million — a double-digit increase on its performance just three years ago.
The firm, which is based in Stockton-on-Tees and employs more than 650 people, has enjoyed its eighth consecutive year of growth.
Mike Matthews, managing director of Nifco UK, said: “We are very pleased with what we have achieved. The upward trajectory continues with a year of controlled growth, and with the team being added to along the way to ensure that we have the capacity to deliver against our expanding order book.”
The sale of the company’s former site at Yarm Road, where it was based for more than 40 years, contributed to Nifco UK’s healthy results.
“Last year, we secured the sale of our old facility, which was undoubtedly a boost for us, but that notwithstanding, the year was a very healthy one, and we are pleased to have been able to deliver very focused, strategic growth.”
Nifco announced less than two years ago, that it had won its largest ever single contract — a £50 million deal with US car giant Ford. The contract came after Nifco moved to a multi-million-pound facility that significantly increased its capacity and capabilities.