Coventry automotive firm signs multi-million pound investment deal with Chinese company
The first 50 jobs are being created by a Coventry automotive firm that signed a multi-million pound investment deal with a Chinese company.
CAD CAM Automotive (CCA) announced last year that China Red Sun Group would be investing £300 million in the city company which will eventually lead to 1,000 new jobs.
CCA, which has been assisted in its growth strategy by the Coventry and Warwickshire LEP through the C&W Growth Hub, said 20 new staff had already been recruited and a further 30 skilled people were being added in the next few weeks.
The company is also investing in new technology and machinery that will help to pave the way for a range of exciting new projects on its current site in Holbrooks while the firm is planning to move to a new headquarters over the next two years, as well as open a research and development centre in the region.
Martyn Wheeler, managing director of CCA, said: “It’s a very exciting time for the company and the first stages of the growth strategy are now being implemented.
“We are looking at purchasing new machinery and equipment in the next few weeks that will run into millions of pounds’ worth of cutting edge technology, while a further 30 staff are being added on top of the 20 we have already recruited.
“Our growth is going to be very strong and very quick and we are just putting the building blocks in place now to allow all of that to happen.”
He added: “The LEP and the Growth Hub really have been key in making all of this happen. They have supported us in so many ways.
“They hosted a delegation from Nanjing and, through their work with Geoffrey Robinson MP, that helped to open doors in places we, as a company, never could. In fact, they opened doors we didn’t even know existed!
“They have helped to co-ordinate our interactions with UK Trade & Investment, which has been very useful, and also have signposted us to potential funders.
“With an exciting time ahead, it’s important to acknowledge some of the support we’ve had and I’d encourage other companies to tap into the help on offer.”
CCA is a high-technology, creative design, development and manufacturing company which can trace its roots back more than 100 years.
Craig Humphrey, managing director of the Coventry and Warwickshire Growth Hub, said: “The potential for growth at CAD CAM is huge and that is what attracted China Red Sun Group’s investment.
“The team here at the Growth Hub have lent a range of support to the company – CAD CAM is a great example of the breadth of help we can offer. It’s great to see that is already resulting in new jobs with many, many more to follow and there are very exciting times ahead.”
