Three businesses in Coventry and Warwickshire are to receive a total of over £2.5 million from a government project designed to boost the economy and create jobs.
The Coventry and Warwickshire Local Enterprise Partnership (CWLEP) has approved the financial assistance through Growing Places Fund 3 (GPF3) which will lead to an extra 138 jobs in the area.
Engineering company Penso – which provides consultancy services and manufactures parts for customers including Jaguar Land Rover, BAE and Mercedes-Benz – will expand its facility at Middlemarch Business Park in Coventry to create more production and research and development space for its specialised automotive products.
King Automotive Systems in Chelmarsh, Daimler Green, Coventry, will introduce a high-tech production facility to manufacture key automotive components.
Genesis Technical Systems, which is based at The Venture Centre at the University of Warwick Science Park in Sir William Lyons Road, Coventry, will invest in extensive research and development as part of its global expansion of superfast broadband connection equipment.
All three companies are also making their own contributions to the investments, which total over £18 million.
Sir Peter Rigby, chair of the CWLEP, said the applications to benefit from GPF3 had emphasised the highly skilled jobs being carried out in Coventry and Warwickshire.
“The three companies we endorsed to receive assistance from GPF3 will now be able to invest even further in their businesses to be innovators in their sectors,” he said.
“Penso, King Automotive Systems and Genesis Technical Systems are all making their mark in their industries and investing in research and development and manufacturing plant will take them to another level.
“They have also shown their commitment to their futures by making major investments as well to add to the financial assistance they will receive and the creation of more than over 130 jobs is a significant amount.
“Engineering and manufacturing are among our key drivers for future investment in the area which reflects our City Deal bid as we build on the world-class reputation we already have.
“This funding from GPF3 will ensure Coventry and Warwickshire remains at the forefront of technological advances in this important sector in the UK economy.”
Cllr Lynnette Kelly, Coventry City Council Cabinet Member for Business, Enterprise and Employment and CWLEP Board Member, said this was a significant show of faith in the three businesses by the CWLEP.
“This trio of companies are driving forward their business plans with great vision and the Growing Places funding will play a major part in their future growth,” she said.
“The CWLEP was impressed with the high level of skill within their workforces as well as the long-term plans of the management teams to continue to look at the bigger picture.
“We will be following their progress with great interest and there is no doubt this funding will make a positive difference to the area’s economy as well as creating and safeguarding jobs for local people.”