£12m funding for Newton Aycliffe automotive manufacturer

£12m funding for Newton Aycliffe automotive manufacturer

Newton Aycliffe-based component manufacturer Gestamp Tallent Automotive has won £12m in funding to support the development of new products.

Provided by the European Investment Bank, the investment will help the company in the creation of specialised chassis and suspension products.

With six plants across the UK, Gestampt Tallent uses the highest industry standards, such as Hydro Forming, allowing the firm to make lighter and safer car components.

The company supplies the global automotive industry including Nissan, Jaguar, Land Rover, Bentley, Ford and Toyota.

European Investment Bank vice president Jonathan Taylor said: “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.”  

Other recent support for North East businesses, from the European Investment Bank, includes:

  • The Rail Vehicle Manufacturing Facility in Newton Aycliffe that will build new Intercity Express trains
  • £100m to underpin Newcastle University’s capital development programme
  • £330m for investment by Nissan in Sunderland
  • £250m for investment by Northern Powergrid and backing for upgrading 12 schools across the region.
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