Mackay unveils expansion
Retronix to double turnover after overseas deals
The Coatbridge company’s new orders were won on the back investment of £400,000 in laser equipment and a regional selective assistance grant of £99,000 which will help meet the cost of 10 additional jobs.
Turnover is forecast to hit £3.8 million over the next two years, and Retronix is targeting more international work.
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, defence, high-end telecoms and medical.
Mr Gary Moffat, sales director at 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.”
Finance Secretary Derek Mackay (pictured) visited the plant to unveil the firm’s expansion.
He 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 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.”