Hi-tech oil industry supplier Cutting & Wear Resistant Developments is expanding and creating new jobs, with the help of funding from Yorkshire Bank’s Investing for Growth initiative.
The company, which specialises in making down-hole drilling equipment, has moved from Greasbrough Road to a £5 million, 38,000 sq ft factory at Smithy Wood Business Park, near Sheffield.
Cutting & Wear hopes to create 10 new jobs following the move and has installed the latest machine tool technology to boost efficiency, streamline manufacturing and enable it to handle components that are up to 30 feet long – 10ft longer than it could handle at Greasbrough Road.
Managing director Mark Russell, whose father, Brian, founded the firm 44 years ago, said: “This relocation to state-of-the-art premises is central to our move to develop a world-class, technology-based engineering business as global demand for oil and gas continues to outstrip supply.
“As well as improving efficiencies across the company and reducing our carbon footprint, our new headquarters will help re-enforce the quality of the Cutting & Wear brand in oil and gas drilling locations worldwide.
“This is a major investment for the company which sets our course for years ahead.”
Cutting & Wear’s managing director praised Yorkshire Bank’s South Yorkshire Financial Solutions Centre for its support.
“Yorkshire Bank South Yorkshire FSC has responded well to our requirements for the new facility and to our growth plans generally,” said Mr Russell.
Yorkshire Bank’s Oliver Dean, added: “Top class manufacturing and exporting as carried out by Cutting and Wear will prove crucial as the UK economy looks towards recovery.”
Cutting and Wear Resistant Developments has 67 staff, a turnover of £8.2 million and exports to more than 50 countries.
The company says the move gives it the space to develop a further 18,500 sq ft of manufacturing space and 2,500 sq ft of offices as it continues to expand to keep pace with global demand for its products.