Oilfield equipment firm invests in new factory
Drilling tool technologies group Cutting & Wear is investing £5 million in a new factory close to the M1 in South Yorkshire.
The Rotherham firm, which specialises equipment used down drill holes by the oil and gas industry, is moving to a three acre site on St Paul’s Developments’ Smithy Wood Business Park.
Its purpose-built facility will open in the autumn and will include new machinery, to help the company keep pace with increased demand for its products and services from customers across the globe, while also reducing the company’s carbon footprint.
Managing director Mark Russell, said: “In 2006 the board set the goal of moving to a new facility as part of our strategy to develop a world class, technology based engineering company.
“We look forward to relocating to our new, state-of-the-art manufacturing centre and the business benefits it will bring.
“As well as improving efficiencies across the company, the new HQ will help to reinforce the quality of the Cutting & Wear brand in oil and gas drilling locations across the world. This is a major investment for the company and sets our course for the years ahead.”
New machine tools will contribute to the company’s continuing drive to boost efficiency and streamline manufacturing and enablie the company to handle components up to 30 feet long, compared to 20 feet at its current location.
Yorkshire Bank is supporting the company through a development facility and tailored business loan.
St Paul’s Developments’ Dennis Enuson said it was delighted to have secured a high calibre occupier like Cutting & Wear for the development.
“This deal, coupled with a healthy take-up of our office units over the past twelve months, is very positive in light of the key goals that we set for Smithy Wood,” said Mr Enuson.
St Paul’s was aiming to attract medium-sized companies from across South Yorkshire who were looking to upgrade and expand their operations.
It also wants to attract national operators looking for a high quality site with first class infrastructure and excellent communications,” Mr Enuson added.