Monocon steels itself for US growth with funding
YORKSHIRE manufacturing and engineering company Monocon International Refractories is set to make two acquisitions in the US after receiving £6.4m of funding.
The Doncaster-based company develops and supplies products to steelmakers around the world.
The company has manufacturing plants in the UK, Germany, China, Brazil and the US. Its parent company, IFGL Refractories, is based in India.
HSBC Corporate Banking has provided the funding. The deal was arranged by HSBC’s Dan Wright and Guy Rothery in Sheffield.
Steve Cocking, Monocon’s finance director, said: “In the steel industry it is important to have existing relationships with businesses when entering a market, therefore making acquisitions rather than setting up new facilities is the most efficient way to expand and grow our market share.
“The funding will allow us to significantly increase our presence in the US and leverage a greater market share for the group more widely across in The Americas.”
Martin Lunt, HSBC head of corporate banking, Yorkshire and the North East, said: “HSBC is delighted to be supporting Monocon with this latest phase of growth.
“The company is excellent at identifying opportunities to grow via international expansion and we are urging all businesses across Yorkshire and the North East to understand the opportunities international markets increasingly hold.
“Monocon has been a customer of HSBC for over four years, and this latest acquisition funding follows a similar deal in 2008, in which HSBC provided support for Monocon for acquisitions in Germany and the Czech Republic.”
