A Coatbridge electronics company has secured multi-million-pound international contracts that should allow it to double its turnover over the next two years.
Retronix, which is also creating ten additional jobs, said the two contracts had been dependent on an investment of £400,000 to purchase a new high-tech laser to undertake the work more efficiently.
The firm is projecting additional turnover of £3.8 million over the next two years, and the investment will allow it to target more international work. It is being supported by a regional selective assistance grant from Scottish Enterprise worth £99,000.
Gary Moffat, sales director at Retronix, which was founded in 1992, said: “This latest equipment investment combined with our innovative techniques gives us a fantastic platform from which to expand into new markets throughout the world – specifically in the high reliability electronics sectors, such as aerospace and defence.”
Jim Watson, innovation and enterprise services director at Scottish Enterprise, added: “This is a superb example of a Scottish manufacturing company at the forefront of electronics innovation.
“We are very pleased to be supporting Retronix secure these two contracts and enhance their international competitiveness while adding even greater value to Scotland’s economy.”