Heating and cooling systems manufacturer Green Resource Engineering has secured a £1.8m export contract with a South Korean firm.
GRE will provide industrial cooling systems to LS Electric, in a deal the Devon-based firm said would increase its annual turnover by 17.5%.
The company, which employs around 40 staff at its production site in Willand near Cullompton, said it had secured a £680,000 funding package in order to facilitate the agreement.
GRE said the six-figure sum agreed with Lloyds bank would help it to bridge the gap in supply of “key components” needed to make its products.
Commercial director Steve Alford said: “Supply chain struggles have been the thorn in the side of manufacturers for the past two years, with production and product development slowing despite demand being extremely strong.
“With lead times already being extended via shipping delays, increasing our production hours to ensure we’re making good on our promise of a timely, yet quality product build is vital. Thanks to the support from Lloyds Bank, we’ve been able to access funding that will help us advance purchase parts to guarantee that component supplies can keep up with fast requirements of our production team.”
Jon Cockbain, relationship manager at Lloyds Bank, said: “We’re seeing the lasting effects of Brexit and the ongoing war in Ukraine impacting supply chain networks and the fluidity at which they operate. It’s been great to support GRE in rebuilding its supply chain allowing them to facilitate its growing cross sector demand and enhancing its customers’ journey.
“Lloyds Bank is proud to support an industry leader like Green Resource Engineering who are championing sector innovation while continuing to support its customers through challenging headwinds.”
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