ISLE of Man-based manufacturing company, Target Tools has announced the launch of Target Aerospace, which will provide tooling solutions for the Aerospace industry on a dedicated basis.

Through Target Aerospace, Target Tools will continue to support projects for Boeing and Airbus aircraft such as the Airbus A320 and the flagship A380 as well as the latest Boeing 787, amongst other projects. As part of the launch, the company plans to expand into new premises on the Isle of Man with the aid of financial support from the Isle of Man government’s Department of Economic Development.

Announcing the move, Simon Radcliffe, the Director of Target Aerospace said, “We are very excited to be opening Target Aerospace. When Target Tools was originally established, the Aerospace sector accounted for around 30% of the company’s annual turnover.

“This has quickly grown to over 70%, making Target Aerospace the next logical step in our development to focus on the Aerospace sector.

“The Isle of Man Aerospace Cluster, formed with the support of the government, has been instrumental to this growth. Since the cluster formed, over 15% of the aerospace tooling now provided by Target Tools is sent to companies based in England, Scotland, Wales and Northern Ireland.

“This international growth is an important factor in the opening of Target Aerospace and our ambition is to grow by 30% over the next three years.”

Adrian Moore, Business Development Manager for Manufacturing, Department of Economic Development, added, “The launch of Target Aerospace is great news for the Isle of Man manufacturing sector, which continues to expand year-on-year.

“Target Tools is a perfect example of the success of the manufacturing industry on the Island, specifically in the aerospace sector, and this is evidenced by the launch of Target Aerospace. Manufacturing is the second largest sector on the Isle of Man and as the aerospace cluster continues to grow in strength and influence we expect many more companies to grow and form on the Island.”

Minister for the Department of Economic Development, Allan Bell, added, “We are committed to supporting on-island businesses in their efforts to expand and grow internationally. By the provision of capital grants, we hope to create an environment where businesses can flourish and we are pleased that the aerospace cluster is fulfilling its promise both for the clusters’ clients and for the island’s manufacturing industry.”