Posted on August 25, 2017 by staff

Luxfer Group secures £117m funding from banks

Luxfer Group secures £117m funding from banks

Luxfer Group is targeting further growth
Luxfer Group is targeting further growth

Salford-based materials technology firm Luxfer Group has secured £117 million in funding as its targets further growth.

The refinance package was secured in a deal coordinated by Lloyds Bank that included HSBC, Royal Bank of Scotland, Citibank and Yorkshire Bank.

Luxfer Group designs and manufactures advanced materials and high-pressure gas cylinders for customers across many sectors including healthcare, aerospace and automotive.

It has manufacturing plants across the UK, France, Czech Republic, US, Canada, China and India.

Andy Beaden, group finance director, said: “We’re a world leader in the specialist markets in which we operate, and our products are used in nearly every country across the globe.

“To maintain our position in the market and continue to produce innovative products that are exactly suited to our customer’s needs, we recognised the need to continually invest in the company.

“The banking syndicate worked closely with our team to really understand our business and our strategic goals and was able to provide a finance package that will help us to deliver these.”

Luxfer Group employs over 1,700 people globally and reported $106m turnover in the second quarter of 2017.