A Newton Aycliffe company has invested £250,000 in specialist equipment in order to meet growing demand.

Durham Precision Engineering is a member of NOF Energy, the business development organisation for the oil, gas and energy sectors.

The investment will see it recruit four experienced technicians to operate the new machinery which it has bought to meet a steady rise in new and repeat orders.

The company, which will have a workforce of 38, expects its turnover to grow from £2m to £2.4m this year.

The company’s investment centres on the installation of an NC cylindrical grinding machine used for tool making and an EDM wire erosion unit, which is designed to cut intricate and complex components, including press tools and extrusion tooling.

It may also install a large-scale 2MW wind turbine generator to provide clean, green electricity direct to the business.

Peter Coates, managing director, said: “We have experienced steady growth over the past 12 months with new work being won in our core sectors, including oil and gas.

“This new investment and increased workforce will allow us to meet the demand for our services and also create further capacity to bring more work in.”

Geoff Mason, company business development manager, said they had benefited from working with sectors which had not been severely affected by the recession.

“However, no business is immune and we have worked hard to ensure that we deliver the best possible service to our customers,”

he said.

Joanne Leng, director of business development at NOF Energy, said: “Durham Precision Engineering is a fine example of the quality companies that exist in the energy sector supply chain.

“It is also a prime example of a business continuing to do well in difficult trading conditions and looking to invest in its future.”

The company is based on the Heighington Lane Business Park at Newton Aycliffe