A specialist manufacturer of electronic products is accelerating its growth plans and creating new job opportunities after securing a new £4.5million funding package.
Solid State, based in Redditch, makes items such as industrial computers, electronic components, antennas and secure communication systems for products that need hard-wearing equipment to withstand severe weather conditions, combat or constant use by consumers.
Clients include the BBC, Boeing, Motorola and GCHQ.
The AIM-listed business has grown organically and also acquired seven other companies over the past decade, boosting turnover to £30 million.
It has switched its banking to Lloyds as part of plans to double sales over the next few years including further acquisitions.
The investment follows a £34 million contract win with the Ministry of Justice for the business' Steatite division, to supply monitoring hardware for GPS offender tagging.
Solid State said the expansion was expected to create a number of new jobs within the business over the coming months, adding to its existing workforce of 140 employees.
Darren Baker, relationship director at Lloyds Bank Commercial Banking, said: "Solid State is a leading mid-market business with an ambitious management team and a clear strategy to grow the business.
"Its ongoing expansion will also boost the local economy with the provision of new jobs and we are committed to supporting manufacturers like this that are fundamental contributors to driving the UK's economic recovery."
Picture from left: Solid State chief executive Gary Marsh; managing director of Solid State Supplies John MacMichael; associate relationship manager at Lloyds Bank Commercial Banking Sue Reynolds; systems team leader at Solid State James Simpler; managing director at Steatite John Lavery and relationship director at Lloyds Bank Commercial Banking Darren Baker