Redruth based European Springs and Pressings has received an ERDF Convergence grant of almost £300,000 to secure a total investment of £1 million, boosting its production of springs for the automotive sector.
European Springs and Pressings was established in 1948, and became owned by Sweden's Lesjofors in 2007.
The Cornish operation manufactures springs and wire technology products for a range of international brands, including General Electric, IBM, BAe Systems, Siemens, 3M, Bosch, Motorola, Bang & Olufsen, Panasonic, and motor manufacturers such as Ford, Bentley and Aston Martin.
The grants specialists at Bishop Fleming, the South West's fastest growing Top 40 accountancy firm, worked with European Springs and Pressings to secure the ERDF Grant for Business Investment (GBI) towards the purchase of three new machines to make automotive springs, including a new coiling machine.
Ewan McClymont, head of Bishop Fleming's grants team, said: "We are delighted that this EU investment has enabled the project to go ahead, and will see the Cornish site increase its capacity to manufacture automotive springs by more than 100%".
Managing Director of European Springs and Pressings, Mike Gibbs, added: "Having moved to larger premises, the investment in new equipment will increase our ability to meet rising demand from the motor industry, increase our share of this market, and lay a solid foundation for future growth".
In addition to safeguarding jobs, the ERDF investment is also projected to create 15 new positions and increase the Cornish operation's turnover by 70% over the next three years.