Electronics company Retronix has secured two major multimillion pound international contracts that will double its turnover over the next two years and create 10 new jobs.
Cabinet Secretary for Finance and the Constitution Derek Mackay visits the Coatbridge company, where it will boost the local area with 10 new jobs, several of which will be suitable for school leavers or 18-25s as in-house training is provided.
Retronix’s two new contracts have been dependent on an investment of £400,000 to purchase a new larger high quality laser that can undertake the work efficiently and support the new jobs. The contracts offer an opportunity to transform the business, adding a forecasted turnover of £3.8m over the next two years, and allow Retronix to further target international work. The company have been working closely with Scottish Enterprise and are supported by a Regional Selective Assistance grant of £99,000.
Commenting on the grant, Gary Moffat, Sales Director from 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. Celebrating 25 years in business this year we are excited and confident to be in a position to further cement our reputation as a solutions provider to the electronics industry and at the same time further demonstrate our commitment to employing, training and investing in local people.”
Cabinet Secretary for Finance and the Constitution Derek Mackay said: “Retronix is an excellent example of a Scottish start up at the forefront of electronics services. I welcome their investment, supported by a £99,000 Regional Selective Assistance award from Scottish Enterprise, which will lead to the creation of 10 new jobs in Coatbridge – testament to the skilled workforce here. I wish Retronix all the best for the future.”
Jim Watson, Innovation and Enterprise Services Director at Scottish Enterprise, said: “This is a superb example of a Scottish manufacturing company at the forefront of electronics innovation. 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 is involved in electronic component repair and recovery, principally printed circuit boards, for a range of industries including aerospace, defense, high end telecoms and medical. The company has developed a unique approach for repairing components utilising a laser, which offers a number of advantages over traditional solder technology adding extra life to components.