A PLASTICS firm spawned from an ICI management buyout says the transport industry’s rising focus on weight-saving materials has strengthened its industry position.

Victrex, which operates a factory at Seal Sands, near Billingham, says aerospace and automotive companies, such as Boeing and Airbus, are benefitting from its products.

The firm works with Boeing and Airbus, with its plastic equipment used in resins and coating and as substitutes for metal in gears.

Bosses say that prowess helped transport sales across its polymer solutions division (VPS) rise 20 per cent to 962 tonnes in the year to September 30.

The increase came as Victrex revealed group revenues had lifted by 14 per cent to £252.6m, with pre-tax profit nine per cent higher at £102.7m for the period.

The company, formed after a management buyout from ICI in 1993, employs more than 650 workers.

David Hummel, chief executive, highlighted its VPS arm as a key driver of growth.

He said: “We delivered a very strong performance in 2014, and outperformed in our VPS business during the first-half of the year.

“While we remain a market-led business, geographic trends remain important.

“Our core areas of the US, Europe and Asia-Pacific all performed well, with sales in Europe nine per cent ahead of the prior year at 1,778 tonnes.

“Transport sales increased 20 per cent to 962 tonnes, with strong sales into automotive and aerospace.

“The increase in automotive sales reflects the trend towards highly durable and weight saving materials, as global trends of emissions reduction in cars and fuel saving for aeroplanes remain strong.”

Mr Hummel also highlighted its Peek thermoplastic product, which he said delivers a higher performance for customers and could bring potential new work in China.

He added: “The use of Peek in transmission and braking systems remains an important part of our offering, in helping to reduce weight and improve efficiency.

“Beyond our key end customers of Boeing and Airbus pre-development work with China’s Comac continues, which offers an attractive medium to longer-term opportunity.”