A Corby company is to benefit from new funding to address skills shortages and build on the success of the UK’s automotive industry, Business Secretary Vince Cable announced on Monday (October 20).
Speaking at a CBI event in London with business and political leaders to discuss industrial strategy, he revealed that six businesses, including car component manufacturer Benteler in Baird Road, Corby, will get £5.4m of Government industry investment to help them win and keep work with big automotive manufacturers.
Dr Cable also announced a further £10m of Government money would be made available in a new funding round.
He said: “Through our industrial strategy we are working in partnership with the automotive sector as it goes from strength to strength, with today’s investment by Ford and the Government in Dagenham the latest positive outcome.
“Our new funding will build on this progress and help to lock in sustainable growth in the supply chain. On average only a third of parts going into vehicles manufactured here are sourced from the UK.
“With a potential £3bn in opportunities identified for UK based vehicle and engine manufacturers, we need to strengthen our supply chain to take advantage of this opportunity.”
The £5.4m includes a £2.7m Government investment from the Employer Ownership Fund automotive supply chain competition which is then matched by the firms.
Benteler in Corby was among the winners from the first round.