TM Acoustic Technologies, a manufacturer of vehicle interiors, has secured a £1.6 million finance package from the high street bank HSBC that will fund further international expansion.
TM Acoustic Technologies (TMAT), a manufacturer of vehicle interiors, has secured a £1.6 million finance package from the high street bank HSBC that will fund further international expansion.
The Derbyshire-based company specialises in the development and production of acoustic and thermal insulation products for cars and other vehicles, including aesthetic interior and exterior trim components, engine bay systems and barrier floor mats.
Clients include heavy plant manufacturers such as Case, New Holland Tractors, JCB, Komatsu and Volvo Construction, and the company employs more than 100 people.
Jason Lippitt, managing director at TMAT, comments that the funding from HSBC has come on the back of three years of ‘rapid growth’ for the company, which exports to products throughout Europe, Asia and the Americas.
He adds that the funding will enable TMAT to expand further into global markets and continue its product development plan, particularly in the creation of new technologies using polyurethane elastomer products.
In January 2010, TMAT hired turnaround specialists Advent Partners to advise on a re-structuring of the then struggling business. Advent’s two partners Andrew Ramsbottom and David Glee invested in the company and have worked alongside Lippitt to improve the business.
Lippit comments, ‘Having grown by more than 25 per cent in 2010 and recording record sales each quarter, it’s been quite a year for the company. We have secured new contracts that will ensure on-going growth over the forthcoming years. The partnership with HSBC underscores the bright future for us as a business and the manufacturing industry as a whole.’