TekNek claims 'immunity' to credit crunch

ENGINEERING firm TekNek has claimed it is "largely immune" to the economic downturn.

The firm, whose technology cleans the machines used to manufacture flat-panel TVs and fuel cells, said it expected double-digit growth in the current financial year.

The news comes as TekNek's parent group, TH Group, announced a merger between the company's Howwood division and sister division NPI Solutions.

TekNek, which has about 150 staff and whose customers include Panasonic and Sony, wins the majority of its business from overseas – predominantly in Asia, where it says the credit crunch has not hit business as badly as elsewhere.

Speaking as the firm opened a new manufacturing facility in Renfrewshire, managing director Steve Mitchell said the firm's turnover – understood to be about £20 million – had grown by 17 per cent in the year to the end of May.