EDITORIAL ROUNDUP

Financial announcement by Doncaster

Doncasters Group is pleased to announce the successful closing and funding of a new $500m senior debt facility that will be used to refinance its existing loan facilities (the ‘transaction).The $500m six-year loan and $50m committed delayed draw term loan will enable the group to repay its existing senior finance facility, repay a proportion of its PIK facility, and continue to make further strategic investments within its superalloy and precision casting businesses to facilitate its growth.

PGIM Fixed Income structured and anchored the financing. The Doncasters Group will maintain its current ABL facility that provides up to $110m of availability, further supporting both organic and inorganic growth opportunities in its core superalloy and precision casting markets.

For further information www.doncasters.com

World’s most advanced laser welder

A leading battery technology manufacturer has completed the successful commissioning of what it describes as the world’s most advanced laser welding machine. The installation and operation of the IPG Photonics EV Flex welder is a significant milestone for the UK facility of Alexander Battery Technologies, which marks its 40th anniversary this year.

CEO Mark Rutherford says: “With the EV Flex laser now active, representing an investment of more than £500,000, our production has transformed. We can now produce our battery packs, crucial for high-end applications like e-mobility and robotic technology, with a level of precision and quality that sets a new industry standard.Our enhanced production capability has become a cornerstone of our robust growth strategy.”

For further information www.alexandertechnologies.com

Seco brand wins at Transform Awards

Last September, cutting tool manufacturer Seco launched a radically updated visual identity and a long-term brand strategy. The company described this as the first in a sequence of major steps, as the business positions itself as a leading global name for industry innovation, efficiency and sustainability. At the Transform Awards Europe in London last month – which awards excellence in rebranding and brand strategy with a focus on transformative creativity, strategy and implementation – Seco won the Gold award in thecategory‘Best Visual Identity from the engineering and manufacturing sector’.

For further information www.secotools.com

Q1 growth for subcontract market

Qimtek’s latest Contract Manufacturing Index shows that the UK subcontract market continued to grow in the first quarter. The index was up 4.5% in the first three months of 2024, building on the strong upswing at the end of 2023.Projects and budgets that had been on hold continue to be unlocked as manufacturers place orders and suppliers are busy quoting for work. February was the strongest month since March 2023.

The baseline for the index is 100, which represents the average size of the subcontract manufacturing market between 2014 and 2018.The CMI for Q1 2024 was 82, compared with 78.5 for the previous quarter.Machining accounted for 48% of the market, up 35% on the previous quarter, while fabrication represented 49%, down 5% on the previous quarter.

For further information www.qimtek.co.uk

WMG provides £450m boost

WMG at the University of Warwick says it has boosted the West Midlands economy by £450m: for every £1 invested into WMG’s SME programmes, around £22 returns to the local economy. In 20 years, WMG has delivered manufacturing expertise to 15,000 SMEs in the Midlands. It has also supported the creation of more than 13,000 jobs, 350 new businesses and 355 internships. Dr Mark Swift, director of SME Engagement at WMG, says: “Our work over the past 20 years has shown that targeted high-value support can help manufacturers accelerate growth, improve productivity and create jobs.”

For further information www.bit.ly/4d7HWOb