Coventry business Expert Technologies Group has won a
multimillion-pound contract in Spain following a €1.4 million
financing deal.
A supplier to major UK-based OEM manufacturers, Expert
Technologies designs and delivers robotic assembly systems, tools
and special machinery which support automation in
industry.
The manufacturer has now begun a new project with the Spanish arm
of Sumitomo Electric Bordnetze (SEBN), a global supplier of parts
for the automotive industry. The project will comprise two
brand-new automated auxiliary harness assembly lines for electric
vehicles.
Support from UK Export Finance (UKEF) means that Expert Group has
been able to access €1.4 million in working capital from NatWest
to help it deliver this contract, which supports up to 10 jobs
within the group.
Angelo Luciano, CEO of Expert Technologies,
said:
The support we received from UK Export Finance has allowed us to
successfully be awarded the project with SEBN, who are a new
customer to ourselves; we look forward to developing the
relationship further. This is the first project we have been
awarded in Spain since both Brexit and COVID, and we hope that is
a catalyst for further projects in mainland Europe.
Fiona Begley, Export Finance Manager (Coventry and
Warwickshire), UKEF, added:
The Midlands is still renowned as a centre of excellence in
manufacturing, with businesses like Expert Technologies Group
playing a key part in the global automotive supply chain. Support
from UK Export Finance means that once again, a UK innovator has
been able to take a leap towards new markets and new clients,
secure in the knowledge that it has the right financing.
Duncan Ruffle, Trade Finance Director, NatWest:
We are delighted to be able to support Expert Technologies Group
with a trade finance facility backed by UKEF to venture into a
new market. This facility is a prime example of how NatWest help
businesses in the region and to promote growth in international
trade.
This new support from UKEF is separate to grants which Innovate
UK has previously made to Expert Technologies supporting the
decarbonisation of the automotive industry.
