Icon Plastics, a precision plastic injection moulding business, is acquiring a new site in a move that will reaffirm its position as a market leader after consistent growth of 20% year-on-year.
The Stockton-based company has acquired an additional 10,000 sq ft factory that sits on a 2.5-acre site directly opposite its current 36,000 sq ft premises.
The new site, which is next door to its current location on Durham Lane industrial park in Eaglescliffe, will be used to expand its manufacturing and technical assembly processes within the business.
Icon has invested £450,000 in buying this new site and will spend another £150,000 in refurbishing and kitting out the factory.
Managing director Gareth Thomas, pictured above (left) with operations director Phil Walker outside the new site, said: “We are seeing positive growth in the business, and are very confident about the expansion.
“We currently have about two acres of space at our current site, but it was beginning to feel cramped, which raised the very real prospect of having to walk away from further contracts.
“The new site will remove such fears, giving us space to expand our operation, take on new clients and strengthen the company’s position in the market as we look to grow the business into the future.”
The company, which recently received the coveted IATF 16949:2016 accreditation, is known for manufacturing plastic parts and assemblies into the automotive supply chain for over 15 years.
Icon employs 60 permanent full time staff and intends to make further full time and apprentice positions as it grows its operation.