Leasing agreement aids manufacturer’s investment in new equipment

Leasing agreement aids manufacturer’s investment in new equipment

 

Summary

Killala Precision Components is a leading manufacturer of high quality precision turned Components based in Co. Mayo. Established in 1981 the company supplies a wide range of customers from around the world in various market sectors such as refrigeration, brewing, oil and gas, hydraulics and pneumatics, automotive and medical.

Challenge

For more than 30 years the business has enhanced its reputation for service and quality by strong capital investment in modern manufacturing equipment.

New technology and advances in machining has seen much of the business move from automatic lathes to multi axis CNC machines. A shift from basic turned components in large volumes to smaller batches of complex parts has driven the move to newer technologies in order to meet current and new customer expectations. This has meant substantial investment in equipment over the past three years in particular.  With more required in the future, they were looking for a finance partner that could provide flexible product choices and quick turnaround.

Solution

Killala Precision opted for a leasing agreement with Close Brothers Commercial Finance. Brian Irwin, MD for the company said: “We chose Close Brothers Commercial Finance to fund our immediate expansion plans mainly due to their indebt understanding of our industry and unique equipment requirements, their application process and keen rates. Close Brothers has an open door whenever we have needed to discuss the next phase of our plans and their understanding of our business needs has made the task of financing these projects simple.”

Result

With a firm focus on providing advanced machining capabilities the owners have concrete plans for continuous improvements to their manufacturing process in order to provide a world class service to all customers. Recent investments have seen their customer and parts base grow significantly. New export customers would not have being achieved had they not invested in new machine capabilities, nor would the addition of new parts from existing domestic customers. This has not only allowed steady growth in turnover for the company but has also galvanised its position as one of the leading manufacturers of complex precision turned components.

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