A metal pressings company in South Wales has secured a £1,155,000 finance package from HSBC UK to purchase a new 400-tonne pressing machine.
Aberdare-based CSM Pressings, which manufactures and designs pressed metal products and powder coating, has used the funding from HSBC UK to purchase the new equipment which will enable the company to manufacture larger components, in turn helping it to attract and secure larger business deals.
CSM Pressings specialises in the manufacture of steel components for a number of well-known automotive companies, as well as supermarket shelving fixtures for many well-known supermarket chains across the UK. The business also offers powder coating to customers, including Bergstrom, which is carried out in a neighbouring plant.
Gareth Morris, Commercial Director at CSM Pressings, said: “Having the new piece of machinery has been crucial to the company’s growth strategy, and has already enabled us to win a new contract with a large car manufacturer. It will be invaluable to the future of the business, not only in the development of new customers, but also helping to serve our existing customers. HSBC UK has been a huge help throughout the process, in particular our Relationship Manager, Manuel Di Campli, who offered his expertise and advice whenever needed. Having a Relationship Manager that has real business acumen has been essential at all stages of this process, and we cannot thank him enough.”
Phil Sargeant, HSBC UK’s Area Director for South Wales, commented: “HSBC UK is thrilled to be helping more Welsh businesses in the area to grow. The team are proud to support CSM Pressings in their ambitious growth strategy and it is great to know the company has secured further business off the back of the recent funding. We look forward to supporting the company in the months and years to come.”
CSM Pressings, which was founded in 2006 and employs 32 full time workers – as well as temporary workers throughout busier periods – is hoping the new machine will help grow its turnover to £2.5 million in 2019.