Search

Thetford manufacturer to create 20 new jobs

PUBLISHED: 13:29 18 December 2014 | UPDATED: 13:29 18 December 2014

Precision Refrigeration's base in Thetford. Picture submitted

Precision Refrigeration's base in Thetford. Picture submitted

Archant

A Thetford-based refrigerator manufacturer has embarked on a recruitment drive after rolling out plans to expand the business.

Precision Refrigeration has invested £500,000 into the company to expand its manufacturing plant and buy an adjoining building.

The move is part of a reorganisation of the company, which will lead to 20 new jobs and the installation of a new punching and automatic bending machine.

Its growth comes after the Confederation of British Industry (CBI) revealed earlier this week that manufacturing orders had grown at their fastest pace for four months, despite the stagnant impact of the Eurozone.

The total order book balance from the CBI’s monthly Industrial Trends Survey lifted to a balance of plus five in December, its highest level since August.

Nick Williams, managing director, said: “Our sales, both in the UK and overseas, have rocketed over the last 12 months. We’ve been growing at around 40pc year on year and have been running extra shifts to keep up with demand. It’s a great position to be in but, of course, it brings its own problems.

“The new building gives us the capacity to meet rising demand and the potential to increase production substantially.”

Speaking about the recent rise in manufacturing orders, CBI director of economics Rain Newton-Smith said: “The otherwise solid outlook for UK manufacturers is tempered by a challenging global backdrop.

“With eurozone growth disappointing and some emerging markets facing a tough time, firms need to look harder for opportunities to ramp up exports to high-growth sectors across the globe.”

The falling oil price helped manufacturers cut costs, with crude falling to 62 US dollars a barrel last Friday - its lowest price since 2009.

Capital Economics UK economist Paul Hollingsworth said: “The upbeat tone provides an encouraging signal that manufacturers can grow despite the stronger pound and weak eurozone.”

Search hundreds of local jobs at Jobs24

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Eastern Daily Press visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Eastern Daily Press staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Eastern Daily Press account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to receive our regular email newsletter

Insight

For many the most thrilling part of starting a business comes in the early days, buoyed by those first sales when you might be running your fledgling enterprise from the kitchen table.

A global boom in the use of smart meters is set to fuel the growth of a pioneering East Anglian engineering company after it struck a major production deal with a leading Indian manufacturer.

Green 100

cover

Enjoy the Green 100
digital edition

Read
0

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented