A £450,000 investment is underpinning further expansion for Precision Cast Components.
The Newport company is one of the leaders in the UK in aluminium castings, and three years ago added phenolic mouldings production to broaden its horizons. "It meant we were able to offer a complete solution to clients who wanted products involving both processes - in particular in passenger transport," said PCC general manager Nick Isaac. "We are now able to supply nearly all the parts for the interiors, making us a one-stop-shop for clients," he said.
The investment has the backing of UKSE Fund Managers Ltd, which manages part of the Finance Wales Mezzanine Fund. UKSE Fund Managers is a subsidiary of UK Steel Enterprise.
David Hughes, regional manager of UK Steel Enterprise said: "We are delighted to be involved in assisting PCC, one of Newport's best known companies. It has a proven track record in dealing with major organisations, and providing quality products to demanding timescales."
A total of £175,000 has been provided by the Finance Wales Mezzanine Fund, and this was arranged by UKSE Fund Managers. The other elements of the package are: Finance Wales Loan Fund £75,000; UK Steel Enterprise £70,000; directors' equity and banking facilities from HSBC.
Nicola Bruce, investment executive for Finance Wales, said: "Precision Cast Components has established itself within a niche market and has experienced significant growth within recent years."
The investment will enable PCC to move forward and invest in new equipment to keep up to date in a changing marketplace.
Precision Cast Components Limited was founded in 1987 and quickly became established as one of the leading aluminium foundries in the UK. The company specialises in the production of close tolerance aluminium castings, vital components for a wide range of uses including: rail refurbishment, military radio equipment, architectural fixtures and medical equipment. "We have built a reputation for quality, accuracy and consistency through a combination of time-served operators with foundry experience, as well as an ongoing commitment to investing in new technology and people," said Mr Isaac.
PCC is heavily involved in the transport sector, working for international giants Bombardier and Alstom to supply refurbishment kits for interiors of rail and underground carriages across Europe.
These include draughtscreens, arm rests, grab rail supports, air conditioning grills, covings, treat plates, drivers' consoles and desks.
Street furniture and lighting is another growth area for PCC. To date the most demanding commission has been the cast ornate map frames and supports that stand either side of the main entrance at the Royal Courts of Justice in London, with another nine sets of the system inside. "The move into phenolic mouldings is now paying dividends for the business," said Mr Isaac. "We have added an assembly division to put together the parts we make, and they are sent off as a unit which further enhances our service to customers." PCC now employs 58 and has a turnover of £3m. "We have recently completed an internal restructuring and we are confident that the new investment will enable us to move forward and take advantage of market opportunities," said Mr Isaac.
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