The former MD of Stadco and Wrightbus said he believed there were massive opportunities to tap into the reshoring trend and pinpointed new markets. He has added manufacturing expert Mark Pople to the management team and signed off a £1m project, including investment in a new production cell to be installed in the Summer.
"This is a very exciting time to be involved in industry in the UK and we are definitely looking to make the most of it by focusing on our core strengths in automotive and other sectors that suit our expertise," said Sterne. "One of those markets is aerospace and we have been working with a new customer to design, manufacture and assemble a new lightweight product due to be launched in September."
He added: "It has the potential to create millions of pounds of annual sales for us, but we need to be ready to meet the demands of producing high volume products that satisfy the exacting demands of the aircraft industry. This is one of the reasons we are investing in the automated production line and focusing on high quality equipment and error-proofing technology."
Applied Component Technology said it also expected growth in its core area of automotive, where it manufactures interior trim and exterior products. This includes loadspace covers/floors, barrier nets, sun blinds and bespoke grills for customers, such as General Motors and BMW.
Sterne said: "Last year, the UK made around 1.6 million cars, up from about 1 million in the recession and now just below our all-time peak. The SMMT believe a realistic target is 2m by 2017 and, whilst this should be broadly welcomed, there are challenges to overcome if suppliers in this country are to fully benefit."
