Ammanford-based LSN Diffusion, a high-tech metallurgical business, has secured a further £1.25 million loan from the Development Bank of Wales to support its ambitious growth plans.
) cutting-edge technology is used to make high-alloy atomised powders with applications in 3-D printing, defence and other sectors.
The latest loan will help LSN to increase its production capacity by 80% over the next three years; it will also allow the company to create 40 new skilled jobs, taking the head-count to over 135.
Philip Allnatt, LSN’s managing director, said: “It is essential to increase capacity to meet growing demand for our products world-wide, which is part of our long-term growth strategy.
"The loan from the Development Bank of Wales enables us to expand more quickly than relying solely on our own resources. They were also able to offer flexible terms, so we’ve structured the loan to be repayable over seven years.”
The company was founded six years ago by a group of metallurgists, engineers and other professionals with more than 350 years of combined experience in the industry.
It now exports more than 90% of its output to markets in North America, the Far East — particularly Japan and Korea — and throughout the European Union.
Its products are in demand across a broad spectrum of industries, including automotive, oil and gas exploration, heat recovery, hollow-ware glass production, defence and aerospace.
Nick Stork, deputy fund manager at the Development Bank of Wales, said: “It was a pleasure to work with such an innovative West Wales business with connections on a global scale.
“Our focus at the development bank is on working with businesses to structure bespoke funding solutions to support them at all stages of growth, and it’s great to see LSN’s growth since the start-up loan in 2012.”