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Teesside 'well-equipped' for precision engineering growth

Story added 26 August 2009.

Those looking to subcontract a precision engineering project in the coming months may want to turn to the north-east, an area which continues to do quite well despite the current economic climate, a new report suggests.

The Evening Gazette considered the future of the area, stating that while growth is illusory and that talk of green shoots is premature, there has been a genuine deceleration in terms of economic deterioration, pointing to a better outlook.

It continues its harsh-but-fair view on the area by explaining that sustained recovery will likely not happen until 2010, yet there are still certain industries which will do well due to local expertise.

The Evening Gazette added: "Despite the recent difficulties, the area is well placed to capitalise on future long-term opportunities in oil and gas services, high-precision engineering and nuclear power."

Ward Hi-Tech also announced the success of its Confidence Package, which has allowed the organisation to do well in the face of the recession by giving them a get-out clause after 12 months should their financial situation change, securing a number of new products.

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