Chesterfield, UK - Acoustic and thermal insulation company TMAT has secured a funding package with HSBC worth £1.6 million ($2.5 million).
The company, which makes polyurethane flooring systems, trim components and headliners, said it works with some of the world's biggest heavy plant manufacturers, including Case, New Holland Tractors, JCB, Komatsu and Volvo Construction.
TMAT said in a 29 Nov news release that "rapid growth and confidence" has developed in the business over the last three years. It is now exporting products throughout Europe, Asia and the Americas.
The funding will enable TMAT to expand further into global markets and continue its product development plan, innovating new technologies specialising in polyurethane elastomer products, the company said.
"Having grown by more than 25 percent in 2010 and recording record sales each quarter, it's been quite a year for the company," said Jason Lippitt, managing director at TMAT.
He added, "We have secured new contracts that will ensure on-going growth over the forthcoming years. The partnership with HSBC underscores the bright future for us as a business and the manufacturing industry as a whole."