Dudley-based Glasscoat International, which specialises in coating systems for the glass and plastics industry, has secured a £460,000 funding package from HSBC to support a high-value export contract; it will now be able to manufacture a glass-coating machine for a German company (
www.glasscoat.co.uk).
Glasscoat’s machines are sold to factories that produce a range of glass items, including vodka and perfume bottles; exports make up 85% of the company’s sales.
Managing director Ian Cripps said: “We have skills that are not available elsewhere in the world, so overseas trading is key to our business. Our growth ambitions are to export our machinery to new markets, such as South America, Russia, Lithuania and Turkey.
“The support provided by HSBC helped us to complete this deal and puts us in a strong position to expand into new international markets.”
As part of the deal, HSBC worked with UK Export Finance. Anne Lockett, UKEF Adviser for the Black Country, said: “We are here to help make exports happen. Our support for companies like Glasscoat International shows how we can help UK businesses realise their ambitions to grow by selling overseas.”