A South Tyneside business which paints components for the global automotive industry is set to continue growing after securing a grant to support its ambitious growth plans.
FM Coatings, based in Boldon, South Tyneside, secured a £50,000 grant from South Tyneside Council towards the purchase of new machinery.
Comprising leading-edge assembly equipment and new tooling, the six-figure investment will provide the company with the technology required to bid for a new project which it has been nominated for on behalf of long-standing client, Jaguar Land Rover.
The investment will also increase its competitiveness by enabling FM Coatings to bid for more contracts, as well as supporting the creation of up to 20 new assembly and production jobs over the next two years.
Michael McNicholas, Director at FM Coatings, said:
“We are thrilled to have secured a grant from South Tyneside Council to support our latest investment drive.
“We have built a revered reputation over the past 30 years for our ability to meet the highest demands and providing the highest levels of paint application and finish, and this investment will be key to ensuring we can continue servicing our customers to such standards.
“It will also increase our competitiveness by opening up more revenue streams, which in turn could lead to the creation of up to 20 new jobs over the next two years as we continue to innovate and grow.”
FM Coatings employs 50 people at its Boldon Business Park facility and despite the uncertainty surrounding the global automotive industry, Michael is confident that the investment will futureproof the business for years to come.
“There’s no hiding from the fact that the automotive has and continues to face its fair share of challenges, and we are no different.
“Tariffs, rising inflation and uncertainty over EV regulations have all had a major impact on supply chains, but through this investment, we are ensuring that no matter what the future holds, we are best placed to meet the competitive challenges of today and tomorrow.”
The grant was issued by the South Tyneside Business Growth Grant Scheme, which was being delivered by South Tyneside Council, funded by the UK government through the UK Shared Prosperity Fund.
Cllr Margaret Meling, lead member for economic growth and transport at South Tyneside Council, said:
“FM Coatings is a real South Tyneside success story.
“Over the past three decades, the company has grown from a small business to an industrial powerhouse working with some of the world’s largest carmakers. We are delighted that we have been able to provide it with the funding required to support its future growth plans as it continues to invest in the borough and create jobs for local people.”
A number of South Tyneside businesses benefited from the South Tyneside Business Growth Grant Scheme which was funded by South Tyneside Council’s UK Shared Prosperity Fund 2024 allocations including Metec, Red Stamp Productions, 3Sixty3pl, JC Events and Stellar Engineering.
For more information about FM Coatings see: FM Coatings |
For details of other business support schemes available in South Tyneside see: Business Support – Invest South Tyneside
