Dunlop Systems secures funding to support major contract win
Coventry-based Dunlop Systems and Components has secured a £1.2m term loan and £1.6m invoice finance facility to support a major contract win.
The business is to manufacture and supply an Electronically Controlled Air Suspension System (ECAS) to new US electric vehicle original equipment manufacturer (OEM) Rivian Automotive.
Amazon, Ford and other major investors have invested approximately $5bn into Rivian, which has significant growth potential.
Dunlop Systems was established in 1890 designs and manufactures advanced electronic control systems and air suspension components, specialising in supplying products and systems to the automotive and ancillary industries.
Its team are experts in air suspension products at component level up to fully integrated bespoke electronic control systems and export to over 20 countries around the world.
Santander UK provided the full re-banking through a £1.2m term loan and £1.6m invoice finance facility.
Robert Mansell, managing director at Dunlop Systems and Components, said: “We at Dunlop Suspensions systems are delighted to have Santander as our new banking partners. This new arrangement will give us the support needed to take the company forward, to make the investments required in new production lines and technologies to support new and exciting OEM contracts we have won on Battery Electric Vehicle platforms, across the globe. Given the exciting times ahead for Dunlop and for the UK on air suspension systems, we feel that Santander is the global banking partner needed to realise and to share our journey.”
Mal Powar, relationship manager, Santander UK, added: “Dunlop has continued to demonstrate engineering innovation in the automotive electric vehicle sector and we are delighted to be able support the global growth aspirations of the business by providing a flexible funding package. We very much look forward to working with Dunlop through this expansion journey in the growing electric vehicle market.”