Around 100 business people have heard how two of the most well established industrial names in Coventry and Warwickshire are attracting inward investment to the area.
The success of automotive manufacturer Covpress, which was bought by Chinese investors last year, and MIRA, which is creating an international automotive technology park, was detailed at the latest meeting of the Coventry and Warwickshire Champions held at the Ricoh Arena.
Covpress was bought by Chinese industrial giants Shandong Yongtai and TIA Treadsetters and has since gone from 400 staff to 550, and will reach 700 in the next two years following £10 million of further investment.
Martin Jones, plant director of Covpress, said the company was on its fourth business plan in 18 months because of its expansion and he outlined plans to open a Covpress plant in China.
He said: “Chinese investment has only been good for Covpress. We were already a successful company and the investors were attracted by our order book and our profits, and they could see the potential for growth.
“Their investment is helping us reach our potential and has opened up a wide range of opportunities for the company and our staff. These are really exciting times.”
Terry Spall, of MIRA, explained the philosophy of the new automotive technology park which is designed to bring international firms to Coventry and Warwickshire to make maximum use of the world class research and development facilities and expertise at the centre.
Les Ratcliffe, chair of the Coventry and Warwickshire Champions, said the two companies – and the Ricoh Arena–emphasised the assets of the area.
“All three companies are leaders in their field, and all three attract international investment to the area which is key for the regional economy,” he said.
“The whole point of the Champions meetings is to ensure that business people across the area are fully informed about the developments in Coventry and Warwickshire, so that they can spread the word.
“We have a good record of attracting inward investment in this area and often it is on the back of a high level of expertise which investors want to buy in to. This session showed just how that happens and how it can only be good for our economy.”