120 jobs follow loan and equity deal
Engineer to boost workforce after contract wins
ID Systems which has offices in Grangemouth and Glasgow, has received a loan and equity package on the back of new contract wins.
Its clients include Scottish Water, the Forestry Commission, National Grid and Edinburgh City Council.
The new projects involve off-site manufacture of wastewater pumping stations and water booster sets.
These developments will enable the firm to increase the payroll to 200, including shopfloor workers and additions to the senior management team who will take equity in the firm alongside UKSE, the Tata Steel subsidiary set up to assist growing companies in traditional steel areas.
Stuart Devine, finance director at ID Systems, said: “We had a tremendous opportunity to more than double the workforce with the recent contract win and this funding from UKSE will allow us to make that happen as smoothly as possible.
“It’s an exciting time for the company, and we’re grateful to UKSE for the investment.”
Scott Webb, regional executive for UK Steel Enterprise, said: “This long-standing, growing business will now have the structure to continue expansion along with the necessary funding from UKSE to allow this to happen.
“ID Systems is an ambitious company, with a good record of customer satisfaction. This is an exciting stage in the company’s growth and we look forward to seeing them deliver.”