Telford based manufacturer of pallet wrap/stretch film and shrink film, Eurofilms Extrusion, has invested in innovative new technology to reduce its environmental footprint, following a £1.5 million equipment finance deal with HSBC UK.
Eurofilms Extrusion has installed a new type of multi-layer extrusion line which can produce thinner film while maintaining the strength and durability required by the company’s existing 600 strong customer base. It is the first time this type of technology has been installed in the UK.
With growing market and consumer demand for more sustainable wrapping products, the new extrusion line offers reduced use of plastics while also substantially reducing the energy used during the manufacturing process. All products produced by the company are fully recyclable.
The investment will also increase capacity, allowing the company to grow its existing customer base in Europe and the UK by 10% and add a further 15 jobs within the next 12 months.
Will Humphreys, CEO at Eurofilms Extrusion Ltd, commented: ‘We are really proud to be first to market in the UK with this type of extrusion technology. The installation of an energy efficient, state of the art extrusion line allows us to reduce our carbon footprint. In turn, the thinner, more technologically advanced film characteristics offer enhanced strength and puncture resistance, enabling our customers to reduce their environmental impact by using thinner films to pack their goods, without increasing wastage.
‘The funding from HSBC UK has been crucial in making this happen. The bank demonstrated its understanding of our business from the outset and our relationship director at HSBC UK, Gary Riley, ensured a smooth process throughout.’
David Ramsden, area director at HSBC UK South West Midlands Corporate Banking, added: ‘The funding provided by HSBC UK has enabled Eurofilms to evolve and adopt the latest industry technology to help fulfil increasing pressures on the industry to satisfy complex demands including environmental concerns, reduced costs and improved efficiencies. I would like to wish Will and his team all the best and we look forward to working with them on their ongoing investment plans for 2020.’
This deal is part of HSBC UK’s £1.1 billion lending fund to support small and medium sized enterprises (SMEs) in the West Midlands.