The European Investment Bank will invest £12m in Gestamp Tallent Automotive to support and strengthen innovation and to help it develop specialised chassis and suspension products.
European Investment Bank vice president Jonathan Taylor said: "The European Investment bank has a strong track record supporting investment to strengthen the world class leadership of UK industry.
We are pleased to continue our cooperation with the UK automotive sector to finance significant new investment by Gestamp Tallent in Newton Aycliffe."
Gestamp Tallent has six plants in UK where the Company uses the highest industry standards like Hydro Forming that allows make lighter and safer car components. In terms of R&D, the company has a center based in Newton Aycliffe.
Gestamp Tallent innovation focuses on co-development with its customers, an area that is expected to show a notable increase in the coming years, and also on using advanced manufacturing and various material bonding processes. Tallent supplies the global automotive industry including Nissan, Jaguar, Land Rover, Bentley, Ford and Toyota.
Over the last decade, in response to requests from public sector and private business clients, the self-financing European Investment Bank has provided more than GBP 2.6 billion for transport, education, social housing, water, energy, healthcare and urban regeneration investment across the north-east.
Recent support for investment it the North East has included the Rail Vehicle Manufacturing Facility in Newton Aycliffe that will build new Intercity Express trains, GBP 100 million to underpin Newcastle University's capital development programme, GBP 330 million for investment by Nissan in Sunderland, GBP 250 million for investment by Northern Powergrid and backing for upgrading 12 schools across the region.
Lending by the European Investment Bank last year totalled GBP 5.6 billion and represented the largest annual engagement since the start of EIB lending in the UK in 1973.
This supported nearly GBP 16 billion of overall investment in 40 projects across the country. The European Investment Bank is directly owned by the 28 European Union member states, including a 16% share held by the UK government.
