Manufacturer aims to invest £1.5m for US expansion

Tube manufacturer Tricorn has announced a share placing with the aim of raising £1.5m.

The firm will place 10 million new shares as it looks to strengthen its blance sheet and invest on a manufacturing facility in Rabun Gap in the US.

Mike Welburn, chief executive of Tricorn, said: “The Board is pleased to announce the Fundraising. The funds raised will strengthen our balance sheet, provide working capital headroom to allow additional growth opportunities to be pursued and support further expansion of our manufacturing capabilities in the USA.”