AML (Advanced Manufacturing Ltd) intends to invest in three new machines, costing £3.9m, at its factory near Sheffield, as well as recruitment, training and 12 apprentices.
It hopes to ‘transform’ the business from 50 staff and £5m turnover to more than 80 and £12m turnover.
The company, based on the Advanced Manufacturing Park in Rotherham, makes products including shafts, discs, aerofoils and bearings for the aerospace and energy industries.
Some £1.98m of the cost of the project is in the form of an investment from South Yorkshire Mayoral Combined Authority, which is funded by the taxpayer. The rest is from the firm and its asset finance company, the company said.
Dr Gareth Morgan, managing director of AML, said the cash boost would make them a global player.
He said: “It means we will be able to create highly-skilled roles locally as part of our grand plan to keep innovating and growing the business on a worldwide basis.
“Without the funding we wouldn’t be able to invest in our business to carry out initial trials which are required to secure these larger international contracts.”
Dr Morgan established the company in 2008 as a spin out from the Advanced Manufacturing Research Centre, part of Sheffield University.
It started out making small parts for testing and has since developed into a supplier to major companies including Rolls Royce and Siemens.
The investment from the mayor’s office follows a £100,000 grant in 2019 which helped pay for new machinery and technical development.
In December, the South Yorkshire MCA said it planned to invest £170m into 137 high growth companies creating 7,000 jobs.
Since then 867 jobs have been promised at a cost of £10.48m in grants, loans of £5.2m and £1.98m investment.
As well as AML (£1.98m investment, 32 jobs) they are: Lontra (£5m grant, £2m loan, 300 jobs), Ultimate Battery Company (£3.2m loan, £2m grant, 500 jobs), Gene Therapy Innovation & Manufacturing Centre (£1.5m grant, 35 jobs).
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Separately, airship company Hyrbrid Air Vehicles has anounced plans for a factory employing 500 in a ’green aerospace cluster’ in South Yorkshire. It is set to be created by the Mayoral Combined Authority but details of its location or funding for companies are currently unavailable.
Rachel Clark, director of trade and investment at SYMCA, said the AML investment was part of a plan to ‘grow and recover from the impact of the global pandemic’.
She added: “AML Accelerate will benefit not only employees of this company, but also the local supply chain, as well as create opportunities for wider digital adoption and upskilling.”
In March, The Star revealed former South Yorkshire mayor Dan Jarvis was in talks with government about establishing a hub dedicated to low carbon flight.
Hybrid Air Vehicles is also working with Doncaster Council on a factory for its Airlander 10 aircraft, giving an indication of a possible location. The MCA is also loaning Doncaster Airport £20m.
HAV has received £140m funding including £11m from grants and government funding including from the Aerospace Technology Institute.