Coatbridge-based Electronics company secures two new contracts which are expected to add £3.8m to turnover over the next two years
Electronics company Retronix has secured two new contracts worth up to £3.8m following a £400,000 enquipment investment.
The Coatbridge-based company now plans to add 10 new jobs after securing a £99,000 Regional Selective Assistance grant from Scottish Enterprise to support the investment.
The new contracts are expected to add £3.8m to turnover over the next two years.
Retronix has not named the companies awarding the contracts, citing “commercial confidentiality” but said the contracts were dependent upon the investment in new ‘Laser Reballing’ technology used to reprocess high value components for further use.
Retronix’s laser reballing process is approved by the likes of BAE Systems, Leanardo Company, Meggit Avionics and Martin Baker Air Craft Company.
Gary Moffat, sales director at Retronix, 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, said Retronix is a “superb example of a Scottish manufacturing company at the forefront of electronics innovation”.
He added: “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.”
Retronix was established in 1992 and specialises in electronic component repair and recovery, principally printed circuit boards, for a wide range of industries.