Manufacturer Brose shares in £5.4m Government funding pot to tackle skills shortages
AN award-winning Coventry manufacturer has been named as one of six UK automotive suppliers to receive a share of Government funding aimed at addressing skills shortages.
Brose, which is a supplier to the likes of Jaguar Land Rover, will share in a £5.4m Government-industry investment designed to help it win and keep work with big automotive manufacturers.
The company, the winner of this year’s Large Manufacturer category at TheBusinessDesk.com Business Masters awards, has been named by Business Secretary Vince Cable as an inaugural beneficiary of the Employer Ownership Fund alongside Benteler in Corby, Getrag in Halewood, Gestamp in Sedgefield, Nifco in Stockton-on-Tees and Unipres in Sunderland.
The Business Secretary, speaking at a CBI event in London to discuss Industrial Strategy, the funding was designed to help supply firms to continue capitalising on the success of the UK automotive industry.
Dr Cable also announced a further £10m of Government money would be made available in a new funding round.
“Our new funding will 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,” he said.
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.
The announcement has also been welcomed by the chief executive of the Society of Motor Manufacturers and Traders, Mike Hawes.
He said: “Strengthening the UK supply chain is essential for the future prosperity of the whole automotive industry. We have to secure skilled jobs for long-term growth so this funding will ensure that UK suppliers are well placed to take advantage of the potential £3bn of new business opportunities available to them.”
The announcement of the funding came on the same day as Ford announced a new £190m investment in its Dagenham engine plant. Supported by £8.9m from the Government’s Regional Growth Fund, the plant’s expansion will create 318 new jobs.
Applications for the second round of the Employer Ownership Fund – worth £10m – will open from November 3, 2014.
