20th Oct 2006 07:03
Turbo Power Systems Inc20 October 2006 Friday October 20th 2006 NEW GATESHEAD FACTORY Turbo Power Systems, the innovative electrical machines and electronics systemsprovider, is pleased to announce that its power electronics division has agreedterms on a new 40,000 sq.ft factory in Gateshead. The Company has made significant sales progress in its innovative high-speedmotor/generator and power electronics technology and has seen continued orderbook growth, winning a number of new contracts with major industrial customersin the rail and aerospace industries. This strong growth necessitates the needfor larger premises in the north-east of England. The new facility is adjacent to the A1(M) and only a few miles from TPS'sexisting premises. The site will provide capacity for planned growth over thenext five years. The move will take place in early 2007 when the Company'sexisting premises will be vacated. TPS's move to the new facility is being assisted by One NorthEast, the RegionalDevelopment Agency dedicated to the region's sustainable development. OneNorthEast has awarded a grant of up to £550,000 towards the total cost of themove. The grant will be dependent on the level of employment creation and thetotal investment made by the Company. It is expected that TPS's expansion willcreate up to 100 jobs for the region over a three to four year period. Michael Hunt, chief executive of Turbo Power Systems, commented: "The move intolarger premises allows us to fulfill our growing order book. Furthermore, theability to design the factory layout around our new programmes will lead togreater efficiency in production. Staying in the Gateshead area was important asit allows us to maintain our highly skilled workforce and will enable us to tapinto the significant local skills pool as we continue to grow." Ian Williams, One NorthEast Head of Business Products, said: "Turbo PowerSystems is an innovative company with blue chip clients and it is important forthe local area and the region that it remains in the North East. It's move to a new Gateshead base will create high quality jobs in engineering, manufacturing and research and development". For further information, please contact: Turbo Power Systems Inc Tel: +44 (0)20 8564 4460Michael Hunt, Chief ExecutiveStephen Sadler, Chief Financial Officer Gavin Anderson & Company (PR) Tel: +44 (0)20 7554 1400Ken CroninMichael Turner Company Website: www.turbopowersystems.com NOTES TO EDITORS About Turbo Power Systems Turbo Power Systems develops innovative products for power generation and powerconditioning. The Group was established in 1993 as a spin-off from ImperialCollege, London and was floated on the London stock exchange in July 2000 andsoon after obtained a secondary listing in Toronto. In July 2001, the Groupacquired Intelligent Power Systems Limited (I-Power) specialising in powerelectronics. About Power Electronics Power electronics products take a range of power inputs and condition them toachieve outputs of precisely defined characteristics for applications such asmotor drives for industrial and aerospace applications, industrial lasers, UltraViolet sterilization systems and railway power electronics systems. About One NorthEast One NorthEast is the Regional Development Agency (RDA) set up in April 1999 tohelp the people of the North East create and sustain jobs, prosperity and ahigher quality of life. RDAs were set up by Government to promote sustainable economic development inEngland. They are business led. Their main tasks are to help the English regionsimprove their relative economic performance and reduce social and economicdisparities within and between regions. The regional approach to economicdevelopment allows businesses and communities to formulate solutions that areappropriate for the particular circumstances and strengths. One NorthEast is harnessing all the physical and human resources of the region,in both rural and urban communities, to accelerate economic development andregeneration, promote business growth and efficiency, boost investment andincrease competitiveness, generate thousands of new jobs and develop the workskills of the people living here to meet the needs of a changing economy. Web site: www.onenortheast.co.uk Forward Looking statements This news release contains forward-looking statements. Forward-lookingstatements include statements concerning plans, objectives, goals, strategies,future events, or performance, and underlying assumptions and other statementsthat are other than statement of historical fact. These statements are subjectto uncertainties and risks including, but not limited to, the ability to meetongoing capital needs, product and service demand and acceptance, changes intechnology, economic conditions, the impact of competition, the need to protectproprietary rights to technology, government regulation, and other risks definedin this document and in statements filed from time to time with the applicablesecurities regulatory authorities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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