A significant Derry manufacturer that supplies the heavy mining and construction industry globally has received a welcome £800,000 in extra bank credit to boost its exports to Germany and North America.
Derry-based Global Equipment Spares Ltd. is targeting increased export-led growth following new funding of £800,000 from Santander Business Banking.
The new funding is in addition to £1.5 million in financing from the bank.
GES is one of the North’s leading manufacturers and suppliers of abrasive wear plates and special steels for the global mining, construction, agriculture and recycling industries.
Established in 2010 by Managing Director, John McClenaghan, and Sales Director, Barry O’Neill, GES had a record year in 2017 and is forecasting upwards of 50 per cent revenue growth year-on-year for 2018.
The business, and its wholly-owned subsidiary Sharp Screening Products Ltd (SSP), currently employs 85 staff and plans to increase the number of employees as the firm expands internationally.
Mr. O’Neill said: “With the support from Santander we will be able to expand further into international markets, in particular Germany and the US, and will be able to fulfil our growth aspirations by increasing our employment figures.
“The funding has also allowed us to free up cashflow while continuing to invest in plant equipment and Research & Development.”
Ryan Murphy, Business Relationship Director for Santander Business Banking, said: “We are delighted to support GES as they target international growth in the manufacturing sector. We will be able to combine our country specialists, who have deep local knowledge of the markets GES want to target, with our manufacturing sector experts to provide a solution to help GES expand internationally and exceed its ambitious growth targets.”
The North is a recognised centre of excellence for mobile crushing machines and GES is one of the leading firms in the sector and a significant contributor to the local economy.
The business has a large number of manufacturing and engineering clients including Terex, McCloskey International, Sandvik, Tesab Engineering Ltd, Astec Industries, Kuhn Agri and Kleemann.
Capitalising on its strong export-led growth, GES is now targeting additional international trading opportunities. The firm is targeting growth in export markets such as the US and Europe, and will be able to benefit from Santander’s extensive global network and its competitive online currency offering.