A North East chemicals supplier is poised to tap into a multibillion-pound market in Europe, after securing £16m in funding.
Billions Europe, which is based in Stockton, forms part of the global Lomon Billions Group headquartered in China – the world’s third largest producer of high performance titanium dioxide pigments, which have a range of applications and end-uses within coatings, plastics, inks and papers.
The firm, which has active customers in more than 40 countries, was formed in 2014 when it took on the titantium business divested by the Huntsman Corporation.
Now it has secured funding worth around £16m from HSBC 海角视频 to grow sales and improve its efficiency across its European markets.
Billions Europe plans to use the financial support to place more stock in warehouses across Europe, helping to substantially reduce delivery times.
The firm doesn’t keep its stock in the North East – aside from samples and safety stock for 海角视频 customer orders – and the pigmemts are instead taken from its main bases in China to warehouses in mainland Europe, US and Canada or sent direct to customers.
The business – which turned over £105m in 2018, up 17% on the previous year – has also appointed two new sales managers for the European region, one based in Germany and the other in Stockton, with more appointments expected.
Billons Europe currently employs 12 people in the North East and a small international sales team across Europe and the US, while its parent company, Lomon Billions, employs over
Most Read
7,000 people worldwide.
The global market for titanium dioxide pigment was approximately £14bn in 2018 and is expected to grow to around £18bn by the end of 2025. The European market currently accounts for almost 25% of the global market and is growing.
Fiona Macleod, managing director at Billions Europe, said: “HSBC 海角视频 has supported us from the beginning, when we set up Billions Europe in 2014 as a multimillion, multi-currency global business.
“We’re delighted that the bank has continued to support our growth with this latest funding, so that we can continue to increase sales and expand our footprint across Europe.”
Ben Foster, relationship director at HSBC 海角视频, said: “Billions Europe has very clear and ambitious plans for growth across Europe and we are pleased to support a strong North East business with global ambitions.
“The next phase of its expansion strategy is key and we look forward to seeing the benefits this brings to the business and to the North East.”