The company successfully secured a £1m grant from the £30m ‘Let’s Grow’ programme, part of the Regional Growth Fund programme.
The grant will support a £8.6m investment programme including a new 61,000 sq ft bespoke research and development facility, in addition to some existing Tracerco buildings, and will be one of the largest developments on an Enterprise Zone Business Rate Relief site in the country.
The new development is expected to create 50 new jobs.
Councillor Jim Beall, Deputy Leader of Stockton Borough Council, said: “The new building will create specialist jobs as well as ensure this fantastic Stockton company can continue to grow and secure new contracts.
“It is terrific that we are already seeing the Tees Valley Enterprise Zone succeed – with the sites based within Stockton Borough playing an instrumental part in the on-going development of the local economy and job creation.”
Andy Hurst, Managing Director at Tracerco, added: “The new Measurement Technology Centre is the platform for innovation and will support growth in our Measurement Instruments business for the next decade.
“It will support the development of more unique and special diagnostic devices, such as ‘Discovery’, our latest development for the subsea industry, to maintain our position as world leader in our sectors.”