Lincoln manufacturer set to expand into automotive sector
A Lincoln-based laser machinist of precision components, Micrometric, says it will increase turnover by a quarter after landing a £360,000 asset finance package from HSBC.
The company says it will use the cash to buy a specialised laser cutting machine to meet demand from the automotive sector.
Being one of only three firms in the UK with this specialist equipment, the new machine is estimated to increase company turnover by around 25 per cent as Micrometric expands its presence in the global automotive sector.
Neil Main, managing director at Micrometric, said: “With a quarter of our business already coming from the automotive sector, we’ve seen increased demand for more intricate parts in this industry. The Rofin StarCut machine will allow us to meet this demand and continue to grow our relationships with car manufacturers. This investment allows us to enter the next phase of our business cycle as we increase our output and provide even more intricate and specific parts for a wide range of businesses and industrial sectors.”
Paul Armstrong, HSBC UK’s area director for business banking in the East Midlands, said: “HSBC is committed to helping ambitious businesses in the UK expand their operations and thrive. We’re thrilled to be able to support Micrometric with the necessary funding to pursue new opportunities in the market and develop their production capacities.”