SINCE it was rescued from closure a decade ago, Bonds Foundry has enjoyed a remarkable run of success which included it winning a Queens Award for export and multi-million pound defence contracts.

The family-owned firm will reaffirm its position as a stalwart of the dales industrial landscape when it takes over the former Kenmore plant in Crook from Parker Hannifin.

The site has been empty since the fridge maker ended its operations there in January 2009, leading to almost 180 job losses.

The additional space will support Bonds’ facilities in Tow Law, County Durham, and Alston, Cumbria, helping it to deliver future orders.

The company’s fortunes have been transformed since County Durham-born businessman Paul Duncan bought the 153-year-old foundry from administration in 2000.

A recent £4m contract to make and repair anchors for Royal Navy ships and submarines was the latest success for the business that grew from £7m in 2008, to approximately £11.5m in the past year.

In August, Bonds received its Queen’s Award for International Trade, after increasing overseas earnings from £1m to £5.7m in the past three years.

Last year, the firm was placed 12th in a Sunday Times list of the UK’s 100 fastest growing export companies and it trades with 18 countries, including Argentina, the US, Australia, United Arab Emirates, Singapore and India.

Mr Duncan said: “Obviously there are other employers in Weardale, but there are not that many jobs in traditional manufacturing industries.

“I am a local guy so it is good to be involved in some local companies because you feel part of it.

“For people in west Durham, travelling to Newcastle or Teesside for work is a long way.

“Local employers in the dales are very important.”