Salford tech business secures £117m funding

Salford materials tech business secures £117m funding

Salford-headquartered Luxfer Group, a global materials technology firm has secured a $150m (£117m) refinance package from a banking syndicate to support its strategic growth plans.

Luxfer Group specialises in the design and manufacture of innovative products, including a range of advanced materials and high-pressure gas cylinders that are used across a variety of sectors.

The company has a number of long-standing global blue-chip customers worldwide, primarily in the environmental, protection, healthcare, automotive and aerospace sectors.

This recent funding package was co-ordinated by Lloyds Bank and included HSBC, Citibank, Yorkshire Bank and the Royal Bank of Scotland.

Listed on the New York Stock Exchange, the firm employs more than 1,700 people worldwide and operates through manufacturing facilities in the UK, USA, Canada, France, Czech Republic, China and India.

In its Q2 results, Luxfer reported a turnover of $106m and a trading profit of $10m.

Andy Beaden, group finance director at Luxfer Group, said: “We’re a world leader in the specialist markets in which we operate, and our products are used in nearly every country across the globe.

“To maintain our position in the market and continue to produce innovative products that are exactly suited to our customer’s needs, we recognised the need to continually invest in the company.

“The banking syndicate worked closely with our team to really understand our business and our strategic goals and was able to provide a finance package that will help us to deliver these.”

Luxfer produces magnesium alloys and powders used in aerospace, graphic arts and biomedical applications; zirconium-based chemicals used in automotive and industrial catalysts, advanced ceramics and water purification; and gas cylinders used primarily for firefighter life support, medical oxygen and alternative fuels.

Addleshaw Goddard provided legal advice to the bank group, with Fried, Frank, Harris, Shriver & Jacobson acting for Luxfer.