Expert Technologies Group secures contract with international automotive supplier, supported by UK Export Finance.
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Midlands manufacturer Expert Technologies Group has secured a major contract with SEBN in Spain - a new market for the company.
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€1.4 million financing support from UK Export Finance and NatWest helped them to land the deal.
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The business designs and delivers robotic assembly systems and other special machinery for automation in industry.
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.