Barden Corporation (UK) (www.bardenbearings.co.uk), a manufacturer of super-precision bearings, is to invest more than £15 million in its Plymouth facility; this will safeguard the site for another 50 years and create new jobs.

Managing director Jon Everett said: “It will provide long-term stability. We have just celebrated 50 years at this site, and there is no reason why we should not be here another 50 years. It’s about staying ahead of the market and investing in cutting-edge technology.”

Barden is a recognised leader in super-precision bearing systems; its products are found in cars, aircraft, the nuclear industry, missiles and satellites.

The company intends to tap into the huge global growth in the aerospace industry, including commercial aircraft and communications satellites.

Mr Everett added: “The plan is to grow the company over five years, focusing on the aerospace market, which is growing by around 6% a year globally, and areas like satellites — growing by 20%. We also intend to extend our customer base geographically too; the Far East is a target market.

"However, our primary markets are still the UK and France, for aerospace.”

Barden has already embarked on a two-year remodelling of its facility that will see production lines and clean rooms re-aligned, at a cost of about £3.5 million.

Meanwhile, about £4 million will be spent on upgrading IT systems, and about £5 million on new machinery.

Part of the multi-national Schaeffler Group, Barden produces 1.2 -1.5 million bearings a year from its 8,000m² Plymouth factory.