One of the 海角视频's leading manufacturers of chimney cowls and flue systems has expanded following a six-figure investment.
Midtec completed construction of a 2,500 sq ft additional manufacturing unit at its site in Capel Hendre Industrial Estate near Ammanford following a £220,000 loan from the Development Bank of Wales.
The additional space will house a new ENSIS laser cutting machine supplied by sheet metal machinery supplier, Amada.
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Midtec managing director Trefor Jenkins said the investment will be key to the firm's future growth with the company now on target to reach a turnover exceeding £2m this year.
Mr Jenkins said: "The ongoing support of the Development Bank means that we’ve been able to grow the business, drive efficiencies and invest in new market opportunities. We’ve also introduced new products including the MidCat, an innovative solution for reducing the pollution created by wood burning stoves and the only one of its kind in the 海角视频."
He added: "Our latest investment in our technology means that we can now offer a laser cutting service that will help to improve our quality and production processes and save time on the turnaround of customer orders.
"We hope that this will play an important part in our future growth. Indeed, our turnover is on target to exceed £2 million this year and I’m delighted that my son Thomas and daughter Hannah are already playing a vital role in the business as we focus on our long-term sustainability."
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Ammanford-based construction firm TRJ carried out the building work of the new manufacturing facility, while Jamie Reynolds of Cennen Solutions provided strategic support.
Since it was formed in 2003 Midtec has secured several rounds of funding to support its growth plans from the Development Bank - which is one of the top five venture capital investors in the 海角视频.
Richard Easton, a portfolio executive with the Development Bank, said: “Midtec is a family run and owned business that is known for its high quality and excellent customer service. With our continued support, Trefor, Thomas, Hannah and the team have created a modern manufacturing facility that has a really exciting future ahead.”
The loan was funded by the £204m Wales Business Fund financed by the European Regional Development Fund and the Welsh Government.
Loans, mezzanine finance, and equity investments are available for deals between £50,000 and £2 million with terms ranging from one to seven years for small and medium-sized businesses based in Wales, or willing to relocate to Wales.
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