The president of the company, Sir Andrew Cook, says it is developing a strategy for the site, but he hopes to create new jobs later in the year.
This decision comes at a time when financial results have been published for the companies of the group in the North-East – Cook Defence Systems, William Cook Stanhope William Cook Intermodal.
Sir Andrew said : “We now have sites a year and a half in the North-East and we are considering a variety of uses for the site, crook. While Covide has been going on, we focused on the preparation of the site for a number of contingencies.
“It could be used as it was by Leaps and bounds, or more slightly, as we seek to develop the activity of defence downstream.
“At Stanhope, we manufacture racing equipment for armoured vehicles, but we could extend it to other elements of armoured vehicles. I can’t be too clear for the moment, but the sub-assemblies are very on the radar of the foundry Crook.
“It is very good to have this facility available because we do not have free space, and the kind of activity that we have in mind requires that it be in a stand-alone site.
“We have a good team to Stanhope, and it is secure, so we are in a good position to start employing people. We may seek to increase jobs in the manufacturing sector, which is what I’ve always wanted to do and what I will continue to do so.
“First we will clean up this plant and it may be that by the fall, we will see where we are going. “
The news comes as the group unveiled its financial results for the fiscal year ended June 29, 2019, Sir Andrew praising the work of the staff of Stanhope, after withstanding hard times in recent years.
Cook Defence Systems, which won in April a contract of 15 million euros from the ministry of Defence for the provision of tracks of tanks, has seen its turnover increase by 37%, from 18.2 million euros to 25 million euros, while operating profit is also increased from 2.9 million euros to 3.3 million euros. William Cook Stanhope has seen its turnover increase by 36 %, from 14.6 million pounds to 19.8 million euros, and the operating loss increased from 914 605 to 755 983 euros.
During this time, at William Cook Intermodal, sales have dropped slightly from 892 465 827 036 euros. The operating income is also increased from 168 329 £ 125 £390 in.
Sir Andrew said that, despite setbacks in other areas of the economy, the global sector of the defence remains solid, and that investments are made to develop new products and will continue.
More than 5 million euros have been invested in Stanhope over the past two years and about € 30 million since 2010 on its three sites, in the North-East and Yorkshire, where it has facilities in Leeds and Sheffield.
Sir Andrew said: “We do not compromise on the investment programs which have been put in place in 2010, and we do not compromise on the challenges that we have had in the management that people take their pension.
“ais more or less we have come out the other side now. The waters are still pretty rough though.
“We have managed to maintain Stanhope to full production during the lockdown Covid-19, while compromising on the hours of work and so on, and only leave 20 to 25 people for a short time on 180, so it was not a devastating blow to the employment situation, and we had a good cooperation of the workforce.
“It’s been several years that it is very difficult. It is like life really, you have bad times where things are not going well, but in these circumstances if your strategy is fundamentally fair and you believe in it, you must stay the course.