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Seats firm poised for £150m order Seats firm poised for £150m order
(21 minutes later)
An engineering company in Powys is poised to sign a lucrative £150m order to manufacture seats for two of Russia's largest aircraft makers.An engineering company in Powys is poised to sign a lucrative £150m order to manufacture seats for two of Russia's largest aircraft makers.
It is thought the deals could create dozens of new jobs at Cobra UK's factory in Welshpool.It is thought the deals could create dozens of new jobs at Cobra UK's factory in Welshpool.
The car parts firm started branching out into alternative markets when the recession hit automotive industry. The car parts firm started branching out into alternative markets when the recession hit the automotive industry.
It has since developed a seat which it claims is 5.2kg lighter than its competitors and could cut fuel costs.It has since developed a seat which it claims is 5.2kg lighter than its competitors and could cut fuel costs.
By using its seats, Cobra UK claimed the fuel bill for a 220-seat aircraft could fall by £530,000 a year, and there would be a reduction in maintenance costs.By using its seats, Cobra UK claimed the fuel bill for a 220-seat aircraft could fall by £530,000 a year, and there would be a reduction in maintenance costs.
The firm said it had signed letters of agreement with two of Russia's largest aircraft makers after they spotted the new seats at an air show near Moscow.The firm said it had signed letters of agreement with two of Russia's largest aircraft makers after they spotted the new seats at an air show near Moscow.
The aircraft seat has made us realise what a potentially lucrative sector aerospace is Gary Seale, Cobra UK LtdThe aircraft seat has made us realise what a potentially lucrative sector aerospace is Gary Seale, Cobra UK Ltd
Cobra said it had "shaken hands" on deals worth £150m.Cobra said it had "shaken hands" on deals worth £150m.
The company added that a version of its seats could be seen in the dug-out and in the directors' box at Birmingham City Football Club's St Andrews ground.The company added that a version of its seats could be seen in the dug-out and in the directors' box at Birmingham City Football Club's St Andrews ground.
Cobra UK's managing director Gary Seale said: "We are an automotive parts company going through the pains of recession so we decided to look at where some of our core skills led us.Cobra UK's managing director Gary Seale said: "We are an automotive parts company going through the pains of recession so we decided to look at where some of our core skills led us.
"If the deals come to fruition we will need to look at expansion opportunities and that can only be good news for the economic climate of mid Wales and the employment scene."If the deals come to fruition we will need to look at expansion opportunities and that can only be good news for the economic climate of mid Wales and the employment scene.
"The aircraft seat has made us realise what a potentially lucrative sector aerospace is, especially for good performing companies.""The aircraft seat has made us realise what a potentially lucrative sector aerospace is, especially for good performing companies."
Cobra UK has its reputation making parts for MG Rover, Volvo, Audi, Bentley, Volkswagen, Ford and General Motors, but demand for luxury car parts plummeted by 90% when the economy went into decline.Cobra UK has its reputation making parts for MG Rover, Volvo, Audi, Bentley, Volkswagen, Ford and General Motors, but demand for luxury car parts plummeted by 90% when the economy went into decline.
"Our growth is down to product innovation and going out and being really aggressive in getting new business," added Mr Seale."Our growth is down to product innovation and going out and being really aggressive in getting new business," added Mr Seale.
"We are coming up against closed doors in the UK but internationally Volvo, Volkswagen and Audi have taken big gambles with us. They seem more willing to look at alternative supply bases.""We are coming up against closed doors in the UK but internationally Volvo, Volkswagen and Audi have taken big gambles with us. They seem more willing to look at alternative supply bases."
Established in 2002, Cobra was threatened with closure when its main clients, MG Rover, collapsed three years later.Established in 2002, Cobra was threatened with closure when its main clients, MG Rover, collapsed three years later.
But the firm survived and in 2007 moved to Welshpool after Mr Seale signed a £7.4m deal with Swedish car giant Volvo.But the firm survived and in 2007 moved to Welshpool after Mr Seale signed a £7.4m deal with Swedish car giant Volvo.
'International stage''International stage'
The workforce at its Buttington Cross Enterprise Park base has since grown from four to 43.The workforce at its Buttington Cross Enterprise Park base has since grown from four to 43.
Montgomeryshire MP Lembit Opik predicts Cobra UK could now become a leading international aviation supplier.Montgomeryshire MP Lembit Opik predicts Cobra UK could now become a leading international aviation supplier.
Mr Opik said: "It's impossible to overestimate the size of the opportunity facing Cobra UK.Mr Opik said: "It's impossible to overestimate the size of the opportunity facing Cobra UK.
"Their strategic plans have potentially landed them one of the biggest contracts for any company in mid Wales."Their strategic plans have potentially landed them one of the biggest contracts for any company in mid Wales.
"Indeed, it would position them as a leading aviation supplier on the international stage.""Indeed, it would position them as a leading aviation supplier on the international stage."