Firm invests in laser cutting system
Fabweld Steel Products, UK fabricators of steel access covers and drainage products, will invest nearly 500,000 pounds in machinery and an overhaul of its fabrication facility.
Telford, UK - Fabweld Steel Products, fabricators of custom steel access covers and drainage products, will invest nearly 500,000 pounds in machinery and an overhaul of its fabrication facility as it bids for a slice of emerging markets worth more than 6 million pounds a year. The company will develop two new product lines after buying a Bystronic BySprint Fiber 3015 laser cutting machine, which will be fully installed at the end of February. The investment will also create two apprenticeships and "at least" nine jobs over the next two to three years.
Fabweld Steel Products won a grant of 80,000 pounds from the Green Bridge Supply Chain Programme backed by the Marches Local Enterprise Partnership and funded via the government's Regional Growth Fund, toward the cost of the new laser machinery, and will also invest around 100,000 pounds at its Telford site to enhance the working environment, create extra workshop space, and accommodate the laser machine.
"Without a doubt, this new machinery will make us even more efficient. The new cutter will provide sufficient capacity to double the current turnover levels as we capitalize on projects in the power and energy sectors. Three years of hard work by our design team has culminated in this exciting opportunity to enter new markets and these developments are a testament to that team," said managing director Richard Hilton. "The achievement has given me confidence to invest in further research and development, with another 50,000 pounds earmarked for 2014.The machine is also the latest fiber technology, saving 60 percent on power consumption and 50 percent on consumables, which demonstrates our commitment to reducing our carbon footprint."