OLDBURY-based manufacturer Caparo Industries Plc has agreed a new £60m funding package with the Royal Bank of Scotland Group and Barclays Bank.
Caparo will use the new funding line to support its growth strategy both in the United Kingdom and beyond as it looks to gain share in its current markets and take advantage of new opportunities.
Founded in 1968 by British industrialist the Rt Hon. Lord Paul of Marylebone, Caparo specialises primarily in the design, manufacture and marketing of materials engineering such as value added steel conversion products.
In addition the company is focused on a portfolio of niche engineering products and services for sectors such as aerospace, automotive, construction, off-highway vehicles, oil and gas, power generation and defence.
The group’s wider activities also encompass hotels, media, interior design, financial services, energy and private equity investment.
Caparo businesses employ a global workforce of more than 10,000 with worldwide sales in excess of $1.3bn and a customer base spanning more than 50 countries.
The company has identified a number of new opportunities both domestically and abroad, which the new funding will help to support.
Douglas Dawson, chief operating officer at Caparo, said: “The facility we have put in place together with RBS and Barclays is an important boost to our strategy, and demonstrates confidence in our UK management team and competitiveness in our markets.
“We are delighted that we have found funding partners that support our vision and growth aspirations as we continue to build our expertise in engineering and manufacturing.
“I am confident the outcome of today’s announcement will mean better products and services to our customers worldwide, and will provide the platform for further job opportunities and employment prospects within our UK business.”
Chris Hawes, director of corporate UK at RBS Invoice Finance said: “UK manufacturing has had a challenging few years but it is successful and growing firms like Caparo which will help lift the UK economy.”
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