Mechatherm secures major contract in the Middle East
UK Export Finance helps industrial engineering manufacturer secure an order to Bahrain.
| About the transaction: Mechatherm | |
|---|---|
| Region | West Midlands |
| Sector | Manufacturing: industrial engineering |
| Export destination | Bahrain |
| UKEF support | Bond support scheme |
Mechatherm provides equipment for the aluminium and other non-ferrous industrial sectors. As part of a deal with a company in Bahrain, Mechatherm needed to provide an advance payment guarantee, as well as a performance bond from its UK bank.
We offered Mechatherm바카라 사이트™s bank, Barclays, guarantees for 80% of the value of both bonds under our bond support scheme, freeing up cash the company needed to deliver. As a result, Mechatherm successfully secured a multi-million dollar contract, significant within the context of a challenging period for the aluminium industry, as well as secure its reputation as a quality supplier in the region.
Chairman of Mechatherm International Limited, Andrew Riley, said that:
Without the UKEF guarantee, we simply wouldn바카라 사이트™t have had the financial flexibility to afford the deposit required of us and we would have been forced to turn the contract down. We바카라 사이트™re extremely grateful for the support given to us by UKEF and the fact that we were able to take on this order has been a great success for the company.
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