Albacom specialises in electrical components for the global defence and aviation industry and has diversified in recent years into other commercial sectors. It is set to expand after raising £500,000.
The firm has 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. The remaining sum is from private investors.
Bosses at Albacom said the cash injection would be used to support marketing activity, grow the company’s international footprint and be put towards further scaling its engineering operations, creating up to 20 additional jobs within three years.
The firm’s current facilities include a 14,000-square-foot, purpose-built office and factory in Dundee where it delivers bespoke products and services in electronic design and manufacture, CNC engineering machining lifting equipment testing, electric motors and specialist microwave design and manufacture.
Chief executive Jim Davidson said: “We have deep roots in the Dundee area and are delighted to have the support of the 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.”
He added: “By diversifying we have enhanced our position in total project management, engineering design and manufacture solutions. 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 of the Scottish Investment Bank added: “Albacom is poised for growth having secured a number of new orders through the continued diversification of its services. This investment will help the company meet a growing demand for its products while creating additional skilled employment opportunities in Dundee.”