A Black Country car interiors company is investing £1.7million in specialised equipment after winning a new contract thanks to support from Yorkshire Bank.
Cab Automotive in Sedgley Road East, Tipton, which makes seats and interior trims for major automotive manufacturers, has won £20million worth of new orders in the last 12 months.
Their latest contract success means the 240-strong business is investing £700,000 in bespoke tools and £1million in a manufacturing cell thanks to funding from Yorkshire Bank's Business and Private Banking Centre in Temple Row, Birmingham.
Richard McCulloch, finance director at CAB Automotive, said the capital expenditure was a requirement to fulfill a new contract with a major customer which was due to begin in November 2013.
Richard said: "We will be manufacturing seat foams for a new vehicle which will start production next year. These seat foams are large by nature and therefore it was imperative that we updated our equipment to manage not only a high volume contract but also to manage the large tools automatically.
"The tools and equipment will be supplied by a German company which has spent enormous amounts of time with us on a bespoke design. Yorkshire Bank has been supportive in every step of the procurement process and will be funding the equipment.
"Yorkshire Bank has also opened a new finance facility for the business after the news of further new orders which will continue to run through 2015. For that to happen it is vital to have an understanding supporter such as Yorkshire Bank."
Brian Colquhoun, Yorkshire Bank regional director, said Cab Automotive continues to go from strength to strength.
Brian said: "The business works with some of the biggest names in the automotive industry because of their blend of workmanship, flexibility and innovation. Yorkshire Bank is pleased to show its support by funding the specialised tools and machine needed for their latest contract success.
"Cab Automotive is a fantastic example of a business which has the manufacturing expertise to help drive the automotive industry forward in this country."