A HI-TECH Hampshire aerospace firm has gone into administration.
The collapse of Farehambased IGG Component Technology Ltd means all 40 skilled staff have lost their jobs.
The specialist company, which had its head office and laboratories in Waterside Gardens for ten years, was a leading supplier of electrical components and related services within the space, aviation and defence industries.
The European Space Agency, Rolls-Royce and BAE were among its high profile customers, and the firm also handled components used on Royal Navy submarines.
IGG was part of the Alter Group, formed when it merged with similar engineering firms from France, Italy and Spain, a deal that was completed in early 2007.
The group’s combined annual turnover was approximately 50m euros. The four companies continued to operate under their own flags and served more than 90 countries around the world.
It is not known if the whole group – which has its headquarters in Seville, Spain – has been affected, or if it is just the British arm that has gone out of business.
IGG boasted 25 years of experience, and had several big-name clients.
The firm provided a turnkey procurement service for the European Space Agency’s ENVISAT mission, delivering the many parts used on the satellite to the various contractors around the Continent.
The project involved ensuring all parts from various suppliers were standardised, simplifying procedures and enabling all electronics to work as expected while the satellite was in orbit.
In 2006, IGG was awarded tier-one supplier status by Rolls Royce, giving it access to deals with all arms of the multinational firm and its subcontractors.
A year later it won an important contract from the company’s marine power division to supply long-term storage for highly sensitive parts.
IGG has now been placed in administration through London-based insolvency specialists, Harris Lipman LLP.
No one from the firm was available for comment when contacted by the Daily Echo.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here