16th Apr 2014 10:54
LONDON (Alliance News) - Gooch & Housego PLC Wednesday said that it has secured a GBP800,000 investment from the UK government's Regional Growth Fund, which it will use to invest in its business unit, Systems Technology Group.
Gooch & Housego founded Systems Technology Group early last year, at its Torquay UK facility, to function as a separate business unit with a remit to design, develop and prototype systems-level products.
The manufacturer of optical components and systems said that it has been selected as a beneficiary of UK government's Regional Growth Fund, which is a GBP3.2 billion stimulus package intended to stimulate private sector economic growth and sustainable employment.
"The resulting expansion of the research and development and production facilities at G&H, will accelerate the company's growth and bring us one step closer to our strategic goals," said Chief Executive Gareth Jones in a statement.
Earlier this month, the company said that trading in the first-half of the year was in line with management expectations, supported by good customer engagement in its key markets and growth in its order book.
Gooch & Housego shares were down 1.3% at 653.80 pence per share Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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