A new company has been created following the buyout of the rapid prototyping department of one of the UK's leading toolmakers.
Paragon Rapid Technologies, based on Teesside Airport industrial estate, decided to withdraw from the rapid prototyping sector.
The company sold the business to the management team of Phil Adamson and Peter Humphrey.
Once the deal was completed, the two devised a five-year development plan that includes an upgrade of equipment, increased staffing and a turnover target of more than £1m.
Rapid prototyping is a generic title for a number of related technologies used to fabricate prototypes of physical objects directly from computer aided design data sources.
Managing director Phil Adamson said: "We share over twenty years experience in rapid prototyping having both trained at Styles Precision Components - the company that introduced the concept to Teesside.
"We intend to emulate the quality that Styles produced and the excellent reputation it enjoyed.
"We have already invested in a new 4000sq ft facility so the database of customers we inherited from the buyout can expect to experience an immediate improvement in both service and product."
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