THE company developed out of the remnants of the former Simclar manufacturing business expects to create 65 jobs after winning £400,000 official support.
Greenfold Systems was awarded Regional Selective Assistance by Scottish Enterprise in the latest round of the funding scheme.
The agency made the award after assessing ambitious expansion plans drawn up by Dunfermline-based Greenfold following a successful first 18 months in business.
Greenfold was formed to acquire the Scottish manufacturing operations of Simclar Group, which was placed in administration by its founder Sam Russell in June 2011. The move was followed by the loss of 138 jobs in Dunfermline.
In 2007 Mr Russell closed the Simclar Ayrshire business with the loss of 420 jobs at plants in Irvine and Kilwinning.
Told of Greenfold's RSA award by the Herald, Mr Russell said: "That's good news for the boys in Dunfermline. I hope everything goes well for them."
He declined to comment further.
After paying £134,000 for the Simclar operation, Greenfold took over work the company had done producing parts for Alexander Dennis, the Falkirk-based bus manufacturer. The company hired around 70 former Simclar employees.
Managing director Bob Waterson praised Alexander Dennis for being supportive of Greenfold Systems.
Helped by winning work from other customers, the company has increased employee numbers to 84. It has annual turnover of around £2.5m.
Mr Waterson said the company plans to hire more staff to support plans to increase turnover by £4m over the next two or three years. The company has started recruiting.
One of the shareholders in Greenfold Systems, Ivan McKee, praised Scottish Enterprise for helping the company make a good start.
"It's gone really well. Part of the reason is we have had some really good support from Scottish Enterprise," he said.
A Glasgow-born engineer, Mr McKee has interests in manufacturing operations in England and Eastern Europe.
Sam Russell became one of Scotland's best known entrepreneurs after starting Simclar in his garage in Fife in 1976.
The company employed more than 1,000 in Scotland at its peak.
In April last year Mr Russell and two other former directors of Simclar Ayrshire agreed an out of court settlement with liquidators who were seeking to recover £3m dividends declared by Simclar Ayrshire in June 2006.
An American investment business, Balmoral Funds, recently bought the assets of the Simclar Inc subsidiary in the US for an undisclosed sum.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article