UNIPRES (UK) has secured a major deal with car manufacturer Nissan following a £17m funding package from Bank of Scotland business Banking.

The funding will enable the Sunderland automotive parts manufacturer to purchase high-tech machinery to produce parts for Nissan's new Primera and Micra models.

A subsidiary of the Unipres Corporation, of Japan, the Sunderland company has experienced rapid growth, with turnover increasing from £45m in 1994 to £95m last year.

Unipres believes the funding has put it on target to boost turnover beyond £100m.

Graham Baines, company secretary for Unipres in Sunderland, said: "Nissan's decision to continue placing business with us is a major boost and demonstrates their confidence in us as a major strategic supplier.

"We have a long-standing productive relationship with Nissan, as well as supplying Isuzu and MG Rover.

"Despite severe conditions in the automotive sector, Unipres has continued to prosper thanks to our commitment to our customers' stringent cost, quality and delivery requirements."

"The Bank of Scotland team were quick to grasp our financial and general business needs and worked hard to tailor a package to suit us.

"We knew immediately we could work with them."

Stephen Carmichael, associate director for the new business development team in Bank of Scotland Banking, worked with his colleague Murray Wark and the bank's asset finance team to devise the funding package.

He said: "We are delighted to help Unipres towards achieving its growth plans. This deal represents a major boost for the economy of the North-East."