Your North East BusinessLive round-up: Ford Aerospace acquired|Norstead administration + more news
byCOVID-19-
Latest news from BusinessLive Read in browser by Tom Keighley Fri, Mar 3, 2023 BusinessLive Writer Ford Aerospace acquired by US manufacturing giant One of the North East's best known family businesses - Ford Aerospace - is the subject of a takeover by US-based SPIROL. The two firms have worked tog
One of the North East's best known family businesses - Ford Aerospace - is the subject of a takeover by US-based SPIROL.
The two firms have worked together for some 30 years - with SPIROL now promising jobs and investment for the South Shields-based firm which has traded for more than 100 years.
The deal, which is undisclosed, comes amid a flurry of interest in defence supply chain firms in the region including last year's acquisition of Pearson Engineering and Responsive Engineering by defence giant Rafael and the purchase of Northumberland's NORSS by another global defence outfit, Raytheon.
And most recently Italian contractor Leonardo - another firm to have collaborated with Ford Aerospace - signalled the region's strength in this industry by opening an office in Newcastle city centre and bringing with it 200 jobs. Meanwhile Lockheed Martin has also been considering the region as a home for its proposed space factory.
Read Coreena Ford's story on the acquisition here.
The latest in a run of construction industry failures is Killingworth-based Norstead, part of the Metnor Group.
Administrators confirmed their appointment to the mechnical and electrical engineering firm this week following speculation about its future after the collapse of sister company Metnor Construction.
Norstead, which also has a Berkshire base, had worked with some high profile customers including Ikea, John Lewis and The British Museum and had only last year hailed growth.
But insolvency specialists at FRP said the firm had seen its profit margins squeezed amid widespread cost inflation. Despite attempts to find a buyer, the business will now be broken up and all 52 staff have been made redundant.
This week's '10 questions' subject is NE1's Stephen Patterson. Find out why he avoids boring workplaces like the plague, who is business role model is and why strategic planning is difficult. Read his answers here.
Has a friend or contact forwarded you this edition of BusinessLive? You can sign up to receive the latest email newsletter direct to your inbox three times a week, plus breaking news updates and our weekend roundup by clicking on this link.
