press releases
Support Secures Jobs For Faraday
A Wearside circuit board maker is investing in new technology as it looks to bring back work from the Far East.
Washington-based Faraday Printed Circuits Ltd has secured Selective Finance for Investment (SFI) funding of £75,000 as part of an overall investment of £300,000 in new state-of-the-art plating machinery.
The funding has been secured from One NorthEast with support from Tyne and Wear Development Company and Business Link.
Thanks to the new technology, Faraday will outsource less production to the Far East – safeguarding jobs on Wearside. The firm, which employs 58, specialises in providing a bespoke service producing short runs of circuit boards for clients in the North East, UK and Europe.
Jamie Pearson, HR manager at Faraday Printed Circuits Ltd, said: “The circuit board industry is hugely competitive with the Far East posing the greatest threat. Although we specialise in short runs of bespoke circuit boards, the only way we can remain ahead of our competitors is through continual investment in new technology. This latest investment will help to secure the long-term future of the plant.
“The support, particularly from Tyne and Wear Development Company, was excellent. They helped to fight our cause, were very proactive and always there with feedback and advice when needed.”
Faraday Printed Circuits Ltd was set up in 1987 and is a global supplier and manufacturer of printed circuit boards for the electronics industry. Many of its circuits end up in transport signage, cash points or coin operated mechanisms such as slot machines.
The majority of its customer base is in the UK and 10 per cent is in Europe – although the firm is keen to exploit the current favourable Euro exchange to export more.
Alma Harrison from Tyne and Wear Development Company said: “There is strong competition in this sector from across the Far East so it’s vital we support reinvestment in regional firms.
“Faraday is a real success story for the region. It’s a company with an excellent track record and we’re delighted to be able to play a part in helping them to secure this investment. It’s good to see different support agencies working together to help local companies.”
Back