Birmingham-based plastic and composites manufacturer, Thermotec Plastics has received major funding to help support its expansion and improvement plans.
The manufacturer’s funding has successfully received approval from Birmingham City Council via the Greenbridge Supply Chain Programme for SMEs.
Located on Electra Park, Thermotec Plastics is a bespoke supplier of engineered solutions in vacuum forming and polyurethane mouldings, working across a variety of sectors including automotive, off- highway and defence.
To achieve its annual turnover growth plans of around £1.5mil, Thermotec required assistance with investment in capital expenditure to increase the firm’s manufacturing capacity, while also improving the infrastructure and aesthetics of its manufacturing space.
Thermotec has estimated that with its expansion plans, the funding will allow the company to target more business from major OEMs and recruit additional staff.
Managing director of Thermotec Plastics, David Rose commented: “With increased business and enquiries for our lightweight products, we needed to demonstrate to our customers that we can confidently manage low to mid-volume projects.
“Receiving this funding from The Greenbridge Programme, combined with our own investment will allow us to put automated processes in place that not only increases productivity, but allow us to improve the environmental impact of our activities”.
The project is on track to be completed in Q2 2015 and as well as recruiting an additional 11 staff, Thermotec has already taken steps to up-skill its existing workforce with the help of Made in the Midlands members, InTraining.
Rose added: “Working with Growth Accelerator and Made in the Midlands has given us a clear understanding of our growth strategy, and this activity is one of the first major steps that will help us to achieve our goals.”