A funding deal to purchase state-of -the-art new machinery looks set to help a Black Country manufacturer secure £1 million worth of new orders.
BMI Engineering, a specialist supplier of repetition turned parts, fittings and plugs, is about to start production runs on its new £300,000 Metra 6.45 CXZ, which offers both multi-spindle and CNC capabilities.
Backed by financial support from NatWest and Lombard, the company is the first in the country to source a machine of this type and is now able to provide clients with greater speed, accuracy and the ability to manufacture complex parts in challenging materials.
Bosses at the Halesowen-based firm are already setting their sights on the automotive, agricultural and hydraulics sector and, if they hit the £1 million new business target, expect to increase the workforce from 27 to 35.
“This is a major milestone for our business and really sets us apart from our competition, both in the UK and overseas,” said production manager Chris Peare.
“We have worked very closely with Metra CNC to develop the 6.45 CXZ, with our engineers contributing to the design to make sure we get the most out of it.
“So far we have run two quick orders on it to see what it can do and have been amazed by the results. One example saw it manufacture a part - that took 70 seconds to produce in South Korea - in just 7.5 seconds.”
The Metra purchase is just one part of a £600,000 investment drive by BMI Engineering, which has also resulted in the installation of other high-tech machinery.
Originally set up to machine castings for air and water applications, the company - which this year celebrates its 40th year in business - has grown into one of the UK’s most reliable manufacturers of turned parts in low, medium or high volume.
Its expertise has been taken up overseas, with over 50 per cent of its turnover sent to customers in Argentina, Europe, Mexico, the US and North and South America.
The purchase of the Metra machine was made possible thanks to BMI Engineering’s strong working relationship with NatWest and relationship director Richard Dowen.
A complex finance deal, which also involved Lombard, was put together and meant the transaction was completed four weeks ahead of schedule.
Mr Dowen said: “We are delighted to have come up with a solution between the bank and Lombard that allows BMI Engineering to acquire this unique machine. It will increase capacity significantly and, importantly, pushes the firm into new markets.”