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Car parts firm Trax JH Ltd wins £4m Renault contract Car parts firm Trax JH Ltd wins £4m Renault contract
(40 minutes later)
A car parts firm has won a £4m contract to supply French vehicle giant Renault, safeguarding 50 jobs at its factories.A car parts firm has won a £4m contract to supply French vehicle giant Renault, safeguarding 50 jobs at its factories.
Trax JH Ltd's wheel balance weights will be fitted to Renault and Dacia cars made in countries such as France, Spain, Russia, Brazil and Argentina.Trax JH Ltd's wheel balance weights will be fitted to Renault and Dacia cars made in countries such as France, Spain, Russia, Brazil and Argentina.
The firm, which has plants in Welshpool and Newtown, Powys, says more than 70% of sales are exports, mostly to the rest of Europe.The firm, which has plants in Welshpool and Newtown, Powys, says more than 70% of sales are exports, mostly to the rest of Europe.
It said it was a major step forward and other contracts were in the pipeline.It said it was a major step forward and other contracts were in the pipeline.
However, the company admitted that the economic downturn had affected sales this year.However, the company admitted that the economic downturn had affected sales this year.
Managing director John Halle said: "The company is particularly pleased to be supplying the growth markets of Brazil, Russia and India where car sales have been growing rapidly over the last few years. Managing director John Halle said the firm had been established in mid Wales for 20 years, with over 70% of its sales exported, mostly to continental Europe.
"Trax has been established in mid Wales for 20 years, with over 70% of sales exported, mostly to continental Europe. It would now be supplying the growth markets of Brazil, Russia and India where car sales had been growing rapidly over the last few years, he said.
"A major European player, Trax has been at the forefront of the industry for many years. The new business would come on stream by the end of this year.
"The new business will come on stream by the end of this year. "Company sales have been hit this year by the slowdown in UK and export markets," said Mr Halle. "However, this Renault contract will help safeguard the 50 jobs in the company."
"Company sales have been hit this year by the slowdown in UK and export markets.
"However, this Renault contract will help safeguard the 50 jobs in the company."
Mr Halle said it had received support from HSBC and Finance Wales, which invests in small and medium-sized businesses.Mr Halle said it had received support from HSBC and Finance Wales, which invests in small and medium-sized businesses.
He told BBC Radio Wales: "It took us seven years to get the business, which obviously was a long time.
"This kind of business doesn't come along every day and it really means that you can build on it for the future, which is very good news for us and everybody."
Mr Halle added: "We have got other car company business in the pipeline which will hopefully cement our growth even more in this respect.
"It's really excellent news for the company and for everybody in the surrounding area."