Evans also said Schaeffler UK was "optimistic" of meeting its revenue target of £90m in 2014.

Evans was speaking to Insider after posting a turnover of £73.2m in the year to 31 December 2013, up from £66.7m in 2012, with a record number of new projects underway at its South Wales facility.

In June 2012, former managing director Kate Hartigan told Insider that revenues were projected reach almost £90m in 2014, something Evans said he was "optimistic" of due to the company's "aggressive" targets.

"Last year was a good performance by the whole team and throughout the whole business," he said.

"There have been signs of recovery throughout the industry in general and I think we're slightly ahead of that curve. We've set aggressive targets to make sure that we keep that number of projects coming into the business."

He also revealed that a new product is set to lead to more investment in the Bynea factory.

"We're looking to bring a new product to the factory over the next couple of years. We're working on the initial stages at the moment so there may be more to report next year on that."

In its latest accounts, the company said improved productivity at its Welsh plant, which employs 250 staff, had driven revenue growth. Last year, the mechanical tappet operation was the centre of an inward investment by the group, following a multimillion-euro capital injection in 2011 for a new coating facility, cold-forming press and furnace.

"Over the next three years we want to continue with our solid growth plans and develop our staff even more. We're focused on developing the right people with the right skills for the future," Evans added.

"To coincide with the new product, there will be further investment in the Llanelli plant. However, we're still deciding what level of investment is required.

"The workforce is stable at the moment, but on the back of the introduction of the new product, we hope to see staff levels grow."

Schaeffler UK is headquartered in Sutton Coldfield in the Midlands.