Gestamp Tallent Automotive acquires £12m for investment
The European Investment Bank has confirmed it will provide £12 million for investment by Gestamp Tallent Automotive, allowing the company to strengthen innovation and development of specialised chassis and suspension products.
Gestamp Tallent has six plants in the UK where it utilises top-of-the-range technology to make lighter and safer vehicle components. It supplies parts for huge global automotive companies such as Nissan, Jaguar, Land Rover, Bentley, Ford, and Toyota. The company also has an R&D centre within its base of Newton Aycliffe.
Jonathan Taylor, The European Investment Bank's Vice President, stated: “The European Investment bank has a strong track record supporting investment to strengthen the world class leadership of UK industry. We are pleased to continue our cooperation with the UK automotive sector to finance significant new investment by Gestamp Tallent in Newton Aycliffe."
Over the last decade, in response to requests from public sector and private business clients, the self-financing European Investment Bank has provided more than $2.6 billion for transport, education, social housing, water, energy, healthcare, and urban regeneration investment across the North East.
Recent support for investment it the North East has included the Rail Vehicle Manufacturing Facility in Newton Aycliffe that will build new Intercity Express trains, £100 million to underpin Newcastle University’s capital development programme, £330 million for investment by Nissan in Sunderland, £250 million for investment by Northern Powergrid, and backing for upgrading 12 schools across the region.