Dundee engineering firm Albacom is set to grow its workforce after raising £500,000 to develop its business in new markets.
The company, which has grown out of the 1990 management buy out of the Dundee division of Ferranti, specialises in electrical components for the global defence and aviation industry.
Albacom secured a £400,000 loan from the Scottish Loan Scheme (SLS), part of the Scottish Government’s Scottish Growth Scheme, which is administered by Scottish Investment Bank, as well as £100,000 from private investors.
The money will be used to support marketing activity, expansion of the George Buckman Drive company’s international footprint and further scaling of its engineering operations.
The firm plans to create up to 20 new jobs within three years.
Jim Davidson, chief executive of Albacom, said: “We have deep roots in the Dundee area and are delighted to have the support of Scottish Investment Bank and the continued confidence from private investors as we move forward with our expansion plans at home and abroad.
“We have a highly skilled staff with a collective 180 years of specialist design engineering and electrical experience and already count many multinational companies among our customers.
“This investment will create more high-quality jobs and will provide us with working capital to manage the long lead times we can experience on some projects.”
The company’s current facilities include a 14,000 sq ft purpose-built office and factory space in Dundee where it delivers bespoke products and services in electronic design & manufacture, CNC engineering machining lifting equipment testing, electric motors and specialist microwave design and manufacture.
Mr Davidson said the latest plans come just three years after Albacom acquired its own CNC machine shop.
He said the firm had already line up several lucrative international contracts and was confident in the future growth of the firm.
“By keeping our customers front and centre of our growth strategy I am confident and ambitious for the future development of the business,” he said.
“By diversifying we have enhanced our position in total project management, engineering design and manufacture solutions across a range of industries in a competitive market.
“We have already secured lucrative contracts in the Far East and I believe our mixed offer and engineering expertise puts Albacom in a unique position to exploit multiple markets in the years ahead.”
Kerry Sharp, director of Scottish Investment Bank, described the Dundee firm as “poised for growth” having secured a number of new orders through the continued diversification of its services.
She said: “This investment will help the company meet a growing demand for its products while creating additional skilled employment opportunities in Dundee.”
rmclaren@thecourier.co.uk