Stainless Steel Products back on its feet again

Stainless Steel Products is back on its feet again after having been forced to go on a reduced working week and now plans to invest €350,000 in new technology and generate 30 new jobs.

The company, which employs 100 full-time workers, will invest in machinery and tools and focus on new markets, according to Jacuzzi UK Group managing director Mark Prince.

Mr Prince broke the good news during a visit to the plant by Finance Minister Tonio Fenech.

This year, the government gave seven manufacturing companies affected by the global recession, including Stainless Steel Ltd, about €4.8 million in financial aid.

In January, a drop in orders forced the company to go on a four-day week. However, three months later it reverted to a five-day week after receiving government aid of about €400,000. The funds were used for retraining and capital investment in new technologies and product lines.