Precision Refrigeration is reaching the conclusion of its £250k factory investment programme at its Thetford, Norfolk base. The company previously announced that it would be investing in its production facilities to prepare for future growth.
Over the last 10 years, sales have increased by 25% year on year. With the current demand in the marketplace for Precision products, the company sees its future going from strength to strength.
The new investment work means that the company is able to double the capacity in its factory, and speed up the rate of production. This will help the business to create new jobs for the area, as well as benefitting customers with shorter lead times.
As part of the preparation work, Precision investigated its options with the local council to support it through this funding, so that it can benefit the local community.
Precision MD Nick Williams said: “Precision has had its factory investment programme made easier, by the local council supporting the company through a grant from New Anglia.
“The grant of £34k has gone towards construction work, tooling, racking, enhanced quality testing equipment and general infrastructure improvements within the factory. The stores area has been totally re-designed to help reduce the building time of our products. The new layout means that the workers will take less time to get parts from the stores area to where they are needed on the production lines. We believe the average manufacturing time will be reduced by about 5%.
“We have reorganised the flow of materials within the factory, making the most out of the space we have. The components are stored more closely to the lines, and we will continue to improve the way we work as a team. This all helps the company to speed up production, and increase the overall output of the factory.”
Precision went through an application process in order to secure the funding from the New Anglia Local Enterprise Partnership for Norfolk and Suffolk, and based on the information provided, was awarded the funding to support the company through this time of expansion.
Amanda Allum from New Anglia commented: “This business expansion has been supported by New Anglia Local Enterprise Partnership, through the Growing Business Fund.”