Finance package helps Smithpack invest for growth
- HSBC loan helps Dudley packaging firm purchase state-of-the-art equipment
A Dudley-based packaging manufacturer has invested in new high-speed advanced production machinery, supported by a new six-figure loan from HSBC.
Smithpack manufactures and supplies bespoke corrugated boxes and packaging to a wide variety of industrial customers, including several major international automotive manufacturers.
The company used the funding from HSBC to assist with the purchase of a fully automated Flexo Printing, Folder Gluer and strapping line.
The new equipment enables regular corrugated cases to be produced through a single production line and the computerised setting improves accuracy and allows faster order changeovers.
It will increase production capacity by more than 50 per cent as well as improving accuracy and extending Smithpack’s ability to supply into new industrial sectors.
Tim Coverdale, Commercial Director at Smithpack, said:
“HSBC’s support has enabled us to make a substantial investment into the long-term manufacturing future of the business. The new equipment expands our capacity and secures our competitive position for our customers.
Order changeovers can be made quickly which helps us retain our ability to respond to customer requirements when the need arises and manage stock holding effectively. This investment marks the start of an exciting commitment towards the growth of our business.”
Stephen Peart, Area Director at HSBC for the Black Country and Shropshire, said:
“We are committed to helping British businesses realise their growth ambitions. Smithpack is a well-established local business under successful management.
We were pleased to support their recent asset purchase enabling them to increase capacity, provide new facilities for customers and secure jobs in the local area.”