Icon Aerospace Technology backed by government productivity programme
Icon Aerospace Technology aims to grow business with £1.1 million government-backed productivity programme.
Above:
The Icon team in their new visual management room.
Courtesy Icon Aerospace Technology
Icon Aerospace Technology Ltd has been selected for Sharing in Growth, a government-backed programme which helps firms compete for increased aerospace business.
The company, which employs more than 200 people in Retford, Nottinghamshire, producing polymer seals, ducting and in-flight refuelling hoses, is a major exporter, supplying industry leaders such as Airbus, BAE Systems, Boeing, Bombardier, Dassault, Embraer, Lockheed Martin and Rolls-Royce.
The company, previously known as Icon Polymer, is part of the newly rebranded Applied Composites Group which, in the last year, has signed major contracts with blue chip organisations including Rolls Royce, created over 90 new roles, and is currently executing a multi-million pound expansion and refurbishment of its Retford manufacturing facility.
The Sharing in Growth (SiG) programme, which is worth more than £2 million and attracts £1.1 million from the Regional Growth Fund for each participating company, will help develop the company to become more competitive so that it can double sales from approximately £12 million by 2020.
Tim Pryce (above), CEO of Applied Composites Group, said: “We have invested heavily in research and development, technology, expertise and our manufacturing capability to create a business that is today genuinely recognised as a world leader in its field. Our partnership with Sharing in Growth means that we will be capable of delivering unprecedented levels of growth. This will create some 150 new jobs and a business specifically targeted to serving the aerospace market.”
To achieve its growth ambitions, Icon Aerospace Technology will work with SiG to develop the organisation and skills to introduce robust systems and processes for new product introduction, lead-time reduction, supply chain improvement and increased productivity.
SiG is already helping 40 companies achieve their aim of an average 50% increase in productivity. SiG’s four year transformation programmes are designed to deliver and sustain improvements so that UK firms are better placed to compete for the continuing huge growth in the aerospace sector.
Established in 2013 with £50 million from the RGF and endorsement from Airbus, BAE Systems, Bombardier, GE, GKN, Lockheed Martin, Leonardo and Rolls-Royce, SiG has already helped secure contracts worth over £1.1 billion for the first 25 firms on the programme, equivalent to around 1700 UK jobs. Ultimately the programme’s goal is to safeguard 10,000 UK jobs.
Said Sharing in Growth CEO Andy Page: “As well as having a new name, Icon Aerospace Technology is moving into a new phase in its development. We look forward to supporting them to achieve their growth plans and to helping them create world-beating productivity and competitiveness.”