15th March 2016

PSI Global unveils ambitious new targets thanks to Let’s Grow Funding

Filtration and separation specialist PSI Global has unveiled ambitious plans to increase its turnover by 60% and create 30 new jobs in the next three years taking its total workforce from 60 to 90.

The company, which celebrates its 40th anniversary in 2016, has moved from Bowburn to a purpose-built manufacturing plant at Wynyard Park after the company secured Let’s Grow North East funding to facilitate its growth.

Let’s Grow North East is a £60m Regional Growth Fund programme operated by BE Group in partnership with UNW LLP, The Journal and Evening Gazette.

A family-owned business, PSI Global is a market leader in the field of filtration and separation technology, making innovative compressed air and vacuum products to solve problems from polluting exhausts to energy wastage, machine down-time and loss of productivity. The company exports worldwide and has distribution and sales offices covering Europe, North America and Asia.

The new factory at Wynyard will allow PSI to increase production and continually improve its product offering for the industries it serves.

MD Daniel Hunter, whose parents George and Sue Hunter started the business in 1976, said: “We have invested in the latest machinery and amalgamated our plastic injection moulding operation into one energy efficient, purpose-built factory with state of the art laboratory testing facilities.

“Our aim is to continue to innovate and remain at the forefront of filtration and separation technology. It’s part of the drive to ensure we are responsive as possible to our clients’ needs.”

The increased capacity of the new factory at Wynyard Park will allow PSI to ramp up production and continue to develop new products. It has set itself a target of increasing turnover by a further £3 million by the end of the decade.

UNW corporate finance partner, Neville Bearpark, said: “Let’s Grow provides grant support for capital investment and R&D projects that will create new and sustainable jobs. PSI Global is an excellent example of this in practice and it was a pleasure to work with the company, alongside BE Group, the Journal and Evening Gazette to deliver the grant funding and we hope to watch the company go from strength to strength as a result.”

For more information please visit www.unw.co.uk and www.psiglobal.co.uk

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