Engineer Caledyne aiming for 500% growth

A NORTH-EAST engineering firm has laid out ambitious expansion plans after securing almost £2 million in funding.

Aberdeen-based Caledyne said it was set for "rapid growth" following six years of research and development into engineering tools for the oil and gas sector.

Company directors are aiming to achieve 500 per cent growth over the next two years with turnover set to top 6m in 2011 on the back of "several recent international contract awards". The current workforce of 17 is set to increase to more than 30. Caledyne has received financial backing from Clydesdale, with the team at the bank's Aberdeen "financial solutions centre" providing 1.8m in debt-funding, working capital, asset finance and ancillary banking services.

Roland van Dort, managing director of Caledyne, said: "Since setting up in 2004, we have focused on research and development, ensuring a full suite of tools was developed to the latest standards.

"We are now in a robust position to fully exploit and commercialise our innovative products, taking them to markets around the world."