Stockton precision plastic injection moulding firm Icon Plastics has invested £180,000 in a new technology taking investment at its new premises to £1 million.
The workforce at Icon Plastics has grown by 15% since it moved to new premises on Teesside last year.
The company, which is led by managing director Gareth Thomas and operations director Phil Walker, bought its current base for £500,000.
Since then it has invested a further £500,000 in equipping and refurbishing what were derelict premises.
Icon, which employs 37 staff, has recently installed a state-of-the-art injection moulding machine, at a cost £180,000, which will allow the firm to mould components and products up to 3.5 kilos in weight.
Mr Thomas said: “This latest investment is a milestone for Icon as it takes the level of investment to £1 million at our Durham Lane Industrial Estate premises.
“The installation of this state-of-the-art equipment will enable Icon to offer an even bigger range of high quality moulded products to existing and new customers, which will help the company continue to grow.”
The company’s operations, which take up 36,000sq ft in space, are based on a two acre site at Durham Lane Industrial Park at Eaglescliffe, which gives the company plenty of potential for further expansion.
Mr Walker said: “We have invested substantially to totally transform what was a derelict site. We chose this location because it has the capacity to allow the company to grow as we expand our product and customer base.
Its products range from electronic identification tags for livestock to casings for energy meters.
Operating 24 hours five days a week, Icon, which has 20 moulding machines, is experiencing growth across a range of sectors, in particular in electronics and LED lighting components.
While Icon’s marketplace is predominantly the UK, it does some business overseas, and exports to Malaysia, Austria, and Eastern Europe. Its clients include Veolia group, Sepura and Net Things.