Leicestershire-based aerospace component manufacturer Sigma Precision Components, a subsidiary of Avingtrans, has revealed ambitious international expansion plans after securing fresh funding.
The firm has been supported by HSBC’s corporate banking team in the Midlands with its financial package designed to fund the growth of its site in China. The company established a foothold in what it sees as a growing market for the aerospace sector, and now plan to exploit this further.
In light of the funding and the expansion plans it is, Sigma Precision Components has conservatively increased its employee base by 10-20 in the UK and the same amount in China.
Sigma Precision Components now employs around 110 people at its China factory site and almost 150 at its Hinckley site in the UK. Stephen King, chief financial officer for Avingtrans, commented: “The investment in China marks the start of another exciting period of growth for the company, allowing us to further develop our global capability for the aerospace customers we supply.”
“Setting up in China has been challenging, but with the support of HSBC and the team’s global expertise and contacts we are already winning new contracts and strengthening our order book, which is having a knock-on positive effect on the business here in the UK.”
Financial advisors predict the company will become a world leader in aerospace manufacturing within the next 20 years. Its current customer base already includes Rolls-Royce and Goodrich. Ian Stitt, deputy head of corporate banking at HSBC in the Midlands, said: “By expanding its outreach in this key market, the business is able to offer something that sets it apart from its competitors.”
“The success of this innovative strategy is already being felt, with new contracts secured and additional recruits being taken on both here in the UK and in China to meet orders,” added Mr Stitt.
“The ambitious plans of Avingtrans’s management team demonstrate that a well thought-out and executed business plan can create opportunities for business growth, even in a challenging economic climate.”
Looking to the future, the company aims to continue expanding its international footprint into key aerospace manufacturing hubs across the globe.